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PurchasingNet, API Outsourcing Collaborate to Introduce PNet Invoice Imaging - Powered by API

PNet Software Customers Access Cutting-Edge Invoice Imaging Solution & Services


St. Paul, MN & Red Bank, NJ - June 8, 2009 - PurchasingNet, Inc. (www.PurchasingNet.com) recently introduced PNet Invoice Imaging - Powered by API Outsourcing, Inc. (API), to add invoice capture, storage, and reporting options to its PNet Procure-to-Pay Software. This new offering allows best-in-class companies to address both electronic and paper-based invoices to drive supplier adoption and increase ROI within their Procure-to-Pay (P2P) automation projects.

PurchasingNet's has partnered with API Outsourcing, a leading, onshore invoicing imaging and AP outsourcing service company, to provide PNet customers with access to an invoice scanning solution which complements their existing PNet Software by "handling the remaining paper" in the process.

For organizations seeking complete financial automation, PNet Invoice Imaging - Powered by API includes the following features:

- A solution for both PO and Non-PO-related Invoices

- Ability for invoices to be sent via mail, fax, or email

- Opening, sorting, and scanning of invoices (.PDF)

- Data capture and double-key verification

- Ability to import into PNet to eliminate manual entry

- Invoice image storage in a central online repository, locally, or on customer servers

- Ability to view invoices and supporting documents through PNet Software

Sirius XM Satellite Radio and NASDAQ OMX Group, two existing PNet Software customers, have already implemented PNet Invoice Imaging - Powered by API. PNet Invoice Imaging has reduced processing costs and allowed staff members to focus on more strategic initiatives, such as building better relationships with company suppliers and internal customers.

"Like PNet, API's technology and services are designed to deliver process improvements and cost efficiencies to customers," said Tim McEneny, President & CEO, PurchasingNet, Inc.  'Through our partnership, PNet Invoice Imaging - Powered by API provides full, almost immediate visibility to all documents, from source through settlement, internally and externally, using document imaging, report management, and streamlined workflow solutions,"  McEneny continued.

For more information regarding PNet Invoice Imaging - Powered by API, including case studies on NASDAQ and Sirius XM Satellite Radio's implementations, please view our recent Best Practices Webinar: "Embracing the Paper Invoice Reality: Incorporating Imaging Into Your Procure-to-Pay Process."

About API Outsourcing, Inc.

API Outsourcing, Inc. is a leading onshore Finance and Accounting Outsourcing (FAO) provider of innovative state-of-the-art accounts payable, document management, bill presentment and accounting services, headquartered in St. Paul, MN. By transforming manual paper-dependent payables and billing processes through our imaging, printing and workflow systems, customers minimize the labor intensive work associated with back-office processing and can focus on their core business. Outsourcing benefits include improved cash flow, reduced processing costs up to 60%, increased business intelligence and improved customer/vendor relationships. API currently processes over one hundred million transactions annually, delivers world-class quality, provides exceptional customer satisfaction, utilizes Six Sigma Techniques and performs a SAS 70 Type II Audit annually.

About PurchasingNet, Inc.

PurchasingNet, Inc. (www.PurchasingNet.com) is a leading provider of Web-based eProcurement, ePayables, and Financial Management software to mid- and large-sized companies. The company has over 1,400 customers in Financial Services, Retail/Consumer Products, Professional Services, Media/Publishing and a variety of other industries.

Founded in 1983, PurchasingNet has focused exclusively on the development and implementation of Procurement and Payables applications since inception. In addition to building an extensive, blue-chip client base, PurchasingNet possesses deep domain expertise in Purchasing and Payables business processes. The average length of service at PurchasingNet is 8 years per employee.

PurchasingNet's customers include U.S. Bank, Navy Federal Credit Union, American Financial Group, Liz Claiborne, EarthLink, Sirius XM Satellite Radio, Black & Decker, Kroger, and General Mills.