Procure-to-pay solutions provider BuyerQuest is strengthening its role on the supplier-side of B2B transactions with a new tool designed to accelerate accounts receivable.
In a press release issued Thursday (May 23), BuyerQuest announced the launch of its “Speed to Payment” solution, a way for vendors to more easily and quickly generate and send invoices that support artificial intelligence (AI)-matching functionality within the platform. Those invoices can be received by their clients using the BuyerQuest platform to accelerate invoice processing, matching, approval and, ultimately, payment.
Vendors can access a “one-click invoice creation” solution that generates invoices within a purchase order email. It adds to the range of methods that vendors can create invoices on the BuyerQuest platform, including paper, PDF and eInvoice.
The feature benefits both buyer and supplier, the company noted, as accounts receivable and accounts payable teams look to focus their efforts on more strategic initiatives within the enterprise.
“With this latest release, our clients’ accounts payables teams are seeing a transition from activities surrounding invoice ingestion to focusing their efforts on more strategic activities, such as taking advantage of supply chain financing,” said BuyerQuest Vice President of Product Kyle Muskoff in a statement. “Suppliers are also seeing improvements by being able to submit their invoices with greater ease and efficiency, and accessing the benefits of early payment.”
The solution connects into BuyerQuest’s other services for corporate buyers, including the AP Dashboard, which provides visibility for businesses to view invoice status as is progresses, current supplier liabilities and accruals.
BuyerQuest recently announced a partnership with Tradeshift, a tie-up that sees BuyerQuest joining the Tradeshift App platform, allowing users of Tradeshift Pay to use BuyerQuest’s eProcurement solution without toggling between the two separate platforms.
The firm also struck a similar partnership with ConnXus in 2017, an API integration that integrates BuyerQuest technology into ConnXus’s supplier management software.