Mitie and CloudTrade partner to deliver end-to-end invoice processing
Mitie’s document management business has teamed up with CloudTrade to deliver an end-to-end invoice processing service that caters for both paper and electronic inbound invoices.
Electronic and automated invoice processes can result in savings of 60-80% compared with traditional paper-based processing*. However, where organisations opt for an e-invoicing solution, savings can often be eroded away by the volume of supplier invoices that still arrive in paper format. Mitie and CloudTrade’s new partnership offers a solution which bridges the gap, bringing together both paper and electronic invoices seamlessly into the same processing platform. The partnership prevents the erosion of cost savings, and customers can realistically target savings of up to 80%.
Mitie’s document management business uses high volume scanning equipment and intelligent capture software to process paper invoices. Once the document has been scanned, the software classifies the document and extracts key header information, such as PO numbers and totals, before amalgamating the data with the CloudTrade platform to be processed in the same way as e-invoices.
James Gilding, Managing Director of Mitie Document Management, said:
“We already have an industry leading processing service for automating paper invoices and have been exploring opportunities to leverage this service and integrate it with an e-invoicing platform. This partnership with CloudTrade provides a great opportunity to offer a complete solution to our clients to cover all their invoicing requirements. We look forward to saving our customers money through this innovative new partnership model.”
David Cocks, CloudTrade’s CEO and co-founder, said:
“Our partnership with Mitie allows us to mop up the long tail of invoices that still arrive in paper format, and provide a complimentary solution to paperless e-invoicing. Mitie’s best of breed Optical Character Recognition (OCR) solution offers us another way of interpreting human-readable documents and extracting data from them, meaning our users can now process 100% of their invoices through our platform.”