ADP Enters the Accounts Payable Market
biz.yahoo.com
Tuesday January 24, 9:00 am ET
Partnership With Harbor Payments for Automated Accounts Payable Solution Broadens and Differentiates ADP's Suite of Services
ROSELAND, NJ--(MARKET WIRE)--Jan 24, 2006 -- ADP® (NYSE:ADP) Tax & Financial Services, part of the Employer Services (ES) division, a leading provider of integrated outsourced payroll, benefits, and human resource services, today announced the availability of an automated accounts payable management solution. This offering, delivered through an alliance with Harbor Payments, marks ADP's entry into providing services to the accounts payable market.
ADP's Automated Accounts Payable solution allows companies to streamline their payables processes from invoice capture, routing, approval and matching, to electronic payment execution. Once an invoice is received, it is scanned into the system and routed within the client organization for approval. Once approval is obtained the client can transmit electronic payments via EDI (Electronic Data Interchange), ACH (Automated Clearing House), purchasing card or check. Additionally, companies can outsource the printing of accounts payable checks to ADP.
ADP chose to partner with Harbor Payments, the leading provider of electronic invoicing, billing, and payment solutions, because of the company's extensive technology expertise and market relationships. Harbor Payments has a network of more than 150,000 vendors that provide electronic invoices versus paper, further expediting the accounts payable process.
Additionally, ADP's Automated Accounts Payable solution offers greater visibility into corporate expenses. Clients can improve their ability to manage working capital and better maintain compliance with Sarbanes-Oxley by posting expenses immediately. The automated accounts payable offering also provides an audit trail that details each step invoices take up to the final payment, further simplifying the compliance process.
"The Automated Accounts Payable solution achieves ADP's objective of expanding market opportunities by offering a broad range of services to meet the evolving needs of our clients," said Laurie Eldridge, Senior Divisional Vice President and General Manager, ADP Tax & Financial Services. "As the world's largest payroll services provider, we have extensive experience in money movement and back-office administration. Together, ADP and Harbor Payments offer a market leading accounts payable solution that leverages ADP's core competencies and complements ADP's other product offerings."
"This is truly a win-win as ADP's reach and prestige will help us grow our network of businesses transacting on our platforms, further powering and making global commerce more effective for all participants," said Ashish Bahl, CEO of Harbor Payments. "After the extensive vendor due diligence ADP went through, we are honored to have been selected as the winner, a trusted partner to provide a first-class, scalable service to ADP and its clients," he concluded.
For more information about ADP's Automated Accounts Payable solution, please contact ADP at 1.866.717.9945. |
