Services Solution focuses on accounts payable documentation.
Press Release Summary:
Offered as alternative to capital investments, re-tooling staff, and re-engineering back office processes, accounts payable (AP) document-to-digital services help companies keep up with business growth and comply with Sarbanes-Oxley requirements. Solution provides front-end AP services such as document receipt, sorting, batching, management, and data capture. It also offers access to workflow management platform for invoice approval and processing.
Original Press Release:
SourceNet Solutions Introduces Accounts Payable Document-to-Digital Services
COLLEGE STATION, Texas, Nov. 9 -- SourceNet Solutions, a Mellon Financial Corporation (NYSE:MEL) business, today announced that it now offers accounts payable (AP) document-to-digital services, a new solution providing customers with front-end AP services such as document receipt, sorting, batching, management and data capture services. The solution also gives customers access to a world-class workflow management platform for invoice approval and processing, without an upfront capital investment.
"We have found that many AP departments face technology-related challenges, such as keeping up with business growth or complying with Sarbanes-Oxley, that would require significant investments. SourceNet's document-to-digital service offers an alternative to capital investments, re- tooling staff and re-engineering back office processes," said Leon J. Busch, SourceNet president and chief executive officer. "It is believed that the average AP department dedicates 75 percent of its labor to front-end, labor intensive, non-value-added activities. Our new solution focuses on these routine, day-to-day transactional activities. In turn, our clients' senior AP staff can focus on value-added activities such as discount management, exception management, supplier service and support, suspect duplicate analysis and information mining, while reducing costs and the time spent on Sarbanes- Oxley compliance activities. In addition, our clients gain access to a full cadre of reports and tools needed to help manage an AP environment and optimize working capital."
For more than a decade, SourceNet Solutions has provided an AP outsourcing service that has helped companies lower their direct operating costs by up to 40 percent, while strengthening their working capital management processes and promoting risk mitigation. SourceNet also provides payroll management and utility bill analysis services. More information about SourceNet Solutions is available at www.sourcenetsolutions.com.
Mellon Financial Corporation is a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and high net worth individuals, providing asset management, private wealth management, asset servicing, payment solutions and investor services. Mellon has approximately $5.3 trillion in assets under management, administration or custody, including $918 billion under management. News and other information about Mellon is available at www.mellon.com.
CONTACT: Ron Gruendl of Mellon Financial Corporation, +1-412-234-7157, or gruendl.rr@mellon.com
