ATLANTA, March 17, 2015 /PRNewswire/ –
- Tungsten to help client improve processes, eliminate manual data entry, and reduce AP costs
Tungsten Corporation plc (LSE:TUNG), the global electronic invoicing, analytics and invoice financing company, has been selected by Honda Logistics North America (HLNA) to automate its accounts payable (AP) processes.
HLNA will be using Tungsten’s All-in-One for JD Edwards Accounts Payable solution, which integrates with the JD Edwards accounting software that HLNA currently uses.
Following its acquisition of DocuSphere in 2014, Tungsten’s suite of services includes dedicated AP automation solutions tailored for Oracle E-Business Suite, SAP and JD Edwards ERP systems respectively. Tungsten’s complete AP solution can help clients reduce AP processing costs, improve accuracy, accelerate turnaround times, increase visibility, immediately record liabilities, and eliminate lost or missing invoices.
“I’m pleased to see this major subsidiary of Honda recognise the benefits of working with Tungsten on AP automation,” said Rick Hurwitz, Tungsten CEO (Americas). “HLNA currently processes 10,000 invoices per month and expects its volume to increase by 30% over the next three years. Automating its accounts payable processes will reduce overhead costs, increase efficiency – especially given the high number of invoices HLNA receives that do not have purchase orders – and eliminate the burden of manual data entry.
“HLNA was particularly impressed with Tungsten’s overall functionality and scalability, and our extensive JD Edwards experience. We look forward to helping it achieve its accounts payable goals.”
HLNA, a subsidiary of Honda Logistics Japan, holds majority interest in subsidiaries providing supply chain solutions for automotive OEMs and their suppliers in the North American/European operating region, including affiliated organisations in Canada and the United Kingdom.
About Tungsten Corporation plc
Tungsten Corporation (LSE: TUNG) accelerates global trade by enabling customers to streamline invoice processing, improve cash-flow management and make better buying decisions from their detailed spend data./
Buyer organisations that join Tungsten Network, the world’s largest compliant electronic invoicing network, can reduce their invoice-processing costs by 60%. Suppliers benefit from efficiencies, greater visibility of their invoice status and peace of mind. Tungsten offers supply chain financing through Tungsten Bank*; and helps buying organisations profit by applying real-time spend analytics to its vast repository of line-level invoice data.
Tungsten serves 56% of the Fortune 500 and 67% of the FTSE 100 by connecting the world’s largest companies and government agencies to their thousands of suppliers around the globe. It enables suppliers to submit tax compliant e-Invoices in 47 countries, and last year processed transactions worth over $187bn for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg’s, and the US Federal Government.
Tungsten Corporation acquired DocuSphere, a provider of accounts payable automation solutions, in September 2014.
Contact: James Culverhouse, Equus, +44(0)20-7223-1100, james.culverhouse@equusgroup.co.uk.
* Tungsten Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Tungsten Bank is registered on the financial services register with firm reference number 139209.
SOURCE Tungsten Corporation plc
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