The Anglo-Danish electronic invoicing (e-invoicing) network Tradeshift is aiming to build global scale by linking up with Intuit, in a deal that will see its platform integrated with the latter’s QuickBooks, giving it access to a customer base of five million users.
The enlarged audience for the e-invoicing and trading network could mean that corporate treasurers, financiers, factoring firms and other players in the financial supply chain could soon have an international network over which to run electronic e-invoicing, invoice trading and other associated services, potentially cutting costs and delays.
Tradeshift, which was formed with the remit to hasten the end of paper-based invoicing, has connected 150,000 small and medium-sized enterprises (SMEs) since its launch two years ago. Among those signing up is the UK’s National Health Service (NHS).
According to the firms, the planned integration of Intuit’s accounting and payments products with Tradeshift’s electronic trading network will streamline commerce between Intuit’s large SMEs, primarily in the US, and the participants on the electronic trading network.
SMEs using QuickBooks should find it easier and less time consuming to comply with their customers’ e-invoicing mandates, following the link-up. Larger enterprises will find that more of their suppliers will be willing to participate due to the reduced cost and friction enabled by the planned integrations and upgrade in scale.
“At Tradeshift we understand the future of business will rely upon open connectivity between companies,” said the firm’s chief executive officer (CEO), Christian Lanng. “At the heart of this understanding is realising companies of all sizes must be provided a level playing field where they have access to the tools needed to operate efficiently and effectively in a digital world.
“Partnering with Intuit will create one of the largest global networks of suppliers the business world has ever witnessed and is an enormous leap forward in achieving our goal of connecting every company on the planet on one, shared, open network.”
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