New service will enable every member of Tungsten Network to send digital, pdf, and paper outbound invoices to all of their customers through a single service provider
London, 10 July 2018 Tungsten Network, the global digital automation platform, has dramatically expanded the scope of its invoicing services with the official launch of Tungsten Network Total AR. This new service represents a logical step for Tungsten to better serve all the members of its digital platform.
The new service will enable Accounts Receivable (AR) departments worldwide to send 100% of their outbound invoices through a single service provider, and have them delivered in the preferred format of the recipient, regardless of whether their customers are registered on Tungsten Network. It complements Tungsten Network’s e-invoicing solution, aimed at removing friction from Accounts Payable (AP) processes, providing companies a unique opportunity to digitally automate their accounting processes on both sides of the ledger.
Tungsten Network Total AR customers will digitally send their outbound invoice data to Tungsten Network via single connection. Invoices are processed by Tungsten Network, validated in accordance with global tax-compliance standards, and delivered both on- and off-Network. Tungsten Network delivers the invoices in the recipient’s required format, whether digital, a PDF email attachment, or via a printing and postal service, allowing Tungsten Network customers to easily meet the diverse interoperability requirements of connecting with their own customers. This will dramatically increase invoice-processing efficiencies and drive down the cost of getting paid for the goods and services they provide.
Creating a more efficient AR process increases the control Tungsten Network customers have over their working capital position. In particular, it has a positive effect on days sales outstanding (DSO), a financial ratio that illustrates how well a company’s accounts are managed.
Finance departments will also benefit from enhanced visibility because they can have access to all of their digital invoice data through a single portal. They also have the opportunity to magnify the benefits they feel from being part of Tungsten Network through its value-added products, like Tungsten Network’s Analytics solution.
Richard Hurwitz, Tungsten Network CEO, said: “Offering a comprehensive accounts receivable service represents a strategic move to open up Tungsten Network’s technology to even more businesses. Total AR customers send all invoices via the same connection and in the same way, whether on- or off-Network. As part of our strategy to add complementary adjacent services, we have now enhanced the value proposition we offer to our customers by allowing both AP and AR departments to take the lead in introducing digitisation and to get better visibility on their finances. This also allows Tungsten Network to initiate engagements with its customers from multiple points.”
A global leader in e-invoicing, Tungsten Network creates valid, tax-compliant documents across 48 different countries. With all invoices issued through a single solution across 192 countries, Tungsten Network Total AR will also give businesses the ability to ensure compliance while at the same time improving payment processes.
The expansion builds on the value-added services already offered by Tungsten Network, including access to Tungsten Network Finance. As the platform sitting at the centre of £164bn worth of transactions every year, Tungsten Network is able to turn this data into actionable insight for its customers.
Tungsten Corporation Plc +44 (0)20 7280 7983
Richard Hurwitz, Chief Executive Officer
Daniel Brady, Global Communications Manager
George Beard +44 (0)7980 816170
Kerry Gould +44 (0)7872 811 735
About Tungsten Network
Tungsten Corporation (LSE: TUNG) aims to be the world’s most trusted business transaction network by using data intelligently to strengthen the global supply chain.
Tungsten Network is a secure digital automation platform that brings businesses and their suppliers closer together with unique technology that revolutionises invoice processing, maximises efficiency and improves cash flow. Delivering trusted connections and streamlined transactions, the network also provides users with real-time spend analysis and offers suppliers access to invoice financing through Tungsten Network Finance, a form of alternative finance for businesses.
Tungsten Network processes invoices for 67 percent of the FTSE 100 and 72 percent of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 48 countries, and last year processed transactions worth over £155bn for organisations such as Alliance Data, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Mondelēz International, Henkel, IBM, Kellogg’s and the US Federal Government.
Trusted, passionate and proven, Tungsten is making the digitisation of global commerce between buyers and suppliers faster, easier and smarter.