MENLO PARK, CALIF. (NOVEMBER 6, 2013)
BY SETH FINEBERG
Xero has formed a partnership with Entryless, a new company focused on automatically generating digital general ledger records from bills in any format, physical or electronic, and syncs them into cloud accounting systems.
By using Entryless software to automatically capture and create accounting records based on the supplier bills processed, staff can reconcile, and synchronize expenses with Xero.
Entryless was formed by Mike Galarza, who had headed a team of accountants at a large manufacturing company while one of his advisors was a vice president at Hewlett Packard.
In his view, many companies are still overburdened by the large and wasteful manual processing of supplier bills. He claims the ability to reduce the time spent on a company’s accounts payable activity by up to 95 percent, lowering cost of AP up to 85 percent.
“Previous solutions required some combination of training and behavior change for the supplier and the AP department. We ask little to no change in the supplier relationship, and then consolidate AP for easy data-entry less processing,” said Galarza, who also claims Entryless can manage thousands of bills a month in any format. “We scale with software, not with hardware or data entry personnel.”
Repost from: http://www.accountingtoday.com/accounting-technology/news/Xero-Partners-with-New-Automated-AP-Company68587-1.html?tech