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Middle Market Shows Off its Tech Savvy

Even smaller treasuries are building solutions to achieve enterprise-wide integration

By Richard Gamble | Updated on February 01, 2008

At $800 million Great Lakes Synergy Corp., assistant treasurer Mary Bravo oversees a homegrown invoice system that matches thousands of invoices a month to purchase orders, within a preset tolerance for deviation. It then accepts the ones that comply and approves them for payment. The company’s largest affiliate, Composite One LLC, was the first to start working with major suppliers to get them to transmit electronic invoice files that can now be run against purchase orders using the tool.

This accounts payable (A/P) system is the byproduct of a cooperative effort between treasury and IT, which set out to automate A/P with a solution that mimics lockbox on the A/R side. According to Bravo, the new tool already reached a 70% hit rate.

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