Press Releases

PurchasingNet, Inc. Introduces PNet Payment Controls for Services & Projects

Feature Helps Companies Control Spending & Increase Contract Compliance

November 3, 2008 – PurchasingNet, Inc. (www.PurchasingNet.com) announced general availability of PNet Payment Controls - Services & Projects in PNet Software Version 9.3.

PNet Payment Controls was created in response to the market’s growing demand for a better way to manage invoices associated with projects and services. Project-based and service invoice types present challenges for Accounts Payable departments because they often do not have visibility into the contracted or remaining budgets for these costs.

PNet Payment Controls – Services & Projects enables users to compare amounts invoiced to Project Estimates or “Not-to-Exceed” budgets before they are approved for payment. This new feature will allow users to control spending and improve contract compliance.

With every invoice received in the PNet Supplier Invoice Portal, PNet dynamically calculates cumulative spending against a project, contract, or services agreement. PNet Payment Controls then displays the remaining balance as the invoice is routed, via email, for approvals based on predetermined PNet workflow. To implement this feature, only basic information, such as total estimated cost and expiration date, can be entered from existing contracts, agreements, and projects into PNet.

PNet Payment Controls – Services & Projects is ideal for tracking spend in many categories including:

PurchasingNet, Inc. (http://www.PurchasingNet.com) is a leading provider of Web-based eProcurement and ePayables software to mid- and large-sized companies. The company has over 1,400 customers in Financial Services, Retail/Consumer Products, Professional Services, Media/Publishing and a variety of other industries.

Founded in 1983, PurchasingNet has focused exclusively on the development and implementation of Procurement and Payables applications since inception. In addition to building an extensive, blue-chip client base, PurchasingNet possesses deep domain expertise in Purchasing and Payables business processes. The average length of service at PurchasingNet is 8 years per employee.

PurchasingNet’s customers include U.S. Bank, Navy Federal Credit Union, American Financial Group, Liz Claiborne, HBO, EarthLink, XM Satellite Radio, Black & Decker, Kroger, and General Mills.