Straight Through Processing for Accounts Payable Now Available in ASPEN 360 AP Edition

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) April 7, 2008 -- Fairfield, NJ (March 25, 2008) - Archive Systems, Inc., a leading provider of accounts payable automation, announced the availability of Straight Through Processing for ASPEN 360 Accounts Payable Edition. ASPEN 360 is a subscription–based service that enhances purchase-to-pay processing using advanced AP imaging and workflow technology.

ASPEN 360's Straight Through Processing automatically matches invoice details to line item PO and Receipt data details. Invoices are processed programmatically without AP processor involvement. When exact matches or matches within predefined tolerances are met, ASPEN 360 auto matches the PO, Receipt and Invoice, then completes the transaction by passing the data directly to the ERP system. AP processors only need to work invoices that fail the matching criteria. This enhances the purchase-to-pay process, increases efficiencies, drives out costs and lets AP departments handle increasing volumes without adding people.

If an invoice fails to be matched initially, ASPEN 360 will continue to monitor and attempt to complete the Straight Through Processing when new receipt data is received. Some invoices will inevitably require exception process. ASPEN 360 assists by providing automated exception handling support to analyze all open receipts and narrow down receipt lines to be matched. The advanced receipt filtering makes it easy to find receipts that cover multiple POs or for invoices where the vendor listed the wrong PO number.

"We're very excited about Straight Through Processing. Several of our clients are using it already and have achieved dramatic results. ASPEN 360 AP Edition's advanced imaging and workflow has been delivering ZeroTouch™, invoice processing for years. But now with Straight Through Processing (STP), they don't even have to look at the invoice. The AP Edition's STP-Matching Algorithm determines that the receipt line items of the PO match the invoice details," stated Dave Craig, President of Archive Systems. "The invoice is matched and processed automatically. AP Managers have traditionally used a calendar to compute the time to process an invoice. Now they will need a stop watch!"

About Archive Systems, Inc.

Archive Systems, Inc. provides services that automate, streamline, and optimize complex processes to manage the flow of document-based work throughout an organization. The company’s flagship solution, ASPEN 360, bridges the automation gaps, those places where people, paper and process collide, that are so prevalent in back-office business processes. ASPEN 360 Accounts Payable Edition combines best practices AP Automation with ZeroTouch AP imaging and workflow. The Virtual File Room Edition allows organizations to image and access a wide range of content including HR employee records and I-9 forms as well as legal documents and leases. The product includes ASPEN 360 Paper Virtualization Center which removes from the client all tasks associated with imaging, data capture, document classification, indexing, and OCR. Physical records management services are also provided through a number of Record Center locations. For more information, please visit www.archivesystems.com.

More information can be found online at http://www.archivesystems.com/aspen360/APedition.asp

accounts payable automation     purchase-to-pay processing     Straight Through Processing