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We have partnered with ReadSoft to provide solutions for automating Accounts Payable processes in any major ERP or financial system. From invoice arrival, through information extraction, validation and verification, to approval workflow.
ReadSoft is the world's number one choice for automated data capture from invoices with over 6,400 installations globally. 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 PDF. The ReadSoft solution handles them all.
All information of interest is captured automatically. Validation and verification of the invoices can also be handled automatically since the software comes equipped with country-specific profiles regarding tax rates, currencies, date formats etc.
The captured information is then transferred to your target system for coding, authorization and approval by your accounts payable staff. |
Key Capabilities
- Self-learning technology
- Automatic sorting
- Regional variations
- Automatic PO matching
- Automated validation
- Fast & accurate verification
The solution automatically learns where to find the information of interest on the invoice and creates a knowledge base for each supplier. Consequently, the extraction of information becomes even faster and more precise with time.
Suppliers and buyers are identified and compared with data imported from your financial system. The type (general expense or purchase order) is detected, as well as whether it is an invoice or a credit note. This information is the basis for the automatic sorting that saves significant time and work in the initial stages.
The solution comes equipped with ready-to-use sets of country-specific settings, including VAT rates, date formats, currency characters, etc. Business logic, for example, to validate dates, VAT, and sums, is also part of these settings. You can, of course, add or adapt parameters to suit your business requirements.
The solution handles line item details, which is a prerequisite for automatic purchase order matching. Thus, if you integrate the solution with your purchase and financial systems, you can substancially increase the value of your electronic invoice processing.
The solution can perform a number of tests automatically, for instance:
- Does the sub-total in a line item row correspond with the number of articles and unit price?
- Are VAT rates and amounts correct?
- Is the due date reasonable?
If everything is correct, the invoice may be transferred without further manual interaction.
Where discrepancies are found, invoices must be manually verified. The solution provides each operator, or group of operators, with a seperate inbox that contains only those invoices that they are authorized to handle. In this way, work can be distributed to multiple operators, and the risk for unauthorized access is minimized at the same time.
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