Stakeholder - Open ECX
Innovative online portal for the end-to-end management and visibility of subcontractor applications for payment
Take control of subcontractor management and complianceWebContractor is an innovative online portal for the end-to-end management and visibility of Applications For Payment. Subcontractors easily upload their applications into the portal where an automated work flow manages the processing, calculation, reconciliation, approval, payment and audit.
Key benefits include:
- Increase corporate visibility of subcontractor payments
- Integrate key dates and notifications to ensure Construction Act compliance
- Increase subcontractor visibility of their payment application status
- Reduce corporate risk from unknown or understated subcontractor costs
- Address HMRC requirement for authenticated VAT receipts
The easiest way to send and receive e-invoicesOpen ECX provides a supplier-friendly way to send and receive electronic invoices. Non-disruptive to your supply chain and simple to use – Open ECX guarantees high adoption rates. As most finance applications can automatically generate and email PDF invoices, suppliers are finding this approach an easy-to-use and low-cost way to automate, reduce costs and go paper-free. However, most receiving organisations still have to print the invoice in order to process it. Open ECX solves this problem for you. Invoices that are received via email are automatically converted into e-invoices, ready for processing.
How it works
- Supplier sends a text PDF invoice to a buyer-specific email address
- Our Cloud Invoice service detaches the invoice from the email and extracts all data from the PDF
- Invoice-interpretation rules ‘make sense’ of the extracted data and convert the data into an e-invoice structure
- Document and customer validation rules are applied and missing data can be derived (e.g. tax code, supplier ID)
- The validated e-invoice data is delivered to the recipient (customer)