Aug. 18, 2011 – Lake Forest, Calif. – Earlier this quarter, iPayables introduced a new online archive product geared specifically towards electronic invoices. The archive allows archive storage of electronic invoices beyond the timeframe associated with active processing of invoices. While the main reason to archive invoices deals with regulatory and audit issues, having a separate and long-term storage of invoices and related data enables a much sought after and complimentary product, Ad-Hoc Reporting.

Ken Virgin, CEO, who introduced the new system said, “With the traditional payables automation system, you are limited on the reporting you can do. Transaction processing systems have restrictive parameters that restrict reporting capabilities.  In other words, good reporting used to mean a slow system. By introducing online archive, iPayables offers users to the ability to create any report, as simple or complex as desired, with no performance impact on the original system.”

iPayables Online Archive is offered as a service, so there is no hardware or large technology effort.  “IT departments look like the bad guy for not letting authorized employees get to the data they need, but, in reality, they have to protect the performance of their systems. iPayables Online Archive is an affordable and easy way to protect the system performance while allowing authorized employees the complex reporting access to data they need.” said Jon Titel, CTO at iPayables.

The web interface allows for a simple search of the original invoice and related data (invoice image if applicable, audit trail, approval/processing time stamps and supporting documentation), as well as the more robust ad-hoc reporting capabilities where users can use query tools or even direct SQL queries to create complex reports.  Data is archived close to real time, so reporting can be applied for audit or for more current needs such as liability reporting.  Because it is web-based and is not user seat priced, any authorized user in the organization can access it and/or export it.

Key features
I. Secure, Fast and Always Available.  Designed to ensure maximum availability as well as excellent performance.  Standard backup processes deliver the security and peace of mind that your data will be available when you need it.

II. Archive only what is required. With iPayables Online Archiving the data is only kept for the duration of time you request. If internal auditing or regulatory requirements are necessary, you can quickly make the adjustments by eliminating or start retaining those documents whenever needed

III.  Affordable. iPayables economies of scale and expertise allow for premium features at a reasonable price.
About iPayables
We’re experts in the automating of accounts payable departments while optimizing workflow and streamlining the invoicing / payables process. By using our advanced internet invoicing system (InvoiceWorks®), companies can process invoices electronically, make changes, and can track payments all while eliminating phone inquiries, data entry, filing and the scanning of documents.

The world’s largest airline, largest grocer, largest restaurant chain and other Fortune 100 companies use iPayables InvoiceWorks® because of its functionality, flexibility, and unmatched value. iPayables provides supplier tools for invoice web-entry, file upload, EDI, PO flip and paper invoice capture; which integrate seamlessly with our robust and dynamic workflow, purchase order matching, dispute resolution, payment and dynamic discounting capabilities. To learn more about iPayables log on to www.ipayables.com