CloudTrade, a known provider with a unique e-invoicing solution, has been selected by Marketboomer, the APAC based procure to pay (P2P) solution provider, to help drive efficiency and cost savings across the hotel and hospitality sector.

CloudTrade now forms an integral part of Marketboomer’s global procure to pay (P2P) offering, interfacing directly into Marketboomer’s API and many of the world’s leading operators in the hospitality sector have already started to transition to paperless invoicing.

Nathan Gyaneshwar, Marketboomer’s CEO:
“CloudTrade’s integration to Marketboomer’s API provides a simple way for suppliers, who don’t have the technical resources to connect directly to our API to move to paperless invoicing. For hotels, that results in quicker processing, eliminates manual entries and the associated errors, and eliminates all paper from the invoicing process.

“Hotels using Purchase Plus, Marketboomer’s purchasing platform, are already benefiting from efficient buying processes, now they will also benefit from full P2P with purchase orders and invoices flowing automatically to/from all of their suppliers”.

CloudTrade’s partnership with Marketboomer helps hotels and their preferred suppliers to buy and sell in the most effective way, substantially reducing administration costs and the time associated with printing, postage, data entry and document handling, by fully automating their accounts payable (AP) processes.

One business which is already taking advantage of the partnership and e-invoicing is Accor Hotels, the global hotel operator.

Darren Pike, ecommerce Manager at Accor Hotels:
“Accor Hotels has recognised the huge benefits that Marketboomer’s P2P and paperless invoicing solution, with CloudTrade’s technology, brings to our business. One of the keys to the success of the project has been to achieve high adoption rates and to on-board our suppliers as quickly as possible. CloudTrade has helped solve that problem with their unique approach to e-invoicing.”

“Rather than suppliers having to change their technology and processes, or duplicate the creation of their invoices, our suppliers can simply create a PDF version of their invoice and CloudTrade’s technology maps the data directly into Marketboomer’s accounting system”.

Richard Manson, CloudTrade’s co-founder and Commercial Director:
“CloudTrade offers an e-invoicing service that removes the barriers typically associated with supplier adoption.  We can mop up those suppliers who are not in a position to do the technical development in order to connect direct to Marketboomer’s API. Because the process of on-boarding through CloudTrade is so simple, we achieve extremely high on-boarding rates and can get suppliers up and running within minutes, something no other e-invoicing solution can do.”

How the CloudTrade solution works

CloudTrade’s patent-protected software uses unique rules based technology with backward tracking search, to interpret, validate, and extrapolate semantic meaning from documents of any type. So, whether its invoices, sales and purchase orders or advanced shipping notices, CloudTrade processes them automatically and cost effectively.

Although CloudTrade offers suppliers a number of ways to send their electronic invoice (including direct XML / EDI), by far the most popular approach is for a supplier to simply send an application generated PDF via email.  When an application generates a PDF, in almost all instances it will be a text PDF. CloudTrade reads the document text straight from the PDF without the use of OCR – which guarantees 100% quality.  PDF invoicing is easy to use and out-of-the-box with most accounting packages. As a result, typically >90% of suppliers (irrespective of shape or size!) when asked will send PDF invoices.