Electronic invoicing solutions company Tungsten Network is introducing a way for accounts receivable departments to send out invoices in an array of channels through a single platform.
An announcement on Tuesday (July 10) said the company is launching the Tungsten Network eBilling solution. AR customers can send invoices in electronic, PDF and paper formats depending on what their customers require, regardless of whether the client is a member of Tungsten Network or not.
The company noted that its AR-focused tool complements existing services for accounts payable professionals, which enables businesses to manage and process eInvoices. Tungsten will continue to process invoices sent via the eBilling tool, the firm added.
The eBilling solution aims to reduce days sales outstanding (DSO) and to improve cash flow for suppliers. Because bills are issued through a single portal, Tungsten said, suppliers can gain greater visibility into invoice data.
“Offering a comprehensive billing service represents a strategic move to open up Tungsten Network’s technology to even more businesses,” said Tungsten Network CEO Richard Hurwitz in a statement. “eBilling customers send all invoices via the same connection and in the same way, whether on- or off-network. As part of our strategy to add complementary adjacent services, we have now enhanced the value proposition we offer to our customers by allowing both AP and AR departments to take the lead in introducing digitization and to get better visibility on their finances. This also allows Tungsten Network to initiate engagements with its customers from multiple points.”
Addressing the points of friction associated with the sending of invoices and, on the AP side, the receipt and management of those bills, supports the company’s broader efforts to address late B2B payments. Tungsten published research last November, conducted in partnership with the Institute of Finance and Management (IOFM), which found that nearly half of companies admitted that at least one-tenth of their payments to suppliers are made past invoice due dates.