ReadSoft is the established leader in Document Capture. Independent market analyst firm Harvey Spencer Associates, which follows the Document Capture Market, places ReadSoft as the major player in the biggest market segment “Data Capture for Process and Transaction Management”, with 16% of the market.
Invoice Processing Solution
Automatically transfer invoice information straight into your ERP system Invoices is the world’s number one choice for automated data capture from invoices. The software automatically extracts information from any incoming invoice, validates it and transfers it to an ERP system. There are many ways for invoices to arrive: in envelopes, by fax, as email attachments, via XML or as PDFs. Invoices handles them all. All information of interest is captured automatically. Validation and verfication of the invoices can also be handled automatically since the software comes equipped with country-specific profiles regarding VAT-rates, currencies, date formats etc. The captured information is exported from Invoices to your target system for coding, authorisation and approval by your accounts payable staff. Invoices is the first step to electronic invoice processing. The software can be seen as a funnel for all your incoming invoices, directing them into the same flow, regardless of source. Suitable for you if: Your company processes more than 5000 invoices per year.
Improve Your Bottom Line Costs for manual keying and manual verification are eliminated.
Improve financial control You get fast and accurate financial statements and simple access to any invoice.
Improve supplier relations As your invoice processing gets faster, you eliminate late-payment penalties and increase early-payment discounts.
Improve employee satisfaction Staff can focus on more rewarding tasks than keying in information into computers.
Invoice Processing - Less fuss, more action
Trade in late payments, lost invoices, and a lack of visibility over manual invoice processing for an invoice automation solution that improves your internal processes and relations with suppliers.
How to process and pay every invoice on time
ReadSoft’s invoice processing software automates the processes of scanning, interpreting, and filing of invoice data. No matter how invoices enter your organization – on paper or in any electronic form – the software intelligently extracts the important information and validates it according to a pre-defined set of rules. To simplify set-up, ReadSoft offers many different country-specific profiles, programmed with region-specific criteria like VAT rates, date formats, and currency characters. It’s an easy-to-install, out-of-the-box invoice processing solution that’s still adaptable to your business invoice management requirements.
Key Features and Benefits
- Accurate invoice processing in less time and with fewer human resources
- No invoice lost or paid twice
- Eligibility for early-payment discounts from suppliers
- 24/7 visibility of invoice status
- Self-learning capture technology continually increases recognition capabilities
- Timely and accurate financial reports
- Seamless workflow integration with SAP, Oracle, and other ERP systems through ReadSoft’s Partners
- Proven invoice process automation solution based on best practices gathered from years of experience in Accounts Payable (AP) automation
10 Compelling Reasons to Automate Accounts Payable
Manual processing has its drawbacks: It’s slow. It’s obscure...and you lack control - you don’t really know where invoices are in the process or what outstanding liabilities are involved. It takes a lot of manpower, and there is always a risk for clerical errors. Still, an overwhelming number of companies suffer through traditional accounts payable processing in spiteof the fact that well-proven process automation has been available for more than a decade. Here are ten very good reasons to change.
- Visibility and Control
You have all invoice information at your fingertips: supplier data, amount to be paid, taxes, line item details, workflow status, audit trail and invoice images.
- Improved Bottom Line
Reduced headcount, and early payment discounts in combination with the elimination of late payment penalties, double payment and fraudulent invoices make a substantial contribution to your bottom line.
- Timely and Correct Financial Reports
You have immediate access to every kind of statistic you require, in charts, graphs and tables, such as discount reports, production volume report, and lead time report.
- SOX Compliance Support
Invoice automation provides the complete audit trail which is fundamental for compliance with the Sarbanes- Oxley Act.
- Reduced Headcount
Advanced OCR eliminates the need for manual keying. Manual input is only required for verification of the few invoices where there are discrepancies.
- No Late Payment Penalties
Automated accounts payable workflow typically reduces the invoice cycle time by 50 to 80%, which gives you ample time to work within payment terms.
- Early Payment Discounts
With automated approval of most purchase order invoices and a smooth workflow for the rest, chances are that you can negotiate a number of favorable payment terms and price lists.
- SOX Compliance Support
Improved Cash Flow Management Visibility and control, along with timely and accurate reports, facilitate healthy cash flow decisions. Late payments penalties can be avoided while early payment discounts can be capitalized.
- Fewer Errors
Automated input eliminates errors. Automated determination of invoice amounts will highlight any clerical error on the part of the supplier. A check against the purchase order in your database will pinpoint any deviation.
- Reduce Fraud
Since every invoice is checked against AP data, no unknown supplier will have a chance to slip by. Invoice number control stops any invoice from being entered twice.
Readsoft Invoices online
Cloud Invoice Processing Solution
ReadSoft Online provides easy and flexible automatic data capture and workflow for supplier invoices. The cloud-based solution seamlessly integrates with a variety of ERP and other target systems. ReadSoft Online incorporates advanced technology, refined business logic and country-specific knowledge to efficiently capture data – both header and line items – from supplier invoices. Invoices are initially scanned, uploaded or emailed directly into ReadSoft Online. Verification is then performed either by the end user, or provided as a service. After invoices are verified, they are automatically routed to a user-friendly approval workflow. The invoice images and corresponding data are then sent to the receiving application
ReadSoft Online is available for login anytime and accessible anywhere there is internet connectivity.
ReadSoft Online delivers a minimum data capture accuracy level of 80%. If the ReadSoft Online verification service is utilized, the guaranteed minimum data capture accuracy level is 98.5%. When applying the “four eyes principle,” a 99.9% accuracy level is achievable.
Incoming document requirements
In order to uphold the delivery and quality commitments, the received documents must pass an initial assessment. The assessment verifies that an identifiable sender exists and the quality of the documents is adequate for data capture. Additionally, the document must be the agreed upon document type and it must contain the required data.
Key Features and Benefits
With ReadSoft Online, you will:
Improve your bottom line
Reduce costs for manual keying and manual verification.
Harness the power of the cloud
CloudBy utilizing the cloud, invoice automation is always available, anywhere with an internet connection.
Reduce IT requirements
By utilizing the cloud, implementation is fast and requires no hardware investments. Automatic backups free the organization from ongoing maintenance and software updates.
Improve financial control
Receive instant, accurate financial statements, and access any invoice, quickly and easily. Greater control also means no fraudulent invoices are paid and no invoice is paid twice.
Improve supplier relations
As invoice processing gets faster, late payment penalties are eliminated and early-payment discounts are increased
End user advantages
- Swiftly populate your application with accurate data ,at the same time ,reduce manual input requirements
- Constant availability, regardless of the time or location
- No costly hardware purchases required
- No expensive software to install
- No backup or recovery required
- No time-consuming maintenance, upgrades.