Automating accounts payable processes
Take the pains out of
invoice processing!
Eliminate
- Manual data keying
- Manual distribution
Move from
late payment penalties to early payment discounts
Turn bad-will
into improved
supplier relations
Make those slow
and questionable
financial reports
timely and accurate
"The ReadSoft solution allows us to double our processing capacity with ease and speed unmatched in our previous system. The business can now focus on process improvement and increased trade working capital projects.”
Ciaran Mara
Invoice Processing Manager
Orica Limited, Australia
Accounts Payable processes are business critical.
That's why we'd like to simplify your routines, while improving your bottom line:
Automate your entire process
From invoice arrival to post and archive. Efficient workflow streamlines verification and exception handling.
Any format and source
Paper or electronic documents, and document images via mailbox, email, fax, or file transfer.
Capitalize on your investment
Integration with your ERP/financial systems means you can maximise the investment you've already made.
Increase visibility
Having total visibility allows you to improve your cash flow and invoice management.
Through Accounts Payable automation you gain control of received and invoiced goods. You'll experience the many benefits of automatic purchase order matching, optional automatic posting of invoices, enhanced security, less manual work, shorter total processing time, decreased total cost for supplier handling, and early notification of errors, to name but a few.
Not only that, you also improve the visibiltiy of your financial status, expenditure, cashflow and committed funds. This information is critical for making smart day-to-day business decisions and saves a substantial amount of valuable time and money at the end of every month, quarter, and year.
We call this the "ReadSoft Effect", and we'd like you to experience it.
This is how it works:
Sorting
Supplier and buyer identities are checked and verified. The type of expense (general or purchase order) as well as the type of document (invoice or credit note) is detected. This allows for business rules to be applied automatically.
Extraction and validation
Extended line item tables and multiple GST rates are extracted. All information is checked using calculations or by comparing against resident data. If confirmed, the invoice may bypass manual verification.
You can also use information from several ERP ledgers. If everything is correct and the invoice corresponds to an approved purchase order, it can be posted automatically.
Verification
Individual operators have a personalized inbox containing only the invoices they are authorized to handle. Any correction is automatically revalidated in accordance with predefined rules.
Verification can easily be done over the Internet without any loss of security.
Allocation and approval
A web-based workflow simplifies validations and controls, shortens circulation time, and provides immediate access to information. You can always see where your invoice is in the process.
No piles of backup copies or hunting for unreturned invoices.
Monitoring and control
Extensive monitoring capabilities help you keep track of the process. They provide reports and graphs with regard to your documents and data processing which allows you to measure process performance along parameters of your choice.
Scope
Solutions for automating Accounts Payable processes in any major ERP or financial system, from invoice arrival, though information extraction, validation and verification, to approval workflow, all with SOX compliance support.
Proven for all major ERP and financial systems
A large number of successful installations have been made in collaboration with our partners. For more information, please check our partner list or get in touch with us.
Certified by SAP®
Totally transparent solutions, where you work either in your normal SAP environment or through an easy-to-understand web interface.
- You get a “single point of entry” from which you can access all required data and information, including vendor master data, purchase order data, the original invoice data and a history of all actions that have been carried out.
- You access the workflow through the SAP system or a web browser.
- Authorized suppliers have access to the processing status of their invoices.
- Numerous statistical evaluations facilitate specific process optimization. This allows you, for example, to compare suppliers and view chronological developments.
Certified by Oracle
You are able to use the Oracle functionality you already have in the E-Business Suite and Oracle database.
- Oracle interface, Oracle workflow, and Oracle validation rules and approval hierarchies, with account rules provided by General Ledger.
- You access the workflow through the Oracle system or a web browser. The information and the corresponding invoice image are always available via the standard “Attachment” button in the Oracle AP module.
- You have a real-time overview of the workflow - where invoices are in the process and who is responsible for next action.
- No effect whatsoever on your existing E-Business Suite.
- No effect at all on Oracle support nor on your ability to upgrade.
Automation areas
Shared service centres
- Extensive experience from multinational enterprises
- Proven methodology for analysis, planning and implementation
- Global market leading provider of supplier invoice solutions
- Solutions able to handle
- many languages
- local regulations and business rules
Most enterprises and other organizations
The accounts payable processes are basically the same regardless of industry type. Our experiences cover many different fields of industry, as well as public service organizations and governmental bodies, in many countries with very specific legislation, rules, and business practices.
For further information please check our reference list or get in touch with us.