Invoice Automation

Invoice automation is being used by thousands of cost-conscious and effective organizations around the world.

Through invoice automation and scanning, these organizations can:

• Increase efficiency in their invoice processing.
• Decrease costs for invoice processing.
• Get a highly automated accounts payable process which speeds up payment times.
• Send and receive E-invoices to become even more automated

Invoice automation - economical and ecological

Invoice automation and scanning will not only affect your bottom line, it will also spare the environment by using less paper and transports. If you start using e-invoicing, you will reduce even more waste.

Invoice automation, e- invoicing, and scanning - How it works

Invoice automation requires all information to be digitized. Through scanning, paper invoices are turned into a digital image from which the invoice automation software can extract information.

Through e-invoicing, you can also receive electronic invoices, straight into the invoice processing software (or send E-invoices to your customers).

The invoice automation software matches the invoice information against a purchase order in your ERP system. If there is a complete match, the invoice is posted for payment in a fully automated process. If no purchase order exists, it is routed to the correct person for further processing.

Invoice automation makes it possible for you to follow and track your invoice processing. You can spot bottlenecks early and get a complete audit trail of your automated process (enabling compliance with legislation such as the Sarbanes Oxley Act)

Invoice automation, scanning, and e-invoicing - the benefits

• Invoice automation is faster and less expensive than manual handling.
• Invoice automation will give you better control over your AP cycle.
• Invoice automation will give your staff time to focus on productive tasks.
• Scanning will make all your documents digital for easy search and retrieval.
• E-invoicing will speed up your invoice processing even further (since all invoices arrive in perfect, electronic format.)

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Accounts Payable Automation

Accounts payable automation (or AP automation) is slowly becoming standard among effective and cost-conscious organizations around the world. By using a software system for accounts payable automation, companies shorten their payment cycles, cut down on AP-related costs, and increase control over the AP-cycle.

Go green with accounts payable automation software

An accounts payable automation system will not only reduce costs and payment cycles, it will also spare the environment by using less paper and transports.

Accounts payable automation - How it works

By scanning your incoming invoices, a digital image is created. From this, the software ReadSoft DOCUMENTS for Invoices extracts information.

Paper invoices are scanned and turned into a digital image. From this image, the AP software can automatically extract information. If it is an electronic invoice, it is directly imported into the system.

The accounts payable automation software thereafter matches the extracted information against a purchase order. If there is a complete match between the purchase order and the invoice, it is posted for payment automatically. If no purchase order exists, it is routed to the correct person in a cost allocation cycle.

After the correct information has been extracted, the software interacts with financial systems such as SAP and Oracle and compares invoice numbers, goods received, purchase ledger, etc.

With an accounts payable automation system, you can follow the whole accounts payable cycle, giving you full control over costs, bottlenecks, or other problems that may occur. This will provide you with a complete audit trail to support compliance with legislation such as the Sarbanes Oxley act (SOX.)

The level of Accounts Payable Automation is defined by the user. At the highest level of Accounts Payable Automation, no one even has to see the invoice after scanning. The accounting process (information extraction, verification against business systems and approval) can be fully automatic.

Accounts payable automation - the benefits of implementing an automated software system

• Accounts payable automation is more cost effective than manual handling.

• Accounts payable automation is faster than manual handling.

• Accounts payable automation will give your AP staff time to focus on more productive tasks.

• Accounts payable automation will give you better control over your AP cycle.

• Accounts payable automation will enable you to take advantage of early payment discounts and avoid late payment penalties.

Accounts Payable Automation will give you better control over your accounting process. It will also make it faster and less expensive.

The software ReadSoft DOCUMENTS for Invoices will automatically extract information from your incoming invoices and validate it against your financial system

Accounts Payable Automation means faster invoice processing, using less staff. Since you will have a fully electronic accounting procedure, Accounts Payable Automation brings you better control and less human errors.

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Terminology

Invoice and Accounts Payable Automation Terminology

| Invoice and Accounts Payable Automation | Document Capture | Document Automation Software | Forms Processing Automation |

| Mailroom Management | Medical Caims Processing | ReadSoft | Invoice and Accounts Payable Automation Summary |

| Document Capture Software |