The Children's Place Receives Excellence Award for Accounts Payable Innovation

Top Quote Retailer Implements ASPEN 360 for Accounts Payable Automation. End Quote
    QuoteWe quickly recognized the need to automate the accounts payable process in order to increase efficiencies, reduce costs, and ensure timely payments.Quote
  • (1888PressRelease) October 15, 2009 - Charlotte, NC and Fairfield, NJ - The Children's Place Retail Stores, Inc was honored for excellence in electronic invoicing by research and consulting firm, PayStream Advisors, last week at the annual PayStream ePayables Summit.

    "Our board was impressed with The Children's Place commitment to reducing manual processes and cutting down lost invoices and late payments in their accounts payable department and the steps they took to actively eradicate paper invoices," said PayStream Advisors' Managing Director Henry Ijams.

    The award was presented to Vice President of Business Process Improvement at The Children's Place Paul Santini during an awards luncheon with over a hundred of his accounts payable and accounting peers.

    "We quickly recognized the need to automate the accounts payable process in order to increase efficiencies, reduce costs, and ensure timely payments," said Santini.

    To achieve their automation goals, The Children's Place selected ASPEN 360 Accounts Payable Edition from Archive Systems. ASPEN 360 is a subscription-based service that automates AP processes by combining industry best practices with ZeroTouch AP imaging and workflow.

    "We selected ASPEN 360 because it offers more robust AP features than other solutions, integrates with Lawson, and is provided as a Software-as-a-Service solution. We don't have to worry about purchasing new software or hardware, and our managers can securely access the information they need via the Web," Santini added.

    Many innovative financial managers are now recognizing accounts payable automation as an area offering significant potential for not only generating bottomline improvements but also greater ability to monitor and manage spend, strengthen working capital positions, and build stronger trading relationships. PayStream Advisors' research suggests that these forces have sharply increased organizations' interest in automation solutions, which streamline and optimize AP operations to deliver both operational and strategic benefits.

    About Archive Systems, Inc.
    Archive Systems, Inc. flagship solution, ASPEN 360 Accounts Payable Edition, combines best practices AP Automation with ZeroTouch AP imaging and workflow. The product increases efficiencies and reduces costs with features such as straight through processing, which uses automated three-way matching to auto match invoices to PO and receipt line items without AP processor intervention. It includes the ASPEN 360 Invoice Virtualization Center, which removes from the client all tasks associated with document imaging, data capture, document classification, indexing, and OCR. The company also provides physical records management services such as business records storage, document shredding, and offsite data storage, through a number of Record Center locations.

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    About PayStream Advisors
    PayStream Advisors is a financial automation research and consulting firm with specific objectives of lowering the risk associated with automation decisions through objective analysis, in-depth research, and client-specific recommendations. PayStream Advisors delivers unbiased, third-party market trend information, assessments of financial automation technology and innovative ideas to business leaders in accounts payable, accounts receivable finance and treasury consumer billing, and healthcare.

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