CHICAGO, June 17, 2019 /PRNewswire/ -- Palette Software has announced a partnership with CloudTrade Networks to deliver end-to-end automation for supplier generated invoices delivered into the Palette Purchase to Pay cloud platform.
CloudTrade's invoice capture service reads and converts emailed invoices in PDF, XML, EDI, or other electronic format. CloudTrade delivers 100% data accuracy at the header and line level, and converts and enriches the acquired data to a format required by the client's ERP. The service is free to the supplier and reduces their costs, as their invoice is simply emailed to a designated email address where CloudTrade technology extracts invoice data. The buyer receives a validated data stream together with the original invoice for automated delivery to Palette's invoice processing module.
Invoice collection and capture is the initial step in implementing a purchase to pay automation solution. Once invoices have been digitalized by CloudTrade, Palette uses the data for invoice processing, mobile approval workflows, and the automated matching of purchase orders, goods receipts, and contract data.
"Preparing supplier invoices for the ERP is a major pain point for many companies," said Michael Cichy, Palette Software, "Email invoices are the most common form of invoice format used today, and CloudTrade has the capacity to securely and efficiently process almost any emailed electronic format, regardless of file type or size."
Roger Hatfield, VP of CloudTrade North America, says: "We have been working with Palette since 2018 to build an integrated, cloud-based service to meet the requirements and demands of customers worldwide. The service provides Palette customers with the next step in P2P automation, relieving labor intensive and error prone re-keying of invoice data without sacrificing data completeness or accuracy."
About Palette Software
Palette Software is a market-leading vendor of financial process automation for domestic and global corporations. Palette solutions automate invoice processing, approval workflow, and the matching of purchase orders, invoices and contracts, on-premise or in the cloud. Customers experience significant and measurable cost savings, productivity gains and operational excellence. Palette solutions are GDPR compliant and optimize financial management for more than 3,500 customers in 50+ countries. With 25 years of experience, Palette and its partners offer automation solutions for organizations of all sizes worldwide. www.palettesoftware.com
About CloudTrade Technologies
CloudTrade is one of the fastest growing e-document intelligent data-capture solutions, connecting over 120 organizations 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 technology delivers services not widely seen in the market in a cost-effective way. CloudTrade's software is patented in Europe, the U.S. and Australia. For further information go to: http://www.cloudtradenetwork.com/
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SOURCE Palette Software