Business applications company PeopleSoft said Tuesday that it has released a new component of its bookkeeping software to help businesses settle their accounts using Web technology. The new product, called PeopleSoft eSettlements, enables companies to exchange purchase orders, invoices and receipts with customers and suppliers online. The application routes the documents to the accounting systems of the companies using it, reducing labor and errors.
Using the Internet to settle accounts among businesses is less costly and less time-consuming than doing it manually or using Electronic Data Interchange, according to Michael Killen, founder and chairman of Killen & Associates, a research firm. PeopleSoft is ahead of rivals like SAP and Oracle with the introduction of the product, said Killen. However, specialists such as Bottomline Technologies offer competing products.