2016-02-10 – KPMG is to cooperate closely with InvoiceSharing, a Dutch start-up that has developed software companies can use to process invoices electronically in their bookkeeping systems. InvoiceSharing’s technology links all existing bookkeeping software packages and invoicing platforms, enabling companies to process all invoices digitally, no matter what the format. The system uses a ‘bookkeeping robot’ that ensures that invoices that need to be paid are automatically processed in the books using the right code. The software will enable large companies in particular to book considerable savings on the administrative processing of all purchasing and sales invoices. The cooperation has been initiated by KPMG The Netherlands, which has been in contact with InvoiceSharing for the past 12 months.
“The partnership with InvoiceSharing is not only in line with KPMG’s strategy to work closely with start-ups and scale-ups; it is also in line with our vision to confront our clients with innovative concepts at an early stage,” says Jark Otten, partner at KPMG the Netherlands Financial Management. “This form of robo-accounting, in which automated systems are increasingly able to take over work from companies, is an excellent example. There is a lot of work that is relatively labor-intensive, especially within large companies. One example is the processing of all the invoices such companies have to deal with. At the moment, that is usually done by hand. Invoices have to be assessed legally, analyzed in terms of the type of cost and subsequently processed in the right place in the books,” Otten says.
More speed and quality
The cooperation with InvoiceSharing will enable KPMG to help clients optimize their invoice processing and support them in the implementation of InvoiceSharing. “That means that KPMG will introduce the business rules for the use of the accounting robot, which will enable them to process invoices almost completely automatically. This will not only increase the quality and the speed of the processing, companies will also find that the cost of the entire process will be considerably lower. I therefore expect that the use of the InvoiceSharing technology to help large companies realize a substantial increase in productivity and quality,” Otten says.
Large business services provider
For InvoiceSharing, the cooperation gives this relatively young company access to the large business market. “InvoiceSharing has so far worked largely with the major software houses, who use the technology we developed so they can offer their clients a better product,” says Jeroen Volk, CEO of InvoiceSharing. “The cooperation with KPMG marks our first strategic partnership with a major business services provider, who will use our tool kit to help large clients to design their processes more efficiently, improve cash flows and working capital and ultimately reduce their costs. The need for faster, more reliable, higher quality and more extensive financial information is growing, especially among large companies. At the same time, these companies are under constant pressure to reduce the operating costs of the finance function. The technology we have developed meets that need,” Volk says.
For inquiries on the collaboration contact Daniël Horn (Lead KPMG Innovative Startups for KPMG the Netherlands) via firstname.lastname@example.org or Jeroen Volk (Founder, CEO InvoiceSharing) via email@example.com.