Software developer Inovium has introduced Inovium Pay 2.0, the latest version of its online billing and collections system.

The four-and-a-half-year-old company specializes in on-demand business process automation software, according to president and CEO Joseph Mechi. Inovium uses the software-as-a-service model, hosting its software on a secure server in Asheville, N.C., with hosting provider Netriplex.

The latest version of the software includes ease-of-use improvements, according to COO and executive director of marketing Todd French. The software integrates with existing accounting systems through ASCII text and XML files. Users can pay online through the system, and companies can send out automated reminders when bills are 90 days overdue.

Inovium works with a development team in Romania to improve the software, said chairman Jules Kaplan. A former IRS field auditor and retired CPA, he ran an accounting firm in Beverly Hills after selling his medical data processing and insurance system to Bristol-Myers in 1970. Back in the software business now, he said the company now has 35 clients and is beginning to market its product to CPA firms.

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