PurchasingNet Launches ePayables to Streamline Procurement and Accounting Functions

Business Wire, May 3, 2005

RED BANK, N.J. -- PurchasingNet, Inc., a full-cycle Procure-to-Pay solution provider, today announced the launch of its ePayables software, providing customers with the ability to automate the entire procurement process through invoice processing and payment. ePayables improves existing accounts payable processes using the PNet Supplier Invoice Portal which streamlines both P. O. and non-P. O. Invoice Processing.

The ePayables suite is complimentary to any accounts payable software. PurchasingNet has been interfaced with major ERP (Enterprise Resource Planning) packages such as PeopleSoft, SAP, Oracle, Lawson, Great Plains and a number of other ERP offerings.

"The launch of our ePayables software positions PurchasingNet as the only e-procurement provider that truly offers a complete procure-to-pay solution, linking a company's procurement, payables, and treasury goals," said Tim McEneny, co-founder and CEO of PurchasingNet. "Our clients needed a solution that not only provided e-procurement capabilities, but one that took them through the entire purchasing process through payment."

PurchasingNet's Supplier Relationship Management tools provide the flexibility to "on-board" large sophisticated suppliers or small vendors. Unlike EDI (Electronic Data Interchange) or older solutions which require suppliers to purchase and implement proprietary technology, PurchasingNet allows suppliers to use their existing technology platforms to send invoices, update catalogs, etc. This allows suppliers to become PurchasingNet enabled in days or weeks, not months or years.

About PurchasingNet, Inc.

PurchasingNet, Inc. is a full-cycle Procure-to-Pay solution provider that features integrated eProcurement, ePayables, and Financial Management software. The company has over 1,400 mid-to-large sized customers in Financial Services, Retail/Consumer Products, Professional Services, Media/Publishing and a variety of other industries. PurchasingNet's full-cycle Procure-to-Pay solution enables companies to enhance spend visibility, improve internal controls, streamline accounts payable processes, increase contract compliance, and increase supplier discounts.