PARIS, Oct. 22, 2012 /PRNewswire/ -- Hubwoo SA (Euronext: HBW.NX), a leading global provider of B2B buying and selling solutions in the cloud, today announced a legal compliance certification for its global invoice management solutions. Hubwoo has been given the right to use a new trust mark issued by TrustWeaver, a leading provider of cloud-based information compliance and governance solutions based in Sweden. The "TrustWeaver enabled" trust mark allows Hubwoo to signify that The Business Network by Hubwoo benefits from a superior level of legal compliance, evidence and control.
"We are pleased to show the market we take legal compliance just as seriously as any other aspect of our solutions," said Rinus Strydom, SVP Solutions and CMO. "Many solutions out there are arguably compliant with laws, but vendors often provide generic invoice presentment solutions that do not actively adjust for local laws in logic and user interface experience. With TrustWeaver's time-honored solutions, based on continuous legal monitoring and detailed in-built compliance documentation, our users get upfront local legal recognition of their electronic invoices and other legally critical documents in 38 countries."
Invoice management with The Business Network by Hubwoo includes:
- 100% electronic invoice presentment: Suppliers present electronic invoices over The Business Network either through their online account, through uploading multiple invoice spreadsheets, via optical character recognition scanning service, or via a direct connection to their accounts receivable system.
- Conditional logic during invoice presentment: The Business Network allows buyers to define invoice presentment rules and tolerances at the source, ensuring that invoices meet business rules even before they arrive at accounts payable. This shrinks the timeline to receive approved invoices, which maximizes flexibility on early payment discounts and cash management. Consol Energy, for example, has realized a step change in value by reducing blocked invoices from 60% down to only 4% requiring manual intervention.
- Invoice Legal Compliance: Local legal compliance with invoicing requirements, digital signatures, and archiving in 38 countries.
- Match & Approve: A cloud based invoice matching and approval solution, which streamlines the invoice approval process based on rules, validations and workflow. Buyers' business rules ensure nothing gets paid that doesn't meet approved processes.
- Invoice and payment status: A cloud service that puts invoice and payment status information online on The Business Network for 100% of a company's suppliers. Suppliers gain 24x7 access to invoice approval status, payment status, and payment dates. Accounts payable departments eliminate the burden of answering status inquiries on invoices and payments, freeing up staff to focus on more strategic activities such as reducing off-contract spend, cash management, and dynamic negotiations on early payment discounts.
Paying smarter is now not only more efficient, it's even more legally compliant, better for companies' bottom line, and helps companies automate accounts payable and optimize staff. From senior management, to A/P teams, to suppliers, everyone involved realizes value.
About Hubwoo (www.hubwoo.com)
Hubwoo is a leading global provider of B2B buying and selling solutions in the cloud. The Company manages a Business Network with hundreds of thousands of active businesses and over 100 major international corporations as buyer customers of which 50+ are in the Global 1000. Significant customers include BASF, Honeywell, Shell, Evonik, EDF, Nokia, Monsanto, Nationwide, Michelin, Henkel, Statoil, CONSOL Energy, EcoPetrol, Carl Zeiss, Burton's Foods, and The Dow Chemical Company.
Hubwoo has major operations in France, multiple U.S. centers, Germany, the U.K., Philippines, Belgium, and Eastern Europe. Listed in Compartment C on the Euronext Paris Eurolist.
ISIN: FR0004052561, Euronext: HBW, Reuters: HBWO.PA, Bloomberg: HBW:FP