The 10 Most Reliable Billing Invoice Companies to Watch May2022

editor

Managing Editor

Bhushan Bhad

Empowering Businesses!

Knownforthesolutionsofcontemporarytimes,

corporatesoftheever-evolvingbusiness communityhaveredefinedleadership.Such entrepreneurialzealdoesnotstandonlyonthefoundation oftechnologicalavailabilitybutalsoneedstolookintothe agiledevelopmentandresilientleadershipthatcompanies haveinculcatedinitsculture.Beittheemployeeortheend client,businesseshavebeeneasingthetediousworkflow operationsandcomingupwithnovelsolutions.

Buthowdoesoneunderstandwhichistheonethatis drivingthewheelofchangeandevenifitdoes,amongst many,which onetorelyon?

Sounds Mindboggling! Right?

Tocalm yourworriesandserveyouaplatterthatoffersthe bestofdisruptorsoftheglobalecosystem,weatInsights Success cameupwithourmostawaitededition, “The10MostReliableBillingInvoiceCompaniesto Watch.”

,Electronic

Invoicing has tremendous room for growth, not to forget our future is DIGITAL.

- Bhushan Bhad

FeaturingonthecoverisInvoiceHome.Popularlyknown foritseasytouseandmostefficienttooperateinterface, thisplatformiseverythingthatanyorganization desire. UnleashingthetruepotentialofInvoiceHome,isits President/CEO-PetrMarek,andJiriHradil,theCTO/CEO whoarerevolutionizingtheInvoiceBillingsegmentandat thesametimeofferingbest-in-classservicesforits employees,vendorsandend-to-endclientstoo!

Whileyouscrollthroughthecoverstory,ensuretolearnthe artoftechnologyleadershipandsimultaneouslyflipintothe enlighteningexpertopinionalongwiththeinsightful articlesopinedbyourIn-houseeditorialteam.

Ihopeyouhaveahappyread!

Editor-in-Chief Merry D’souza

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Bhushan Bhad

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Rohil Shinganapurkar

Paul

Mrunalinee, Sonia

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Kelly, David

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May, 2022

Featuring Brief Company

AvidXchangeHoldings avidxchange.com

MichaelPraeger CEOandCo-founder

Billtrust billtrust.com

FlintA.Lane FounderandCEO

AvidXchangeHoldingssetoutfromCharlotte,NorthCarolina,in theyear2000withasimplemissioninmind:Transformtheway middlemarketcompaniespaytheirbills.

BilltrustistransformingB2Bpaymentsandtheorder-to-cash cyclefortheworld’slargestbrands.

BQESoftware bqe.com

ChromeRiver chromeriver.com

CrossConcept ContinuumPSA continuumpsa.io

Hiveage hiveage.com

InvoiceHome invoicehome.com

VictorLimongelli CEO

AdrianaCarpenter ChiefFinancialOfficer

WalterPerdigao Founder,President andVice-president ofServices

LankithaWimalarathna CEO

PetrMarek (President/CEO)

JiriHradil (CTO/CEO)

InvoiceBerry invoiceberry.com

UweDreissigacker FounderandCEO

BQESoftware'sfullyintegratedsuiteofintuitivetoolsprovides backofficeautomationtopowerfrontofficeinsights,making firmmanagementmoreagile,informed,anddata-driven.

ChromeRiverisdriventomaketravelandexpense managementaseamlessandfrictionlessexperience.

ContinuumPSAisaSaaSprofessionalservicesautomation (PSA)solutionthathelpsorganizationsimplementbestpractice projectdeliverytoeffectivelyreducecostsandimprove margins.

Hiveagemakesonlineinvoicingquickandeasy

Withover300distinctivetemplatesspeciallydesignedby brandingprofessionalsinmultiplelanguages,InvoiceHomeis cateringtotheessentialneedforinvoicingservicesofits clientsinaninnovativeway

InvoiceBerryprovidesaunique,fullyintegratedend-to-end invoicingandbillingexperienceforitssmallbusiness customers.

Transformify transformify.org

TungstenNetwork tungsten-network.com

LiliaStoyanov CEO

MarisaTeh ChiefProduct& BusinessDevelopment Officer

Transformifyassistsorganizationstohirewhenever,wherever, withoutwastingvaluablecorporateresourcestostaycompliant withasetofgloballawsandregulationsbysimplifyingthe internationalhiringprocessandremovingbottlenecks.

TungstenCorporation(AIM:TUNG)istheworld’slargest, compliantbusinesstransactionnetwork.Tungstenisaleading globalelectronicinvoicingandpurchaseordertransaction network.

Petr Marek President and CEO

Invoice

Home

Reducing the Invoice Cycle from Days to Hours

Withrisingtechnologicaldevelopment, businessesarewitnessingnewopportunitiesin everyindustryniche.Andinsidethe Informationtechnologyspectrum,therearecutting-edge technologiesalongwithsoftwaresystemsthathaveproved tobeagreatharborforthecorporatecommunity

Astransgressingfromthebinarycodetosoftwareandlater totheITsystem,professionalserviceautomationhas grabbedtheglobalspotlight.Andfacilitatingthesoftware asaSystemforinvoicebillingsegmentisaoneoftsunique kindcompanyisCrossConept.

WithitsPSAsolution,thecompanyispopulouslyproviding itsservicestoeasethetimeandexpensetracking,project andresourcemanagement,andinvoicingbillingprocessfor businesses,employees,andvendorstoo!

SpearheadingthistransformationisFounder,President,& VicePresidentofServices—WalterPerdigao.

WecrossedpathswithWaltertolearnmoreaboutthe companyandthetechnologicalmarvelthatthisnovel systemofCrossConceptisfacilitatingaroundtheglobe.

Below are the interview highlights:

Pleasebriefouraudienceaboutyourcompany,itsUSPs, andhowitiscurrentlypositionedasaleadingprovider ofbillingandinvoicingsolutions.

Establishedin2010,CrossConceptisaCanadiansoftware technologycompanyofferingaleadingaward-winningB2B professionalservicesautomation(PSA)solution–ContinuumPSA-withclientsinCanada,theUSA,andthe UK.

Tellusmoreabouttheproductsandservicesthrough whichyouhaveascertainedyourstrongholdwithinthe employeebenefitsandinsurancespace.

ContinuumPSAisaSaaSprofessionalservicesautomation (PSA)solutionthathelpsorganizationsimplementbest practiceprojectdeliverytoeffectivelyreducecostsand improvemargins.Itstreamlinesandconsolidatestheareas ofCRM,timeandexpensetracking,projectandresource management,andinvoicingwhileprovidingreal-time reportinganddashboards.

Briefusaboutthefeaturedperson(s),theirjourneyin theindustry,andhowtheyhavecontributedtothe company'ssuccess.

Istartedmycareer30yearsagoasaSystemEngineerat EDSandcameupthroughtheranksmanagingprojectsand resourcesindesigning,developingandimplementing

enterprisesolutions.Backin1999,IendedupasaManager ofTechnicalServicesatalargeenterprisePSAcompany.I wasthereforsevenyears,andmyteammanaged customizationsandintegrationstoERPandfinancialapps likeOracleFinancials,Ceridian,andothers.Ieventually becameaDirectorofPMOatacompanycalledMomentum andmanagedateamof13PMsand125developers,QA testers,andbusinessanalystsmanaginglargecustom developmentprojects.WhileIwasthere,Igottonotjust implementanenterprisePSAsolutionbutalsocallthe processshotsofhowitwasusedandreallylearnedalot aboutbestpracticeapproachesontheuseofthattypeof solution.

Andbackin2010,Ico-foundedCrossConceptinthe Torontoarea,andwestartedasaservicecompany implementingandsupportinglargeenterprisesPSAand PPMsolutionslikeChangepointandDaptiv,workingwith companieslikeHitachiVantara,GeneralElectric,Experian, Teradata,andmanyothers.Butourfocuswasreallyonthe SMBspace,tryingtofindcosteffectivesolutionsto implementingenterprisePSAinsmallandmedium-sized companies.Wedidthatsuccessfullyforabout7years,but theconsistentfeedbackwasattheendofthedayitwasjust tooexpensive.

Wereallysawtheneedforthistypeofenterprise functionalitytobeusedinsmallandmedium-sized companies,butitwasprettyclearthatthehighcostswere

limitingthatfromhappening.So,wethought,"hey,we've comefromadevelopmentbackground-whydon'twejust developourownenterprise-classPSAsolutionbutpriced fortheSMBmarket."Andthat'swhatwedidthreeyears ago,andthat'showContinuumcameintobeing.Weused ourexpertiseinimplementingPSAandPPMsolutions alongwithfeedbackfromcustomerstodrivethe functionalityoftheproductandIthinkthatcomesacross whenyouseethesolution.

Thatsaid,wewillalwaysseeourselvesasaservice companyfirst.Yes,wehaveagreatproductcalled Continuum,butweknowthatregardlessoftheproductit's theimpacttoyourbusinessprocessthatisjustasbiga factor,maybeevenbigger,thanthetool.We'reimpacting yourteam'swayofdoingbusinessandthatcan'tbe underestimated.Wedon'tjustsay,"thisishowyouCAN configuresomething",wesay,"thisisourbestpractice recommendationbasedonourexperienceimplementing similarclients".It'sthatbestpracticeconsultingthatwe thinkisagreatvalueaddanddifferentiatorforus.

Beinganexperiencedleader,shareyouropiniononwhy theadoptionoftechnologiessuchasAIandmachine learningisnecessaryinthebillingandinvoicing solutionsnicheandhowyouhaveleveragedthese technologiestodeliveryourproductsandservices?

Thetasksofbillingandinvoicingareacriticalpartofany professionalservicesfirm–butitisanoverheadtaskatthe endoftheday.Anythingthatcanstreamlineandautomate thatprocesstoreducetheinvoicetocashcycleisimportant andusingtheareasofAIandmachinelearningisakeypart ofthat.Wetookthefeedbackfromusersandtransformed timetrackingfrombeingperceivedasanecessaryevilto beingatimemanagementtooltoallowthemtoeffectively planouttheirweekbasedonthetaskassignments.They knowexactlywhatisexpectedoftheminagivenweekand thesystemlearnsandcalculateshowmuchtimethey shouldbetakingonanygivendayoneachtask.Wealso incorporatedastopwatchfeaturethattimesexactlyhow longtheytooktodeliveragiventaskandpushesthat informationtothetimesheet.

ConsideringtheCOVID-19pandemic,whatchallenges didyouface,andhowareyoucurrentlydrivingyour companytosustainoperationswhileensuringthesafety ofyouremployees?

Thepandemichitseveralofourclientshard.Manyclients closedtheirdoorsandotherswereforcedtogreatlyreduce

theirheadcountwhichtranslatedtoreducedlicensecounts forus.Itwasdifficult-especiallyinthefirstyearofthe pandemic.Butwestreamlinedouroperationsanddoubled downonourmarketingandsaleseffortswhichallowedus tosignupnewclientstomakeuptheinitialshortfall.And, asof2022,thingshaveturnedaround.

We'vegivenourconsultantsthebenefitofworkingfrom homesinceourinceptionin2010,soasaresultour employeesdidn'thavetodealwiththeriskofexposurethat comeswithgoingintotheoffice.

Whatwouldbeyouradvicetobuddingentrepreneurs whoaspiretoventureintothebillingandinvoicing solutionsniche?

Likeallentrepreneurialendeavors,thebiggestfactorto yoursuccessisyourbeliefinyourselfandyourvision. Don'tletanyonedissuadeyoufromyourgoal.Simply conceivewhatyou'regoingtodeliverbygettinginputfrom potentialclients.Thenbelieveinyourvisionandtalentsand thatyouwillmakeithappen.Taketheactionsneededto achieveyourgoalandadjustasyougowithlessons learned.Andfinally,persistuntilyoursolutionhascometo fruition.

Everyonehasanopinionandwillgiveyouadvice.The valueofthatadvice,however,ismeasuredonhow successfulthepersongivingtheadviceisinthesubject area.Onlytakeadvicefrompeoplewhoyouadmireandare successfulintherelatedarea.

Howdoyouenvisionscalingyourcompany'soperations andofferingsin2021?

UsingaprovenandsecuretechnologystackofLinux, Apache,PHP,andOracleMySQLhostedonMicrosoft Azurecloudservices,wehavehostedserversinCanada, theUSA,andtheUnitedKingdomandplantoexpandto APAC,Europe,andtheMiddleEasttogrowandsupport ourinternationalpartnerchannel.

Pleasegiveusafewtestimonialsofyour clients/customersandawards/recognitionsthat accuratelyhighlightyourorganization'spositioninthe market.

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Invoicing got Easy

EmergingTrends in Global Invoicing

Manyindustriesthroughouttheworldhavebegun toembracedigitaltransformationwithopen hands.Companiesarereconsideringtheir methodstostaycompetitiveasbusinessprocessesevolve.

Invoicingisoneofthecrucialareaswherenewtrendsare emerging.Newrules,governmentmandates,andcustomer demandsareallinfluencinghowbusinessesapproach billingprocesses.Furthermore,pandemicchallengeshave acceleratedtheadoptionofcertaintechnologies,suchas mobilepaymentsandelectronicinvoicing.

Therefore,organizationsthatrespondquicklytodeveloping trendswillbetheonestosurviveandovercomenew businesschallengesinthecomingyears.Let’slookintothe trendsinglobalinvoicingthatmanyorganizationscarryto stayfirminthemarket.

AdaptationofeInvoice

E-invoicingcanbeimplementedusingcloudandonpremisessolutions,whichprovideanumberofadditional advantages,includingenhancedinvoiceaccuracyanddata quality,fewerinstancesoflatepayments,andfasterinvoice processingtimeandtransparency.Apartfromthat,ithelps witheasybusinesstransactiontrackingandreducesthe expensesofsystemdesign,modification,installation, training,andmaintenance.

Oneoftheprimarydriversdrivingthemarket’sfavorable outlookissignificantgrowthinthee-commerceindustry Furthermore,thegrowingadoptionofmoderninformation technology(IT)solutionsinthebanking,financialservices, insurance(BFSI),energy,telecommunications,andretail industriesarepropellingthemarketforward.Addingtothe

advantage,productprovidersarenowofferingadaptableeinvoicingsystemstoaccommodatetheregularlychanging operationalpatterns.

Beingsaidthat,technologicalinnovationsarecontributing tothemarketgrowthwithdevelopmentofcloud-integrated webandsoftware-basedinvoicingapplications,artificial intelligence(AI),theInternetofThings(IoT),and predictiveanalyticstoolstoo!

Otherreasons,suchasthegrowingimplementationof blockchaintechnologytomaintaindocumentsecurityand theexpandingtrendofdocumentdigitizationforefficient processingandregulatoryneeds,areexpectedtopropelthe marketevenmore.

Withthesefactors,theworldwidee-invoicingmarket expectstorisebydoubledigitsoverthenextfiveyears.

CollectionofDatabyInvoice

BigDataisnowwidelyrecognizedasoneofacompany’s mostvaluableassets.Andthebetteracompanyisat collecting,managing,andunderstandingbigdata,themore likelyitistooutperformitscompetitors.

Manyfirmsembraceandimplementspecialized technologiesandsolutionsforthispurpose,suchas machinelearning,whichisnocoincidence.

Fromthisperspective,evenelectronicinvoicingmaybe usedtogatherdataonclientsbyanalyzingtheirbehavior: howlongittakesthemtoopenanemail,iftheyanswer instantly,howlongittakesthemtopay,etc.

Thisdataallowsyoutolearnmoreaboutthepeopleyou’re interactingwithandidentifyany“weaknesses”inyour systemsoyoucangraduallyenhancethedemandsof particularclients.

GlobalPaymentsinReal-Time

Thedaysofsendinginvoicesandreceivingpaymentsthat tookdaysorweeksarelonggone.Real-timetransactions arenowexpectedineverybusiness.Duetotheglobal impactoftheCOVID-19outbreak,companiesrequire immediateaccesstofunds.

Becauseelectronicbillingandinvoicingsystemsarefaster andmoreaccuratethanconventionalmethodsofraisinga billordeliveringaninvoice,themajorityofbusinessesrely onthem.

Beingadoptedbybusinessesofallsizes,ElectronicInvoice issavingmoneyandimprovesefficiency Aspreviously stated,mostEuropeanandLatinAmericancountrieshad alreadyadoptedelectronicinvoicingbeforeAmerica.Asa result,inordertomaintaincommercialrelationshipswith thesecountries,itissuggestedthatAmericanEntrepreneurs useelectronicbillingandinvoicingsystems.

Modernbillingandinvoicingprocedureshaveenabled Americanbusinessestoimprovetheirdomesticand internationalcommercialpartnerships.Companiescansave moneyandtimebyincreasingproductivity

GoPaperless,SaveEnvironment

Imaginethevalueofacompanybeingdeterminedbypaper usedinthebillingprocesses.Soundsscary,right?

Let’slookatthesituationthatariseswithpaperbilling usage.

Ifyouutilizepaperinvoices,there’sagoodchancethey’ll bedestroyedandtossedintoacontainersomeplaceafter they’vebeenpaid.We’renoteventalkingaboutthepaper inyouroffice.

Evenworse,paperbillsareresponsiblefor10%of worldwidedeforestation.Furthermore,paperbillsemit threetimesasmuchcarbondioxideascomputerized invoices.Let’sbreakitdownevenfurther.Anaverage paperinvoicehas2to5pages.Thenthere’stheexpenseof stamps,envelopes,shipping,andtheenergyrequiredto makepaperinvoicesfromtrees.

Asanalternative,e-invoicinghasamultitudeofmeritsthan onecanimagine!

UseofBlockchain

Companiesmayuseblockchaintechnologytoexpeditethe invoicingprocessbykeepingtrackofalltransactions. Blockchainislikelytomakecashflowmanagementeasier atallstagesoftheinvoicingprocessbyeliminatingthe needforadditionalresourcesandthird-partycontacts.

Organizationsmaybeabletosubmitandpayinvoicesusing bothfiatanddigitalcurrencylikeBitcoin.Thedangersof fraudulentactivitycanbereducedbyvalidatingthedataof allincominganddepartinginvoices.Asblockchain technologyimproves,ithasthepotentialtodisruptthe existinginvoicingsysteminavarietyofways.

So,what’sthetakeaway?

Thesedevelopmentswillundoubtedlyinfluencehow organizationsconductbusinessinthefuture.

eInvoices,mobilepaymentsalongwithincreased digitizationarealteringglobalinvoicing.However, businessesmustexaminehoweInvoicesmayaffecttax complianceandtheconsumerexperience.Tobeontheright sideofthelaw,youmustkeeptrackofgovernmentrules.

Furthermore,organizationscanusepersonalizationinbills toharnesscustomerdataandbuildcustomerrelationships. Finally,oneofthemethodstogainacompetitiveedgeand achievebusinessgoalsistokeepaneyeondeveloping trendsandunderstandtheirimpactonfirmsworldwide.

- Rahul Thakar

InvoiceBerry

Insideabusinessrealm,therearemanystrategiesthat

helpeasetheindustryworkflow.Beitthe manufacturing,logistics,retail,marketing,orsales,a verystaticsystemthathelpsinallthebusinesssegmentsis InvoiceBilling.

Beingoneoftheessentialcomponentsinsidemanaging accountsofeverytransactionalprocess,billinghasfound manyentrepreneursthatinnovativetheinvoicesystem sinceages.Beitorganizinginter-departmentalinvoices, companybills,employeepaymentdataorvendorcosting management,billinginvoiceshasneverwitnesseditselfin thedimlight.

Andwiththetechnologicaladvancementofdigitizing businesswowrkflows,innovativebillinginvoicetechnology haseasedoutcompanyinvoiceslikeneverbefore.

Onesuchinnovativesolutionintheglobalbillinginvoices segmentisInvoiceBerry.WithitsFounderand CEO UweDreissigacker,thecompanyhasgrabbedthe globalspotlightandisexemplifyingthetruemeaningof technologyleadership.

Letsslideintotheinterviewandlearntheinnovative strategiesintroducedbyUwethatistransformingthe industryandfacilitatingtheglobewithoutstandingbilling invoicesolutions.

Below are the interview highlights:

Pleasebriefouraudienceaboutyourcompany,itsUSPs, andhowitiscurrentlypositionedasaleadingprovider ofbillingandinvoicingsolutions.

InvoiceBerryprovidesaunique,fullyintegratedend-to-end invoicingandbillingexperienceforoursmallbusiness customers.

Smallbusinesseshavetheabilitytomanagetheirclient relationsfrominitialquotationstoreceivingpaymentsallin oneplatform.

QuotesthathavebeensentoutviaInvoiceBerrycanbe transformedintoinvoiceswithourunique1-clicksolution, andthecreatedinvoicecangetpaidviavariousintegrated paymentpartners.

Thus,creatinganend-to-endquote-to-paymentsolutionfor smallbusinesses.

Briefusaboutthefeaturedperson(s),theirjourneyin theindustry,andhowtheyhavecontributedtowards thecompany'ssuccess.

Uweisaserialentrepreneurwithovertwodecadesof experienceintheonlinebusinessandsoftwarespace. HavingfoundedmultipleonlinebusinessesintheB2Cand B2Bsectors,hestarteddevelopingInvoiceBerryin2009.

WorkingcloselywithsomeoftheUK'sleadingaccountancy practices,Uwedevelopedarobustsoftwareusedbyover 150,000smallbusinessesintheUKandUS.Today InvoiceBerryisrunbyasmallteamofdedicated developers,marketers,operations,andbusiness developmentpeopledistributedworldwide.Uwepayshis mostconsiderableattentiontokeepingInvoiceBerryas user-friendlyandsimpleaspossiblewhileprovidingagreat customerexperience.

Beinganexperiencedleader,shareyouropiniononwhy theadoptionoftechnologiessuchasAIandmachine learningisnecessaryinthebillingandinvoicing solutionsnicheandhowyouhaveleveragedthese technologiestodeliveryourproductsandservices?

IseethemostcriticaladvancesinAIinthebillingand paymentpartofourcompany.WiththehelpofAI,our partnersandwecannowidentifyfraudulentpaymentsin real-time,thussavingourcustomersaconsiderableamount ofmoneyandheadaches.

ConsideringtheCOVID-19pandemic,whatchallenges didyouface,andhowareyoucurrentlydrivingyour companytosustainoperationswhileensuringthesafety ofyouremployees?

Asacompany,wealreadymovedtoafullyremotework setupbeforeCOVIDhappened.Therefore,we,fortunately,

didnotexperienceanydisruptionswithinourteamdueto COVID.Ourteamwasalreadyinacomfortablecoworking orhomeofficesetupwiththetoolstoworkremotely,such asheadsets,webcams,andpowerfulworkingequipment.

Forallofourcustomers,weofferedfreeandreducedrate subscriptionstohelpthemeasethefinancialburdenof COVID.Webelieveinlong-termrelationswiththesmall businessesthatuseourinvoicingplatform,andwe'rehappy totakeatemporaryhitonourrevenue.

Whatwouldbeyouradvicetobuddingentrepreneurs whoaspiretoventureintothebillingandinvoicing solutionsniche?

Thereisstillalotofspaceforinnovationinthebilling industry Technology-wiseIamverybullishonAI-powered billingsolutionstocombatfraudandcybercrime.Ialsostill seeasignificantneedtoimprovetheeaseofmobileand onlinepaymentstomaketheprocessmorestraightforward anduser-friendly.Geographically,IthinktheAfrican continentisexcitingtoexplorefurther,andweseemany Africanbusinessesaskingusforbetterpaymentandbilling options.

Transformify

Thewaypeopledotasksorworkisevolvingevery sooften.Withthechangingworkmodels, businesseshavetofacemanydifficultiestoadapt theirworkforcesoastobringmoreoperationalfluidityand stayaheadofthecompetition.Thisisthereasonwhya companyleveragesworkforcemanagementsystems.

Tohire,pay,andmanagegiftedapplicants,thecompany musthavekeeneyesandathoroughunderstandingofthe needsofbusinessclients.Everybusinesshasmanydifferent considerationsregardingthewaytheyworkandthe personneltheywillneedtocarryoutthedailyoperations.

Transformifyassistsorganizationstohirewhenever, wherever,withoutwastingvaluablecorporateresourcesto staycompliantwithasetofgloballawsandregulationsby simplifyingtheinternationalhiringprocessandremoving bottlenecks.Theyaregrowingswiftlyandaredealingwith agrowingnumberofcorporateclientsontheirneeds, includingsomeoftheworld'smostsophisticated internationalbusinesses.

RecentlywehadaconversationwiththeCEOandAngel InvestorofTransformify,LiliaStoyanov Intheinterview, wegainedvaluableinsightsintoherprofessionaljourney andtheagency'sinnerworkings.

So,withoutfurtherado,let'sdiverightintotheinterview andcherishtheknowledgeweareabouttoreceive.

PleasebriefouraudienceaboutTransformify,itsUSPs, andhowitiscurrentlypositionedasaleadingprovider ofbillingandinvoicingsolutions.

Globalpayrollon-demandisarelativelynewconcept, althoughtheCOVID-19pandemicforcedmanycompanies toworkremotely.Soon,innovativebusinessesgraspedthe opportunitythatcomeswithtappingintoaglobaltalent pool.Ifbefore,itwastakingmonthstofillinahighlyskilledrole,distributedworkallowedthemtohirethebest candidateregardlessofthelocation.

We've never charged job seekers a fee for using our technology and made our services and HR software solutions accessible to businesses of all sizes.

Therewasonecatch,though–compliancewiththelabor legislationinagrowingnumberofcountries.Howcould thein-houseHRteamstayontopofallregulatorychanges, makesurethatallnecessarydocumentsarecollected,the cross-borderpaymentsareprocessed,andsomuchmore?

That'swhereTransformifystepsintoprovideaseamless experiencefromtalentacquisitiontoonboarding,toproject managementtoself-billing,messaging,massemailsand paymentautomation,andallotherfunctionalitiesthatare necessaryfortheseamlessmanagementofin-houseand remoteteams.

Further,TransformifyleveragesHSBC,Payoneer,Stripe, Rapyd,andRevoluttosecurelytransferpayoutstoservice providersacrosstheglobe.Byintegratingintothefintech infrastructure,Transformifyispositioningitselftoquickly developnew,highlysought-afterfeaturesandmakethem availableglobally

Thus,TransformifyistappingintoAPIs,foreignexchange services,andglobalpaymentcapabilitiestomake paying—andgettingpaid—fasterandcheaperforits clients.20+cryptocurrenciesareavailabletothose businesses,serviceproviders,andfreelancerswillingtobe paidincrypto.

AtTransformify,weinnovatebyanticipatinghowtheworld ofworkevolvesandhowdynamics—liketheriseof

AbouttheLeader

Lilia Stoyanov is a Chief Execuve Officer and angel investor at Transformify. She is a fintech and digital transformaon expert and a professor at Zigurat Business School, expert evaluator Horizon 2020 at the European Commission, contribung author in various magazines, including Entrepreneur.com.

Over the years, she has held numerous Chief Financial Officer roles, GM & CFO roles at Skrill/Paysafe, and a Director Procure to Pay at Coca-Cola Enterprises.

Having a background in fintech, management, and strategy, she sensed the rise of the gig economy early on. At about the same me, many enterprises restructured their businesses, and the automaon of processes led to layoffs of highly skilled and highly paid experts.

Inially, Transformify was developed to provide work assignments to top experts and ensure that they don't waste their me dealing with billing, chasing late payments, and compliance. Over the years, an ATS (applicant tracking system), FMS (freelancer management system), VMS (vendor management system), and diversity hiring programs were added to the product mix.

thegigeconomy—impacttheneedsofourclientsandthe modernworkforce.Transformifyprovidesreadyaccesstoa growingcontingentlaborpoolandthetoolstomanageand payfreelancers,serviceproviders,andindependent contractorsinasecure,efficient,andcompliantmanner.

Tellusmoreabouttheproductsandservicesthrough whichyouhaveascertainedyourstrongholdwithinthe employeebenefitsandinsurancespace.

Althoughemployeebenefitsandinsurancearenotthe primaryfocusofTransformify,strategicpartnershipswith insurancefordigitalnomadsanddentalcareareavailableto usersofTransformify Theycanopttopurchaseinsurance packagesbasedontheirpreferences.Usually,wemanageto negotiatepreferentialpricingforTransformify'susersto enhancetheirsatisfaction.

Beinganexperiencedleader,shareyouropiniononwhy theadoptionoftechnologiessuchasAIandmachine learningisnecessaryforthebillingandinvoicing solutionsniche,andhowhaveyouleveragedthese technologiestodeliveryourproductsandservices?

Billing,invoicing,andreconcilingpaymentsarethe nightmareofmanyaccountantsandfinanceexecutives. Imaginearetailchainthatusestheservicesofpromoters everyweekendallacrosstheUK.Theyareindependent contractors.Theiravailabilityisfluidandneedstobe confirmed.Mostofthemhavenoideahowtoissueataxcompliantinvoice.Thenightmarefortheretailchainstarts righthere,rightnow.

Howtoensurethatallthesepeople,sometimesmorethan 5000,workingeachweekendonacontractbasishave issuedandsubmittedtheirinvoices?Howtoensurethatno duplicatepaymentswillbetransferred?Whatabout

updatinginvoicedetailsandpaymentdetailsinthevendor masterdata?Howtofacilitatethereconciliationofall financialdata?

Transformifyusesalgorithmsthatmatcheachpaymentto thepaymentapprovaltothepaymentdetailsassociatedwith therespectiveserviceprovidertofullyautomatebilling, invoicing,paymenttransfers,andreconciliation.The paymentsarealsoreconciledautomatically,andthereisno possibilitytotransferduplicatepaymentsaseachpayment hasauniquepaymentID.

Moreover,TransformifyactsasCaaS(Company-as-aservice)sothatitsbusinessclientshaveonlyonevendorto setupintheirvendormasterdataandtransferpaymentsto. Allserviceproviders,freelancers,andindependent contractorsenjoytheautomatedself-billingprocess.

Aself-billinginvoiceisissuedontheirbehalfeachtimea paymentisapproved.Theyarenotexpectedtokeeptrack ofthetaxlegislationandknow-howtoissuetax-compliant invoices,etc.Thesameisvalidforpaymentconfirmationsanautomatedemailissentouttotheserviceprovidersto informthemthatapaymenthasbeenapprovedandisonits way.

HowdoyouenvisionscalingTransformify'soperations andofferingsin2022?

TransformifyhaslaunchedSustainableRemoteJobs Initiativetotackleunemploymentamidthecovid19 outbreak.Overtheyears,we'vebeengivingbacktosociety, andthat'swhatwearedoingintimesofuncertainty.As thousandsofsmallbusinesseshavestruggledduringthe lockdown,peoplelivinginruralareasandsmallcities acrosstheglobewillneedmoreaccesstotemporaryremote jobsforthecomingmonths.

Further, backin2016,TransformifylaunchedRebuild Livestohelpdisplacedpeopleearnincomeandgetpaid compliantlywhileseekingasylumoverseas,whichiseven morerelevantrightnowwiththeUkrainecrisis.Often refugeesleavewarzonesandmoveoverseas,havingno safetynetorsourceofincome.Ittakesmonths,and sometimesevenyears,toreceiveasylumstatus.

TransformifyHRSuiteenablesjobsearch,provides informationaboutthetransferableskillsofthejobseekers aswellassecurespaymenttransferstopeopleinneed worldwide.

We'veneverchargedjobseekersafeeforusingour technologyandmadeourservicesandHRsoftware solutionsaccessibletobusinessesofallsizes.Further,we haveexpandedto150+countriesinlessthanthreeyears withoutanyexternalfunding.AsiaandtheMiddleEastare ourfocusasthesearefast-growingdevelopingmarketswith hugepotential.Wesawtremendousten-foldgrowthin2021 versus2020andworkedrelentlesslytoachieveevenbetter resultsin2022.

AwardsandRecognitions

FirstWomenAward(UK,2017), FemaleEnterpriseAward(UK,2018), Top50MostInnovativeBrands(UK,2019),

Transformifyisamongtheveryfewcompaniesthatjoined theDigitalSkills&JobsCoalitionoftheEUCommission backin2016.

Impact of E-invoicing onBusiness Processes

Electronicinvoicing,alsoknownase-invoicing,is gainingpopularityinboththeB2BandB2G sectorsaroundtheworld,graduallyreplacingthe old-fashionedpaperinvoiceandthemorecontemporary PDFinvoice.Asaresultofthebenefitsofe-invoicingbeing morewidelyunderstood,Europeanlegislationmandating theuseofe-invoicinginB2Gtransactions(asexaminedin lengthinourwhitepaperonthistopic)hasaccelerated transparencyinrecentyears.

Ontheonehand,thistransformationwillinevitablychange invoicingmethods,whichsomemightbeconcernedabout. Ontheotherhand,E-invoicingprovidesvariousbenefitsto supplychainbusinesses.

Let's look at these merits in the context of the other regularly used alternatives. Here are major five ways in which your business will benefit:

ImprovedAccuracy

Withmanualprocesses,humanerrorposesamajorrisk. Duetoheavyworkflow,busyandfatiguedemployeesare morelikelytomakemajormistakeswhenenteringdata. Manuallyprocessinginvoicesincreasesthepossibilityof humanmistakes,especiallywhentheemployeeisdealing withlargeamountsofpaperwork,whichistime-consuming andrepetitious.

Thesetypesofprocessesexposefirmstopenaltiesandfines fornon-compliancewithGDPRiftherightdataprotection

safeguardsarenotfollowed.Manysystemsprove100 percentcorrectnessbyvalidatinginvoiceslinebylinewith high-performancesoftware.Thisenablese-invoicingto eliminatetheserisksandinconsistencies.

CostSavingsandIncreasedProductivity

Digitalinvoicingsystemsenablefirmstovirtuallyeliminate humandataentryandincreaseincomingprocessing.This cansave60-80%timeconsumptionascomparedtopaperbasedprocessing,withprojectspayingforthemselvesinsix toeighteenmonths.

Thisliberatesemployeesfrominefficientmanualsystems, allowingthemtooperatewithmorespeedandagilitywhile avoidingtheneedforlengthy,intensivetrainingonthenew system.

Cloud-BasedSoftwareallowsEasyRemoteAccess

Movingaheadoftimeandproductivity,remoteaccessis oneofthemajoradvantages.Theshiftinworkplacesasa resultofpandemic-preventionmeasuresisexpectedtohave along-terminfluenceonbusinesses.Mostemployeeswant toworkfromhomemorefrequentlythantheydid previously.Cloud-basedapplicationshavebeenabighelp inenablingemployeestofinishtheirworkregardlessof theirlocationduringthelastfewmonths.

Cloud-basede-invoicingsystemsofferthesebenefits,with platformsaccessiblefromanywhereonalaptop,tablet,or mobiledevice.

AddingTransparencywhileEmpowering Organizations!

Transparencyislackinginpaper-basedbillingmethods. Andwhilereportingisdependentondataentryaccuracy, queriesnecessitatebrowsingthroughdocumentation.But, incaseoffraudulentclaims,itisimportanttospotwiththe nakedeye,especiallyforworkerschargedwithprocessing hundredsofincominginvoiceseachday.

Asaremedytothecrisis,E-Invoiceisasafeharbor! Invoicingthatisautomatedreducesthechanceofhuman mistakes,highlightsdisparities,andflagsinvoicesthatmay befraudulent.PitneyBowes'inbounde-invoicingsoftware examinesthedatalayerinadigitalPDFandvalidatesitline bylinewith100percentcorrectness.

Dataprovidesahighlydependableandsolidfoundationfor bothreportingandanalysisatthislevelofaccuracy

OpeningupnewBusinessOpportunitiesandImproved SupplierPartnerships

Businessrelationshipssufferwhenpaymentsarelate.Asa resultofnewmeasuresthatwentintoeffect,payment delaysmayjeopardizefuturebusinesspossibilities.The newmethodswereimplementedtoeliminatepaydelaysin boththepublicandprivatesectors.

Largecompaniesmustpay95%oftheirinvoiceswithin60 daysorriskbeingbarredfrombiddingongovernment contracts.Thisbuildsonthe2008PromptPaymentCode, orPPC,whichrequiresbusinessestopayontimeorbe removedfromcontractorlists.

E-invoicingimprovessupplierrelationshipsbyshortening invoice-to-paytimeframesandallowingsupplierstooffer discounts.Assumethatyoursuppliershavemadeany billingerrors.Inthatsituation,thesewillberecognized earlyintheprocessratherthanrepeatedlysubmittingand rejectingbills,andlatepaymentpenaltieswillbevirtually avoided.

Withthecapacitytoacceptdifferentinboundinvoicetypes suchasPDF,scannedpictures,XML,EDI,andHTML, PitneyBowes'inbounde-invoicingrequiresnoprocess changesforsuppliers.Supplierscancontinuetosend invoicestoyouintheirpreferredformat,comfortable knowingthattheywillbepaidontimeandwithoutwasting timetrackingdownunpaidbills.

Wrappingup

E-invoicinghasbecomeoneofthemostimportant measuresbusinessesaretakingtodigitizetheirworkand maintainrelationshipswiththeirclients.

Withgovernmentsthroughouttheworld,particularlyin Asia,establishingmandatesandstrivingtoimplement frameworkstoenablee-Invoicing,PEPPOLisanefficient roadmapahead.Ifyouarescoutingtheglobeforaperfect investmentstrategy,E-Invoicingcantakeyourbusinessto thenextlevel.

- Rahul Thakar

The 10 Most Reliable Billing Invoice Companies to Watch

Tungsten Network

Inaworldthathasbeenrevamped withmanyinnovationsand transformativetechnologies,the globalbusinessspacehasalwaysbeen awestruckbythedevelopmentsthat corporateshaveintroducedtothe masses.Whetheritistransgressingthe mobilityofbusinessprocesseswith cloudsystemsorintroducingagile systemsinsoftwaredevelopment;the businesscommunityhasalwaysbeena harbortoeverymindbogglingcrisis.

Asknowninthecorporateworld,the highestepitomethatchangedthesocial psychologyofthebusinesscommunity isthepandemicturbulence.Hittingthe roads,COVID19triggeredthelosing endsofbusinessspace.Fromdaily commutationtoqueuingaroundthe dailyvendors,everythinggotchanged. However,technologybeingthe

solutionprovider,manyworkflows founditsproductivealternativeand couldkeepthebusinessgrowing steadily.

Onesuchtransformationinsidean organizationspaceisElectronic Billing.Asarevolutionarysteptoward thebillinginvoicesegment,oneofthe mostreliablesourcesthathas encapsulatedalargeconsumerbase whilecarvingitsmarvelinthesocial memoryoftheglobalbusiness communityisTungstenNetwork.

GuidingtheTungsten’slightinthe businessworldisMarisaTeh

SheistheChiefProductandBusiness DevelopmentOfficeratTungsten Network.Sheisarenownedleader whopossessestheabilitytorecognize

whitespacesintheindustryandseed sustainablepracticesfortheavailable crevicesinthebusinesscommunity

Let’s dive into the interview highlights of Marisa and learn more about the Invoice Billing corporate that made its remarkable space in the E-Billing industry!

Pleasebriefouraudienceaboutyour company,itsUSPs,andhowitis currentlypositionedasaleading providerofbillingandinvoicing solutions.

TungstenCorporation(AIM:TUNG)is theworld’slargest,compliantbusiness transactionnetwork.Aleadingglobal electronicinvoicingandpurchaseorder transactionsnetwork,Tungsten’s missioniscenteredonenablinga

touchlessinvoiceprocessallowing businessesaroundtheglobetogain maximumvaluefromtheirinvoice process.

Tungstenprocessesinvoicesfor60% oftheFTSE100and68%ofthe Fortune500.Itenablessuppliersto submittax-compliante-invoicesin54 countriesandprocessedtransactions worthover£220billionlastyearfor organizationssuchasCaesars Entertainment,Computacenter, GlaxoSmithKline,KraftFoods, MohawkIndustries,Mondelēz International,Procter&Gamble,Shaw Industries,UnileverandtheUS FederalGovernment.

MarisaTeh, Chief Product and Business Development Officer

Foundedin2000andheadquarteredin London,Tungstenhasofficesinthe US,Bulgaria,andMalaysia, employingover227people

Tellusmoreabouttheproductsand servicesthroughwhichyouhave ascertainedyourstrongholdwithin theemployeebenefitsandinsurance space

Wehaveamultitudeofproductsand offerings!

TotalAPhelpscompaniesrealize 100%invoicedigitizationfromday one,accommodatingalltheirsuppliers, regardlessofsize,location,ormaturity.

TotalARgivescompaniesvisibilityof billingsandallowsthemtosubmitone file,inanychannelandformat,to supportthedeliveryof100%oftheir invoicesto100%oftheircustomers. WorkflowisasolutionthatpowersAP towardsworld-classoversightand processmanagement.Customerswho combineTungstenNetworkworkflow offeringwithe-invoicinghave typicallyreducedaccountspayable costsby60%ormore.

SupplyChainFinanceworkingwith ourpartner,Orbian,we’reproviding flexibleaccesstocapital,withvaried optionstosupportalltypesofsuppliers -supplychainfinancethatgenuinely improvesthewayyoudobusiness.

BriefusabouttheChiefProductand BusinessDevelopmentOfficer’s journeyintheindustryandhowshe contributedtothecompany’ssuccess

MarisaTeh,ChiefProductand BusinessDevelopmentOfficer.She joinedTungstenin2020.

Marisaisanaccomplished internationalbusinessleaderwitha proventrackrecordofidentifying whitespacesacrossdifferentindustry sectorsanddrivingsustainable businessgrowth.

Herentrepreneurialbackgroundstems fromdevelopingnext-genmultimillion-dollarventuresforTexas InstrumentsandPhilipsintheinternet infrastructureandhealth&consumer lifestylespace.Herexperiencegives

heradeepunderstandingoftechnology productsanditspowertotransform andreinventuserexperiencesto challengethestatusquo.Italso developedherpassionforinnovation withmassivesocialimpactand sustainability

ShethenmadetheleaptoFMCG, joiningPepsico-Unileverjointventure andsubsequentlyDiageotosetupa Europeancenterofexcellencein developingmulti-yearrevenuegrowth strategiesandinstillinga‘payfor performance’culturethatdeliversa triplewinagendaforthecustomer, consumer,andthecompany.

Shehasco-foundedandmentoreda numberofstart-ups.

Tellusmoreabouttheproductsand servicesthroughwhichyouhave ascertainedyourstrongholdwithin yourindustry?

AccountsPayableandAccounts Receivableautomationareareasin whichweexcel.Weareuniquely differentiatedtocoverawide geographicalcoverageforbothARand APcompliance.Withmorethan20 yearsofexperiencehelpingbuyers centralizetheirinvoicingandhelping suppliersgenerateanddistribute invoicestobuyers,wehaveadeep understandingoftheneedsofboth buyersandsuppliers.

Wehaveastrongbackingofclients fromtheEnterprisesegment-clients withcomplicatedrequirementssuchas thosederivedfromMergersand Acquisitions(bringinganumberof disparatesystemstogether)andor geographicalsplits.That’swherewe offertheidealsolution.MostAPand ARofferingsinthemarketareoffthe shelf–andnotcustomizable.Aswe

offerwhiteglovesandcustomized service,weworktounderstandclients’ needsanddeliverasolutionthatbest suitstheirneeds,muchlikeatailored suit.

Equallyimportant–wetakethe holisticviewanddon’tjustsolvepain pointsforbuyerstothenpassittothe ARdepartmentlaterdowntheline.As wehavebothsidesofAPandAR,we considerimplicationsfrombothsides. Indoingso,wedeliveratriplewinfor thebuyer,supplier,andTungsten.That iswhyTungstenhasexcelledinthis industryforover20years–wetakea partnershipapproachandthe360view.

Beinganexperiencedleader,share youropiniononwhytheadoptionof technologiessuchasAIandmachine learningisnecessaryforthebilling andinvoicingsolutionsnicheand howyouhaveleveragedthese technologiestodeliveryourproducts andservices?

MachinelearningandAIarekeyto speedingupmanualtasksandreducing manualeffort,whichcouldincur mistakes.Wearedeployingmachine learningtospeedupanddeliver customizeddatacapture(RobbClaxton isbestplacedtocitestatsforthis).One clientrecentlytoldustheyare achieving98%accuracyonthe25,000 invoicestheyreceiveeveryweekon theTungstenNetwork.

Howdoyouenvisionscalingyour company’soperationsandofferings in2022?

In2022wewillcontinuetofocuson rollingoutmoreself-servefeaturesin oursolutionstohelpgiveour customersmorecontrol.Theseare designedtounlockandopenour networkfasterandmoreseamlessly.

Wewanttomakeiteveneasierfor membersofournetworktofind, connect,andpartnerwithothers effortlesslyandpromptly.Indoingso, wewillalsoreduceservicetickets, improvecustomersatisfactionand delivermorevaluetoourwhole network.Withourstatedvisiontobe themosttrustedbusinesstransaction network,ourmantraiscontinuous improvement.Thatmightbefinding, connecting,andpartneringwitheach otherfasterinourecosystem, providingexceptionalcustomer service,orofferingadviceandpractical leadershiponcomplianceandcountry mandates.

OurcomplianceandrulesengineUSP givescustomersconfidentprepayment,sowearebuildingonthisto expandintopayments.

Whatwouldbeyouradviceto buddingentrepreneurswhoaspireto ventureintothebillingandinvoicing solutionsniche?

Iwouldsayknowingtheindustryis key Andaboveall,knowingyour customers’industrytoo.Howthey operate,andhowtheymeasure

success.WhereareAPandARontheir criticalsuccessfactorscale?Theneeds ofcustomersatdifferentlevelsof digitaltransformationmaturitywill differquitebroadly,andsowillthe painpoints/benefitstheywantto derive.

Pleasegiveusafewtestimonialsof yourclients/customersand awards/recognitionsthataccurately highlightyourorganization’s positioninthemarket.

TungstenNetworkwonthefirstannual PerceptionsAnalyticsAwardintwo categories:MostEffectiveatReducing DSOandHighestOverallValueInvoiceSubmission.

ThePerceptionsAnalyticsAwardwas createdbyReceivableSavvyto recognizetheexcellentworkof electronicinvoicingsolutionproviders. Theawardsalsohighlightthevalue realelectronicinvoicingusers,those supplierorganizationsparticipatingin thePerceptionsAnalyticsstudy, receivefromthesolutionproviders theyuse.