Tradeshift Pay Update: Spring 2024 Release
By Ioana Ploesteanu, Product Marketing Manager, Tradeshift
At the heart of our e-invoicing and accounts payable (AP) automation product lies an unwavering commitment to continuous innovation.
We recognize that the world of business is constantly changing. This means that the critical practices of e-invoicing and AP automation, also need to evolve constantly. By working closely with our customers and staying up-to-date on these shifting trends, we can consistently improve our platform and provide buyers and sellers with the necessary tools to succeed.
Our customer-centric approach ensures that our product remains at the forefront of the e-invoicing and automation industry, empowering AP teams to streamline their workflows, enhance efficiency, and achieve greater financial control.
What’s new for AP automation – Spring 2024
Designed to empower AP teams, these new features and enhancements prioritize streamlined workflows, increased efficiency, and sustained regulatory compliance in the ever-evolving business environment. Explore the key highlights below and see how these improvements can elevate your daily operations and make financial processes smoother for your entire team.
1. Convert and match “Amount & Date” fields from PDF with one click
What’s new: A new feature brought to the ScanIO Tradeshift App that helps buyers select dates or amounts from a PDF to be copied into the invoice form and automatically convert the data to match the required format of Tradeshift UBL. This feature enhancement is available by default and there is no need for a configuration.
How it benefits users: You save time by not having to fill in the information manually and get increased accuracy by avoiding formatting issues.
2. New Configuration Changes Report
What’s new: Part of the Insight Center Tradeshift App, this new Configuration Changes Report allows buyers to review configuration changes done in their company account for the following areas: workflow version, company account properties, user properties such as users approval and spend limits, company configuration (master or branch-level) stored by the Organizational Structure service, and changes to the configurations of individual apps within the platform. This new feature is available by default and there is no need to do a configuration.
How it benefits users: This is useful for auditors to better understand and easily track changes.
3. New Dashboard Widget for Announcements and Tasks
What’s new: The new Dashboard App widget allows both sellers and buyers to see how many tasks they need to complete and learn if they have company announcements that can be created by company admins via the Messages app. This feature enhancement is available by default and there is no need to do a configuration.
How it benefits users: User experience is enhanced and they have better visibility over their tasks and company announcements. Internal communication is streamlined and users save time by finding the widget right on the Dashboard App immediately after logging in.
4. Updates to the “Ship From” function in the Multi-site Sellers feature
What’s new: This new enhancement for the Multi-site Sellers feature under the Document Enrichment Tradeshift App will allow buyers to create tasks and rules to send a document without a ShipFrom address and match it to the corresponding ShipFrom site. This feature enhancement is available by default and there is no need for a configuration for customers using the multi-site feature.
How it benefits users: Buyers working with sellers that have multiple locations in the Tradeshift Network benefit from an easier flow and less errors when exchanging documents.
5. Add / Update “Delivery Address” with predefined suggestions in ScanIO
What’s new: When reviewing a document in the Tradeshift App ScanIO, buyers have the ability to add or modify the delivery address(es) at the header and/or line level. You can now select a predefined delivery address associated with a Legal Entity or manually enter a delivery address. This feature enhancement is available by default and there is no need for a configuration.
How it benefits users: Using the predefined delivery address saves users time and streamlines the validation flow.
6. Multiple country compliance improvements
What’s new: In this release we have made multiple compliance improvements such as created accounts with valid address and identifiers in: South Korea, Taiwan, Cameroon, Ivory Coast, Equatorial Guinea, Republic of Congo, Chad, Ghana, Democratic Republic Of Congo, Eswatini, Benin, and Angola.
We have also updated the list of default taxes in: Côte d’Ivoire, South Korea, Cameroon, Thailand, Equatorial Guinea, Democratic Republic Of Congo, Republic Of Congo, Chad, Eswatini, Benin, Angola, Turkiye, Malaysia, Switzerland, Estonia, Singapore and Bahrain.
Lastly, we have relaxed address validations for the United States and Canada, as “Street” identifier is no longer required. These new features are available by default and there is no need for a configuration.
How it benefits users: In the ever evolving compliance environment we’re keeping track of government and local requirements and do constant updates to ensure both our sellers and buyers and transcat documents in a legal and compliant way.
These changes are just a glimpse of the many improvements designed to empower teams from both buyers and sellers active on the Tradeshift network and using the Pay platform.
For a comprehensive overview of all the new features and enhancements, please visit the detailed release notes in our Knowledge Base.
Tradeshift Pay enables e-invoicing, helps ensure you’re compliant with global trade regulations, and prevents invalid invoices from reaching your company.
Your AP can work collaboratively internally and with suppliers in real-time to drive process efficiency. Tradeshift offers value to buyers and suppliers. This means your suppliers will find it easy to join the network, send you invoices electronically and support your digital transformation. See the new updates in action and how Pay can help you.
