ReactorNet Enhances Invoice Automation through Partnership with XTGlobal
By embedding XTGlobal’s innovative paper-to-electronic process into EPRO, customers are now able to achieve Total Invoice Automation
San Antonio, Texas (April 21, 2015) – ReactorNet, a premier provider of Cloud-based collaborative spend management solutions for medium- to large-sized companies, today announced the availability of its Total Invoice Automation service, an exciting new feature of their award-winning Procure-to-Pay platform, EPRO. The new enhancement, powered by technology from XTGlobal, is designed to manage all incoming paper invoices in the same way electronic invoices are received and processed within EPRO. The process is seamless to the customer as the service is completely embedded into the EPRO user experience as well as ReactorNet’s licensing and support structure. XTGlobal, founded in 1998, is a leading provider of technology services and business process optimization and has acquired many awards over the years including earning a spot on the Inc. 5000 Fastest Growing Companies list. Their clients include Verizon, Greyhound Lines, Dish Network, and CiCi’s Pizza.
“We are extremely excited to be offering such a powerful and seamless solution to companies still dealing with high volumes of paper invoices,” said Anthony Kylitis, vice president of Marketing at ReactorNet. “We really feel we hit the nail on the head with this partnership as we are not merely reselling or referring out for this service but deeply embedding it into our solution and supporting it with the EPRO support our customers have grown to love. I believe this sets us apart from other providers and is ideal for the customer.”
With Total Invoice Automation, customers will be able to convert paper invoices to electronic format and have that content automatically integrated with their EPRO account. The process will support all paper invoices, anywhere from computer printed to hand-written, and will capture data down to the line item. Traditionally in eprocurement, suppliers that do not have electronic invoicing capabilities have been expected to present invoices through web interfaces such as a customer’s supplier portal, a common feature found in most eprocurement and AP automation software. Supplier adoption of this process has proven to have its own barriers though as suppliers have more and more portals to contend with. Knowing which sites to visit, keeping up with usernames and passwords, and learning different systems has proven to add additional strain on the supplier with little value in return.
“Completely eliminating all paper invoices from ever being presented for payment is simply not feasible for today’s medium and large businesses and ignoring that fact makes the path to paperless exceedingly painful and longer,” added Mr. Kylitis. “ReactorNet will always be a champion of reducing and eliminating paper but, with this offering, we have now created a clear and attainable path to get there.”
The process is quite simple for the customer. They only need to scan and email invoices to a ReactorNet email address setup specifically for their company. For customers that have not invested in scanning equipment, there is P.O. Box option where invoices can be directly sent. Within a twenty-four hour window, those invoices will appear in their EPRO accounts ready to undergo the same process that electronically sent invoices go through, including the application of purchase order matching, receiving, and three-way matching. In cases where an originating purchase order does not exist, the newly captured invoice data becomes that much more significant as customers now have the ability to analyze it using EPRO in order to make future purchasing decisions.
The technology behind the solution is a blend of proprietary technology and processes, and quality assurance techniques mastered by XTGlobal. This unique blend allows for 99.5 percent accuracy in the conversion process, a figure rarely achieved with in-house OCR solutions and yet at a fraction of the cost.
"We are very happy to be a part of ReactorNet’s long term strategy,” said Diane Gasparro, vice president of Sales for XTGlobal. “We know that through the combined strengths of ReactorNet and XTGlobal, this new product offering will change the game when it comes to eprocurement and AP automation. Additionally, both companies share a customer centric philosophy which makes this partnership even more ideal.”
ReactorNet is a premier provider of Cloud-based, eProcurement solutions for medium- to large-sized companies across industries including entertainment, hospitality, and automotive. ReactorNet powers Cinema Solutions and EPRO collaborative platforms, integrating buyers’ and suppliers’ purchasing responsibilities into a centralized location—removing procurement barriers to reduce operational costs by improving accountability, increasing spend visibility, and maximizing buying power. ReactorNet is a recipient of ThinkStrategies’ Best of SaaS Showplace Award.
Founded in 2005, ReactorNet is a privately held company headquartered in San Antonio, Texas. Clients include AMC Theatres, Cinemark Theatres, Carmike Cinemas, John Q. Hammons Hotels Management, TMI Hospitality, and Philips Lighting Company (a division of Philips Electronics). For more information, please visit www.reactornet.com.