Account NI, who manage the Accounts Payable (AP) process are responsible for handling over 160,000 supplier invoices per year. Account NI will now utilise CloudTrade’s unique e-invoicing and e-document processing solution as an integral part of their accounting solution provided by BT. This will further automate and enhance the AP function and align to the EU Directive (2014/55/EU) on electronic invoicing in public procurement.
This new service will fully automate Account NI’s AP processes. Account NI pays over 90% of suppliers within 10 days and this solution will assist in meeting this commitment by reducing the time associated with invoice processing and payment.
John McBurney, Head of Purchasing and Payment Services at Account NI, explains: “We process thousands of invoices every week to local Small and Medium Enterprises (SMEs), many of which prefer to e-mail us invoices generated from their billing systems in PDF format. This new e-invoicing solution converts PDF invoices to an XML file, guaranteeing 100% accuracy in the quality of the invoice data transferred electronically to AP.”
Geraldine McNulty, Business Director at BT explains: “CloudTrade offers an e-invoicing service that removes the barriers typically associated with supplier adoption. Because the process of on-boarding through CloudTrade is relatively straightforward, we are confident that Account NI will achieve extremely high on-boarding rates. We expect to transition 30-35% of invoices to the CloudTrade solution within the first three months.”
Richard Manson, CloudTrade’s co-founder and Commercial Director, says: “CloudTrade offers organisations a number of ways to receive their electronic invoices (including direct XML / EDI). However, by far the most popular approach is for a supplier to simply send an application generated PDF via email. When an application, such as a supplier’s billing system, generates a PDF, in almost all instances it will be a text PDF. CloudTrade’s patented solution reads the document text straight from the PDF, without the use of OCR, which guarantees 100% quality. PDF invoicing is easy to use and out-of-the-box with most accounting packages. As a result, we typically see over 90% of suppliers onboarding irrespective of shape or size.”
How CloudTrade’s solution works:
CloudTrade’s patent-protected software uses unique rules-based technology with backward tracking search, to interpret, validate, and extrapolate semantic meaning from documents of any type. So, whether its invoices, sales and purchase orders or advanced shipping notices, CloudTrade processes them automatically and cost effectively.
Although CloudTrade offers suppliers several ways to send their electronic invoice (including direct XML / EDI), by far the most popular approach is for a supplier to simply send an application generated PDF via email. When an application generates a PDF, in almost all instances it will be a text PDF. CloudTrade reads the document text straight from the PDF without the use of OCR – which guarantees 100% quality. PDF invoicing is easy to use and out of-the-box with most accounting packages. As a result, typically >90% of suppliers (irrespective of shape or size!) when asked will send PDF invoices.
CloudTrade is one of the fastest growing e-invoice and e-document networks, connecting over 150 organisations to thousands of their trading partners electronically across numerous sectors and regions across the globe. Founded in 2010 to offer a fresh approach to e-invoicing, CloudTrade enables companies to evolve past their reliance on paper and trade electronically with their suppliers, irrespective of size or technical maturity. CloudTrade’s unique, patented technology, delivers services not widely seen in the market, in a cost-effective way. CloudTrade’s software is protected by lasting patents in Europe, the U.S. and Australia. For further information go to: http://www.cloudtradenetwork.com/
For more information on BT’s Account NI project visit:
BT’s purpose is to use the power of communications to make a better world. It is one of the world’s leading providers of communications services and solutions, serving customers in 180 countries. Its principal activities include the provision of networked IT services globally; local, national and international telecommunications services to its customers for use at home, at work and on the move; broadband, TV and internet products and services; and converged fixed-mobile products and services. BT consists of six customer-facing lines of business: Consumer, EE, Business and Public Sector, Global Services, Wholesale and Ventures, and Openreach.
For the year ended 31 March 2017, BT Group’s reported revenue was £24,062m with reported profit before taxation of £2,354m.
British Telecommunications plc (BT) is a wholly-owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on stock exchanges in London and New York.