Friday 13th April, 2018
The move will allow the 300,000 customers on its network to gain deeper insight into their cash flow and manage their finances more effectively.
It builds on Tungsten Network’s analytics product for accounts payable, launched in 2016 and marks the first time that the service will be available for accounts receivable. The expansion is a strategic move by Tungsten Network to build on the value-added services and diversify the suite of services that it can provide to its customers.
According to Tungsten Network’s recent survey of 2,700 businesses, 80% of firms are still using dated methods such as Microsoft Excel as a tool for their invoices, which take a huge amount of time and effort. Analytics Accounts Receivable has been designed to allow businesses to obtain an immediate overview of their invoice performance, tracking invoice progression in near real time all the way through to payment.
Tungsten Network’s survey also found that 65% of firms said that they see value in gaining more insights into their invoices. To address this need, the new service consists of four modules which can be tailored based on a business’ requirements.
The technology is available to Tungsten Network’s UK-based customers from today, with a global roll out, including the US, planned from June 2018.