Palette, a Market Leader in Purchase to Pay Automation and CloudTrade, One of the Fastest Growing E-Document Intelligent Data-Capture Solutions, Have Partnered to Digitally Capture Supplier Invoices with 100% Data Accuracy.
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.”