Murphy's law of business says if something will go wrong, it will likely be with the invoice.
But every law has its loopholes and InterTrade Systems thinks it's found this one.
The Campbell, California-based software firm unveiled today a new electronic invoicing system, E-Invoice, that will allow companies to shift their billing systems to the Internet and reduce the chances of data input errors.
The system is designed to let companies bill trading partners, receive remittances, and complete the payment cycle all the way through the banking system. The system notifies business partners by email that an invoice was received and links them to a secured Web site where they can view the invoice and respond.
"This is the most efficient and cost-effective way to shorten the payment cycle by eliminating paperwork, data inputting errors, and fast resolution of payment disputes," InterTrade's chief executive David Salehinia said.
He added that the system is designed to let users leverage their existing technology and does not require extensive hardware or infrastructure investments. It also adapts to a firm's current means of billing or electronic data interchange and does not demand that a firm change its business practices, which many other transactional and billing systems do require.
The system is designed to accept data from most sources including flat file, EDI-ANSI standards, or custom formats. Once the data is loaded it will automatically convert it to the appropriate Web-based application and forward it to the proper people. The system will also carry a remittance back to the sender in any format and can be extended to the banking system.
E-Invoice is available now. No pricing was released.