1. TITLE OF THE INVENTION :
"An Electronic Invoice Presentment and Payment System"

2. APPLICANT

Name : Tangent Solutions India Pvt. Ltd.
Nationality : Tangent Solutions India Pvt. Ltd.
#8-2-681/3, Laxmi Cyber Center,
Annexe Building, 1st Floor,
Road No. 12, Banjara Hills,
Hyderabad 500034
India.
Phone: (+91) 40 3247 8333
Email: krishna.y@tangentworld.com

3. PREAMBLE TO THE DESCRIPTION

An E-Invoice Presentment and Payment system for enabling Buyers and Suppliers to interact online and speed up their invoice processing by quick resolutions to any disputes, discussions. The solution also facilitates both the parties to negotiate on the price and payment terms.

4. DESCRIPTION:

Technical Field of the Invention
[0001] An E-Invoice Presentment and Payment system for enabling Buyers and Suppliers to interact online and speed up their invoice processing by quick resolutions to any disputes, discussions. The solution also facilitates both the parties to negotiate on the price and payment terms.

Background of the Invention

[0002] More than 4/5th of the Buyers and Suppliers does paper invoice transactions and fully dependent on paper based transactions by utilizing resources like courier, postal, fax etc. As per the surveys, paper based invoice transactions are 90% costlier than electronic invoice transactions. Paper based transactions also consume natural resources, man power at various stages and time. The semi automated or fully automated systems in rest of the organization are also lacking technology usage at full extent and limited to defined features.

Summary Of The Invention

[0003] SpeedM is the product which basically caters the business solution to Manufacturing Sector like FMCG, Pharmaceuticals, Import/Export traders etc. EIPP solutions will enable Buyers and Suppliers interact online to speed up their invoice processing by quick resolutions to any disputes, discussions. The solution also facilitates both the parties to negotiate on the price and payment terms.

[0004] Additionally SpeedM offers additional advantages in terms both Buyers and
suppliers in terms of facilitating storeing of all documents as electronic data. Proactive
Notifications to reduce payment over dues or any pending tasks, Escalations and
configurable workflows, Generates web-based or PDF reports. Rate customers using external or bank specific rating system, KPIs to enable quick decision-making. Easy to use and highly intuitive user interface. Uploads or downloads bulk data like Invoices and
organizations, Integrates with external systems. Provides strong security controls. Built-in digital signatures. Insurers and logistic parties can join and track online. Integrate with Payment gateways, and Supports Cross Currency Transactions.

[0005] The primary benefit is to ensure lower end-to-end supply chain costs. By automating most of the transactions, including approvals and payments when multi-way matching between purchase orders, good receipts, invoices and contracts lead to non-disputed invoices, the solution eliminates a lot of manual processing, and its associated administrative overhead and transaction costs from the chain for all affected parties. This results in an instant cost reduction.

[0006] Lower End-to-End costs: The primary benefit is to ensure lower end-to-end supply chain costs. By automating most of the transactions, including approvals and payments when multi-way matching between purchase orders, good receipts, invoices and contracts lead to non-disputed invoices, the solution eliminates a lot of manual processing, and its associated administrative overhead and transaction costs from the chain for all affected parties. This results in an instant cost reduction.

[0007] Shorter Cash-to-Cash cycles By automating transactions and enabling third party financing at various points of the supply chain through additional event-based visibility, cash-to-cash cycles can be converted for buyers and suppliers alike. This can substantially reduce costs of financing and thus overhead costs.

[0008] Reduced cash flow uncertainty. With SpeedM solution, buyers are now able to know what they owe, to whom, when and for how much as soon as the invoice is created and suppliers are able to know when they are going to be paid, how much and what opportunities they have for discounted early payments or third party financing and how much it will cost.

[0009] Reduced Paper: Automating the process and payment of PO, goods receipts and invoices, when there are no discrepancies in a multi-way match; considerably reduces the amount of paper that must be manually processed.

[0010] Minimization of Data errors: Every time something is manually entered and reentered, another opportunity for human error creeps in. Since human error is usually the major cause of discrepancies, that only results in considerable man hours being invested to clear up the confusion and hence it is easy to see how improved automation can substantially reduce data errors.

[0011] Reduced Transaction processing Time: Automation allows non-disputed transactions to be processed in seconds, not minutes, hours or days.

[0012] Faster Dispute Management: Since discrepancies are brought to light faster, as well as their root causes, they can be clarified and resolved much faster using automation-enabled supply chain solutions than they could be resolved using purely manual or semi-automated methods.

[0013] Improved Agility: With an integrated end-to-end SpeedM solution, an organization can more quickly respond to demand changes, transportation delays, production short-falls and unexpected changes in cash-flow.

[0014] Increased Analytics Capability: The additional data made available through end-to-end solution enables additional analytics. This allows for continual refinement of demand forecasts, inventory optimization and working capital plans.

[0015] Enhanced Productivity: SpeedM reduces the amount of time an organization needs to spend on tactical manual processes such as invoice approval, payment and data collection, and frees up an organization's resources to spend their time on more strategic activities. This allows for a significant leap in productivity.

[0016] Strengthened Buyer and Supplier relationship: As buyer and supplier can often interact online with transparency and close any issues quickly, SpeedM solution helps both the buyer and supplier to strengthen their relationship. This in turn provides flexibility to deal with more business transactions with enhanced flexible payment terms.

[0017] Improved negotiations: A buyer with a requirement can place the request online for a better quote to deliver the goods from different suppliers. Buyer not only gets a better price, but also has the visibility on delivery time, insurance, flexibility in payment terms, etc. Supplier can also place the request online for selling any stock ready to ship. In addition to that. Supplier also gets a chance to choose the highest price, payment terms, etc. This will enable both the supplier and buyer to monitor the market demands and stock availability.

[0018] Decision Making and forecasting: As SpeedM is a web based solution with generated dynamic and ad-hoc reports to the management, it enhances the decision making power and in turn results in forecasting the cash and inventory requirements.

[0019] Elimination of Loss of Data; Web based solution enables both buyers and suppliers to store the data in electronic format, which reduces the physical office space requirements and safe guards the data forever, even in case of disaster situations.

[0020] Additional advantages of the Electronic Invoice Presentment and Payment System of the present invention comprising of but not limited to the following:
• SpeedM enables Buyers and Suppliers interact online
• Cross Currency Transactions support
• Platform to perform invoice transactions online from creation to settlement
• Ability to integrate with payment gateways for quick and convenient payment
mechanism for buyer
• Automated workflow improves internal operational efficiency
• Ability to negotiate with Supplier online on price and payment terms
• Proactive notifications on payments and activities
• Buyers and Suppliers can build network on this platform
• Online Bidding for Selling and purchase between parties and negotiations
• Ability to generate of PO and then Invoice automatically from PO when bid is
closed
• Quick reports and KPIs
• Ability to integrate with ERP systems

Brief Description of the Drawings

[0020] The invention is described in more detail below with reference to the example embodiments and with the aid of the figures, only the features required to understand the invention being illustrated.

[0020] FIG. 1 is a Flowchart depicting a standard invoice generations by bidding process.

[0021] FIG.2 is a diagram depicting customized organization link establishment.

Detailed Description of Invention

[0022] Exemplary embodiments of the present invention are directed towards a Method for automatic generation of an invoice for a bidding transaction initiated by an supplier, said steps comprising of:

a) creating at least one bid for at least one product;
b) notification of at least one buyers bid in the notification window;
c) bid acceptance by supplier of at least one said buyer and initiate transaction for
automatic generation of purchase order;
d) automatic generation of invoice for the said transaction and automatically send it
to buyer:
e) buyer initiates online payment process by means of payment gateway.

[0023] According to an exemplary second embodiment of the present invention a Method for automatic generation of an invoice for a bidding transaction initiated by an buyer said steps comprising of:

a) creating at least one requirement for at least one product;
b) notification of suppliers quotation in the notification window;
c) initiation of said quotation acceptance by said buyer of at least one supplier and
initiate transaction for automatic generation of purchase order;
d) automatic generation of invoice for the said transaction and automatically send it
to said buyer:
e) said buyer initiates online payment process by means of payment gateway.

[0024] According to an exemplary third embodiment of the present invention A Method for establishing organizational link between a first party and a second party, steps comprising of:

a) initiation of search by said first party for identification of at least one second party
for establishing a transaction;
b) sending an invitation by said first party to said second party for joining a
predetermined group for establishing said transaction;
c) acceptance of the invitation by said second party for joining said predetermined
group for actively participate in die transactions;

[0025] In accordance with the second aspect of the exemplary third embodiment of the present invention, wherein said first party is a buyer and said second party is supplier.

[0026] In accordance with the third aspect of the exemplary third embodiment of the present invention, wherein said first party is a supplier and said second party is buyer.

[0027] In accordance with the fourth aspect of the exemplary third embodiment of the present invention, wherein said transaction comprising of but not limited to a bidding process, sending a quotation for a bidding process, accepting bid, accepting quotation, accepting online purchase order, generation of online invoice and online payment

[0028] According to an exemplary fourth embodiment of the present invention a Method for facilitating invoice reconcilation in an financial transaction, said method comprising
steps of:

a) generation of an invoice by an supplier and providing notification to an buyer;
b) facilitating said buyer to approval of said invoice generated;
c) facilitating additional invoice reconciliation permissions to said buyer for
modifiying said invoice;
d) Initiation of payment by the buyer without any delay.

[0029] Referring to FIG. 1 is a diagram for automatic generation of an invoice for a bidding transaction.

[0030] Referring to FIG.2 is a diagram depicting organizational link establishment between buyer and seller.

[0031] Referring to FIG. 3 is a diagram depicting Invoice work flow.

[0032] Although particular embodiments of the present invention have been shown and described, modification may be made to the device and/or method without departing from the spirit and scope of the present invention. The terms used in describing the invention are used in their descriptive sense and not as terms of limitations.

1. A Method for automatic generation of an invoice for a bidding transaction initiated by an supplier, said steps comprising of:
a) creating at least one bid for at least one product;
b) notification of at least one buyers bid in the notification window;

c) bid acceptance by supplier of at least one said buyer and initiate
transaction for automatic generation of purchase order;
d) automatic generation of invoice for the said transaction and automatically
send it to buyer:
e) buyer initiates online payment process by means of payment gateway.
2. A Method for automatic generation of an invoice for a bidding transaction
initiated by an buyer said steps comprising of:
a) creating at least one requirement for at least one product;
b) notification of suppliers quotation in the notification window;
c) initiation of said quotation acceptance by said buyer of at least one supplier and initiate transaction for automatic generation of purchase order;
d) automatic generation of invoice for the said transaction and automatically send it to said buyer:
e) said buyer initiates online payment process by means of payment gateway.
3. A Method for establishing organizational link between a first party and a second
party, steps comprising of:
a) initiation of search by said first party for identification of at least one second party for establishing a transaction;
b) sending an invitation by said first party to said second party for joining a predetermined group for establishing said transaction;
c) acceptance of the invitation by said second party for joining said predetermined group for actively participate in the transactions;

4. A Method according to claim 3, wherein said first party is a buyer and said second party is supplier.
5. A Method according to claim 3, wherein said first party is a supplier and said second party is buyer.

6. A Method according to claim 3, wherein said transaction comprising of but not
limited to a bidding process, sending a quotation for a bidding process, accepting
bid, accepting quotation, accepting online purchase order, generation of online
invoice and online payment
7. A Method for facilitating invoice reconciliation in an financial transaction, said
method comprising steps of:
a) generation of an invoice by an supplier and providing notification to an
buyer;
b) facilitating said buyer to approval of said invoice generated;
c) facilitating additional invoice reconciliation permissions to said buyer for modifying said invoice;
d) Initiation of payment by the buyer without any delay.