LOS ANGELES, Feb. 22, 2023 /PRNewswire/ — Accounting automation software leader BlackLine, Inc. is extending its relationship with Kofax, a global leader in Intelligent Automation, to add electronic invoicing capabilities from Kofax’s Tungsten Network to its accounts receivable (AR) automation solutions.
The expanded alliance further strengthens BlackLine’s AR automation offerings, which already include industry-leading capabilities that optimize accounts receivable performance, create team capacity by removing manual processes, and provide critical decision-making intelligence to drive value in midsize and enterprise organizations. By teaming with Kofax, BlackLine aims to help its customers stay in sync with rapidly changing electronic invoicing compliance requirements around the world.
With the newly added capabilities, BlackLine AR Automation customers are now able to further extend their invoice-to-cash journey by utilizing:
- Electronic invoicing allowing suppliers to streamline and digitize their accounts receivable process by routing invoices and connecting suppliers and buyers
- An online portal where buyers can receive invoices and process payments
- Full compliance with e-invoicing guidelines internationally
- Accelerated accounts receivable collections and efficiency through early action on delays in the invoice-to-cash process
“By adding support for electronic invoicing presentment and payments (EIPP), BlackLine now offers further automation – alongside our existing artificial intelligence capabilities – to drive state-of-the-art operational excellence for accounts receivable organizations,” said Andy Lilley, SVP of Channels & Alliances at BlackLine. “Kofax is a perfect complement to BlackLine’s existing AR automation solutions, further streamlining invoice-to-cash processes, and making BlackLine the option of choice for companies to assure ongoing compliance, and avoid potential fines and penalties, as governments increasingly regulate the world of electronic invoicing.”
Chris Strammiello, SVP of Channel & Alliances at Kofax, added: “We are excited to partner with BlackLine to deliver a best-in-class automation solution for the Invoice-to-Cash process. BlackLine’s accounts receivable automation solutions and our Tungsten Network are a natural combination to bring world-class efficiencies to midmarket and enterprise credit operations. By joining our e-invoicing expertise with BlackLine’s AR focus, we now offer customers tremendous complementary value and a comprehensive solution for the global AR automation marketplace.”
Industry analyst Kevin Permenter, research director of Financial Applications at IDC, a global provider of market intelligence and advisory services, believes that technology partnerships like the one between BlackLine and Kofax will be an essential tool in helping users cope with the rapidly shifting compliance landscape.
“The pace of change in the regulatory environment for electronic invoicing is very top of mind in the Office of the CFO,” said Mr Permenter. “With BlackLine and Tungsten Network already being used by many large and complex organizations, finance and accounting leaders at companies of all sizes can benefit from AR automation from BlackLine including electronic invoicing, while remaining globally compliant.”