Power of PAYBOX®
Matthew Oakes Interview with Talk Business 360 Radio Program
Talk Business: If you want to eliminate paper in your organization, reduce costs and improve the visibility into your financials, you definitely want to hear from our next guest, Direct Insite. They provide cloud based electronic invoicing solutions for AP and AR transformation and over the past decade they built an impressive track record in automating some of the most demanding financial environments. We’re joined now by the President and CEO of Direct Insite, Matthew Oakes. Matthew, welcome aboard.
Oakes: Thank you, glad to be here.
Talk Business: Matthew, what is Direct Insite’s approach to invoicing solutions? How does it work?
Oakes: Direct Insite’s approach to invoicing is to electronically move people away from paper based solutions, so it’s a green initiative. So we focus both on the AR and the AP side providing an automation tool set. Its SAS based, we board both vendors and companies that use it into a portal system which is completely web based and we host it and we charge a transaction fee and what we encourage vendors to do on behalf of companies is to submit their invoices, migrate from paper into an electronic form, web form entry, spreadsheet upload and then be able to track the processes of that invoice all the way through the approval process inside an AP department of a large company and then a tertiary benefit with that would be a company would also have the benefit of really communicating more tightly with a vendor and or the customer if they send an invoice out on the AR side.
Talk Business: Direct Insite is also the leading provider of AP transformation solutions to global shared services environments, tell us about that.
Oakes: We see a real sweet spot with shared services both here in North America and around the globe shared services is about consolidation, automation and transformation and our solution fits perfectly into that. We currently are the AP transformation solution provider for Siemens Corporation here in the U.S. and several other large enterprise customers. It provides a real way for labor to be scaled back with this automation and transformation tool and it also allows shared services to kick off what its benefit is to the companies that its serving by providing information, dashboards and getting real predictability in cash flow for their customers who are the companies inside the shared services organization and they are serving the outside vendors.
Talk Business: You also provide powerful tools for CFOs, controllers, and other senior executives can you expand on that?
Oakes: Sure, you are looking at things such as dashboard, cash management, you are looking at spend management and you are looking at some data analytics that companies traditionally don’t have. By automating the electronic invoice solutions and getting electronic input you’re going to look at things like timing of the invoice process cycle, time to pay, ways you can stretch your DPO if you are on the payment side and ways you can go ahead and get your money faster if you are on the vendor side. And so it’s really providing the next level of financial and automation information both ways but in the billing cycle and around products and services that may not be there in an existing infrastructure.
Talk Business: Well Matthew, this is very exciting technology. Thanks for coming on the program today to tell us about it.
Oakes: Thank you.
Talk Business: That was Matthew Oakes and you can learn more about Direct Insite at directinsite.com