The Invoicing Category

Payables Automation Provider Tipalti Raises $30 Million in Series C Round

funding

Tipalti raised $30 million in its Series C financing round last week, bringing the global payables automation solution provider’s total funding to more than $50 million, according to the press release. Zeev Ventures, which focuses on investments on small businesses, led the round. This is the venture capital firm’s first investment in the P2P market, notes David Gustin, lead analyst and founder of Trade Financing Matters. Oren Zeev, the founding partner of Zeev Ventures, is also the co-founder of Tipalti, playing what Forbes has called a hybrid founder-investor role.

Zycus: Vendor Snapshot (Part 2) — Product Strengths and Weaknesses [PRO]

Zycus is one of roughly half-a-dozen true source-to-pay (S2P) platform providers that offer more than lip service across all of the elements that comprise this solution area. In some modular areas, however, its technology is deeper than others.

For example, while Zycus has the RFX and auction functionality found in just about every sourcing platform, it also brings sourcing project management, spend analysis, a supplier network with supplier relationship management functionality and contract lifecycle management. Zycus also brings significant support for downstream procurement with its own native catalog management, requisition management, purchase order management, e-invoicing, payment support and dynamic discounting capability. And threaded throughout the platform is S2P project management support, organizational “ask procurement” support, integrated search and suggest functionality, and the capability to run end-to-end performance metrics.

This Spend Matters PRO Vendor Snapshot continues our exploration of Zycus’ source-to-pay offering by diving into the platform’s strengths, weaknesses and user interface. In Part 1 of this series, we provided an overview of Zycus as an organization, its primary platform modules and key considerations that will help an organization decide whether or not it should be investigating Zycus to meet its source-to-pay needs. In Part 3, we will conclude our coverage with a SWOT assessment, a detailed user selection guide, competition overview and our expert analysis.

10 Reasons For Procurement to Work With Payments (Part 1) [Plus+]

Sometime shortly after the phrase “P2P” was born, we managed to collectively forget what the second “P” meant. As a friendly reminder, it stands for “pay.” Rather than spanning the length of a transaction from an initial order to payment to a vendor, P2P became known (while companies wrote RFPs for solutions and as vendors marketed tools) as the combination of e-procurement and e-invoicing. This duo, while extremely valuable, doesn’t exactly impact payment all that much (if at all).

But payment matters much more than most folks we talk to in procurement think. By taking control of payments, we can, for example, do an end-run around the administration hassles and supplier headaches that poorly run accounts payable (AP) functions create. And this is just one reason to consider getting more involved in payment strategy and execution. In fact, we can think of at least 10 reasons that should factor into a business case for procurement to seize control and initiative around payments.

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Italy and the Real-Time VAT Control Big Bang

Electronic invoicing is on the decline — and rapidly so. No, I don’t mean companies have started exchanging fewer invoices in electronic format. I mean that the domain that we have in the past 15 years called “e-invoicing” is converging with the broader VAT compliance domain. Together, the two are morphing into what might be called “VAT compliance v2.0.”

An Opportune Time for Collaboration: Procurement and Accounts Payable (Part 1) [Plus+]

Historically, procurement and accounts payable have been slightly awkward bedfellows in many companies. They’ve been loosely coupled through the front-end (e.g., vendor on-boarding, registration process) and the back-end (e.g., approvals, dispute management, discounting, payment, invoice auditing) in both online and offline worlds for various aspects of supplier engagement and management.

Yet in the past decade, procurement as a role and business focus (not always as function, mind you) has garnered greater respect as a means of driving bottom line savings — often identified, not always implemented. It has still been one part of an odd couple, unfortunately, but the lesser odd partner. But that’s the subject for another post, let alone a volume of books. More important, for our purposes, accounts payable has not garnered the same level of interest, and has truly remained an odd cost-center and stepchild under the broader finance umbrella.

In fact, as many procurement organizations have been able to make the business case for more strategic resources based on quantifiable value (e.g., cost reduction, risk analysis/reduction) in the past decade, accounts payable has faced a near constant pressure to cut costs through reduced resources based on various automation schemes — internal shared services, business process outsourcing (BPO), technology or a combination thereof.

Procurement has not been overly keen on taking ownership of accounts payable, either. This goes back a long way. One of my favorites comes from Spend Matters UK/Europe Managing Director Peter Smith. Below, we feature his story and view into accounts payable from a CPO perspective.

Zycus: Vendor Snapshot (Part 1) — Background and Solution Overview [PRO]

Aatish Dedhia, Zycus’s founder, has long preached the benefits of technology provider self-sufficiency, including management-driven investment, profitable growth and organic, suite-based product development. It is based on these principles that Zycus “grew up” from a razor-focused pioneer in the spend classification sector nearly 20 years ago into a strategic procurement technologies suite and, eventually, a full end-to-end source-to-pay (S2P) suite provider. While Zycus has strong comparative solutions depth and capability in certain areas, part of its broader market appeal has been often comparatively low pricing, which we view as a value-based feather in its cap.

This Spend Matters PRO Vendor Snapshot provides facts and expert analysis to help procurement and finance organizations make informed decisions about whether a provider like Zycus, either on a modular or source-to-pay suite basis, is likely to be a strong shortlist candidate for their needs. Part 1 of our analysis provides a company background and detailed solution overview, as well as a summary recommended fit suggestion for when organizations should consider Zycus for their S2P needs. The remainder of this multipart research brief covers product strengths and weaknesses, competitor and SWOT analyses, user selection guides, and insider evaluation and selection considerations.

Supplier Retention Seen as Increasingly Important to Businesses, But What About Screening?

suppliers

For today’s executives, achieving supplier retention is increasingly seen as vital to the business. When the payables automation provider Tipalti surveyed executives on issues related to supplier payment, 68% of respondents said that maintaining long-term business relationships with their payees is critically important.

5 Best Practices to Improve Accounts Payable Processes

invoice

Spend Matters welcomes this guest contribution from Steve Johansson, director of marketing at iPayables.

The act of processing your invoices and handling your accounts payable has traditionally been considered a reflexive function of business, but in today's digital age it can become more strategic. Automated accounts payable solutions have undergone a significant evolution regarding efficiency and functionality, primarily through software that streamlines the entire process to ensure that best practices are being implemented consistently. The following is a list of methods you can use to within your accounts payable team to streamline your business and maximize the benefits of digital technology.

How Blockchain and Bitcoin Can Disrupt the AP Process — In a Good Way

blockchain

Spend Matters welcomes this guest contribution from Laurent Charpentier, chief innovation officer, Yooz Inc.

Blockchain. Cryptocurrencies. Bitcoin. These are certainly hot topics in today’s daily business news. It’s all still a bit of a mystery to most of us. It started with bitcoin (a cryptocurrency) in 2013 and the idea of a digital currency used to buy anything from music to cupcakes couldn’t have been more exciting — or more timely — as technology continues to advance at lightning speed. And blockchain is the platform used for verifying and recording transactions that’s at the heart of bitcoin, and is considered as having the potential to reshape the global financial system, among other industries.

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Will Procurement Automation be Transformed by Compulsory Real-Time Tax Controls?

Companies should be preparing for a world where government requirements for real-time transaction controls will be a major force in shaping the business-to-business (B2B) transaction automation systems of the future. With cloud becoming the principal deployment model for managing different types of B2B transactions, this revolution toward much-reduced freedom for companies to specify their process requirements can be expected to transform the way companies interact and contract with solution vendors. Let me explain through a couple of scenarios.

The Procure-to-Pay User Experience (Part 4) [PRO]

Amazon Business

In Part 1 of this series, we addressed why the user experience (UX) is important in a procure-to-pay (P2P) solution, and why we have` dedicated so much time to the topic. The reality is that if users do not use the solution to do their job, the solution does not generate value. And the ultimate key to adoption is the user experience. That’s why many IT companies are beginning to invest significantly in providing a user interface that provides the optimal user experience to do their job.

That’s also why we are providing you with this information to help you identify who those companies are. This started in Part 2, where we noted that there is not just one optimal user interface for an optimal user experience. There are multiple user interfaces, one per role. We then described the key aspects of these for the more casual roles — the casual buyer, the admin or IT supporter and the supplier. In Part 3, we began to address the professional procurement buyer role, starting with the core functionality required across the P2P platform. Now we need to address the core functionality required by the professional buyer in each phase of the P2P cycle.

The Procure-to-Pay User Experience (Part 3) [PRO]

In Part 1 of this series, we addressed why the user experience (UX) of a procure-to-pay (P2P) solution is important, and why we have dedicated so much time to the topic. The reality is that if a user does not use a solution to do their job, the solution does not generate value. And the ultimate key to adoption is the user experience. That’s why many IT companies are beginning to invest significantly in providing a user interface that provides users the optimal experience to do their job.

That’s also why we are providing you with the information to help you identify who those companies are. This started in Part 2, where we noted that there is not just one optimal user interface for an optimal user experience. There are multiple user interfaces, one per role. In our last article, we described the key aspects of these for the more casual roles — the casual buyer, the admin or IT supporter, and the supplier. Today, we tackle the requirements for the professional, full-time procurement buyer, which are predictably much more extensive.