Tungsten Network: Providing Invoice Digitization Services for Better Performance

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Tungsten Network: Providing Invoice Digitization Services for Better Performance

Paul Cooper, CEO, Tungsten NetworkPaul Cooper, CEO
Accounts payable are traditionally handled using pen and paper and manual workflows. However, with companies increasingly doing business with several partners and vendors around the globe, they can no longer rely on paper-based invoicing and manual exception handling processes. As such, organizations are now moving toward automated electronic invoicing and Accounts Payable (AP) systems that can seamlessly integrate with their existing infrastructure. Tungsten Network provides such companies with an automated and compliant B2B transactions network. Tungsten Network is an IT and services company that helps its customers maximize invoice processing through a digital network consisting of buyers, suppliers, and other business ecosystems. “We offer our AP electronic invoicing service Total AP, which enables customers to completely eliminate manual processing through digitalisation and realise up to 63 percent cost savings,” mentions Paul Cooper, company CEO. In addition, as electronic invoicing sits at the core of Total AP service, companies can now improve their internal efficiency and accuracy of the AP department significantly while improving payments to vendors and suppliers.

The accounts payable process involves multiple stakeholders within and outside the organization. Consequently, optimizing cash flows and minimizing business risks are uphill tasks for many companies. Tungsten Network addresses this issue by helping its clients convert the supplier invoices to electronic data. This also assists the clients in bringing transaction and spend visibility for the organization while enhancing oversight on expenses. As Tungsten effectively processes the invoices through all stages of the procure-to-pay process, clients gain visibility into every step of the payment process. Surprisingly, the company achieves this without employing any additional hardware or software solutions. “We make the invoicing process seamless, accurate and ultimately compliant with increasing regulatory requirements. Efficiency and robust risk management are critical objectives for every CFO and we are passionate about supporting these outcomes successfully for them,” says Cooper.

For any business that operates globally, fortifying its AP team with a robust compliance network is critical to ensure world-class business services. On top of it, various federal agencies mandate numerous compliance and regulatory requirements associated with tax and corporate finance, which forces organizations to implement the required compliance practices. Tungsten has built a large compliant business transaction network that enables organizations to invoice with confidence securely to address these issues. Currently, the company can assist its clients in adhering to the compliance requirements across 54 countries.

The company can handle complex financial environments that leverage multiple accounting systems. As they understand that no two clients’ financial backgrounds are the same, the company customizes the solutions based on their business requirements. To understand the customer’s requirements better, Tungsten adopts a consultative approach during client engagements. In addition, the company maps out the journey from buyers to suppliers and provides a white glove service to implement an end-to-end process that can connect with maximum suppliers and touchpoints. In essence, supplier onboarding is one of the areas where Tungsten Network excels. By providing this service, the company is taking a significant pain point away from its clients. With such services and capabilities, Tungsten Network ensures that the electronic invoicing process remains seamless and efficient throughout its lifecycle.

In one instance, Schneider Electric approached Tungsten Network in 2008. At the time, the client was processing 650,000 invoices at three AP locations, and almost 90 percent of those invoices were paper-based. Upon evaluating the client’s requirements, Tungsten Network set out to improve the client’s invoice-to-pay process as an initial step. However, the critical challenge was yet to come; the client utilized two different legacy accounting systems and multiple vendor master files. Tungsten Network was able to navigate the technical complexities associated with electronic invoicing in record time. The company met the client’s core requirement and eliminated paper while also significantly reducing invoice processing costs. More importantly, neither Schneider Electric nor its suppliers required any new hardware or software updates.

Such success stories stem from Tungsten Network’s technical expertise and experience in supporting the digital transformation of the finance departments. Tungsten Network has a proven track record of over ten years, and they come with several success stories where they brought almost 63 percent of cost reductions through electronic invoicing. Moving ahead, Tungsten Network plans to help more organizations automate their invoicing process and make their end-to-end financial process more efficient.

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Top 10 Accounts Payable Solution Companies - 2021
Tungsten Network

Company
Tungsten Network

Headquarters
London

Management
Paul Cooper, CEO

Description
Tungsten Corporation (AIM: TUNG) is the world’s largest, compliant business transaction network. A leading global electronic invoicing and purchase order transactions network; Tungsten’s mission is centred on enabling a touchless invoice process allowing businesses around the globe to gain maximum value from their invoice process. Tungsten processes invoices for 60% of the FTSE 100 and 68% of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 54 countries, and last year processed transactions worth over £220 billion for organisations such as Caesars Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk Industries, Mondelēz International, Procter & Gamble, Shaw Industries, Unilever and the US Federal Government. Founded in 2000 and headquartered in London, Tungsten has offices in the US, Bulgaria and Malaysia, employing over 227 people.