INVOICES 5-5. The world s most popular gateway to electronic invoice processing

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1 INVOICES 5-5 The world s most popular gateway to electronic invoice processing

2 Electronic invoice processing is extremely profitable Can your company afford the traditional, manual handling of supplier invoices? It is a slow, costly process. With the tools and systems for electronic invoice processing available on the market today, you can lower the costs by 30% or more. Several independent studies have shown that the cost of processing an invoice manually is between $20 and $60, and that by implementing electronic invoice processing, potential savings of 25 to 50 percent can be realized. This translates to annual savings of $100,000 or more when processing volumes of approximately 20,000 incoming invoices per year. What is electronic invoice processing? There are many ways for invoices to arrive: in envelopes, by fax or electronically as attachments, XML interchange, or EDI. Still, they should all enter the same system and be processed in the same way. This can be accomplished by handling all invoices electronically In an electronic system, all information of interest on invoices is captured, verified, and validated automatically. It is then coded, authorized, and approved by your accounts payable staff. A workflow will distribute invoices to the correct persons in the correct order. Approved invoices are booked (or posted) to the correct account, paid and archived. And, since an image of each invoice is saved along with the automatically captured information, all authorized personnel have immediate on-screen access to every invoice in the system. One of the main advantages of electronic invoice processing is that you can pinpoint an invoice in the flow at any time. This will enable you to take timely action in case anything goes wrong. In some companies, turnaround time for invoiceshas been reduced by as much as 75% Why invest in electronic invoice processing? Bottom line impact Cost of manual keying eliminated Cost of verification and validation dramatically reduced Lower registration and allocation costs Cost of personal copies eliminated Archiving costs dramatically reduced Cost of late-payment penalties eliminated Decreased cost of write-offs Availability of early pay discounts Additional business benefits Better control Staff free for more productive and rewarding tasks Comparison of estimated accumulated costs for processing a purchase order invoice Fast and accurate financial statements Fast and simple access to any invoice Fast and accurate responses to invoice inquiries Improved supplier relations Less workload on in-house mail What does INVOICES do? INVOICES is the world market-leading input software, providing proven superior information capture, validation and verification. It will integrate seamlessly with all major ERP software, financial systems and workflows. Being an important part of ReadSoft s core business, INVOICES is continuously developed and enhanced to handle all new input format variations, business rules and legal requirements, as well as new feature requests and other customer requirements.

3 XML, , paper or fax all invoices are entered into the same process In a reliable and easy-to-use process, all invoices are handled the same way, regardless of how they arrive. INVOICES offers unrivaled capabilities here: All formats (such as XML documents, hardcopy, digital images, faxes) delivered by all kinds of media (such as Internet interchange, envelopes, attachments, web transfers, and fax machines) are streamlined into a single process for capture, validation and verification. In order to simplify verification and workflow-oriented activities, a digital image is available for each invoice throughout the entire process. This image is subsequently archived along with the invoice information. Handling XML variations Although there are numerous different XML invoice standards, INVOICES will handle the input and create a neat digital image for use in the subsequent process. Converting paper to data Although IT develops rapidly, paper invoices will continue to exist for some years to come. Consequently, INVOICES offers the best software on the market to digitize your invoices and provide high quality extraction results. Reading digital images and PDF documents INVOICES extracts information from all major image formats (TIFF, PNG, JPG, etc.) as well as the commonly used document format PDF. Catching a fax Fax images are automatically imported by means of a link to the company fax server. The subsequent process is the same as for all other digital images. XML invoices are very hard to read. In order to simplify verification and workflow activities, as well as to provide legible archive material, INVOICES creates a readable image from each XML invoice.

4 All the information your financial system requires automatically, reliably and fast INVOICES is designed to automatically learn where to find the information of interest on the invoice and to create a Knowledge base for each supplier. Consequently, the extraction of information from them becomes even faster and more precise with time. You don t even have to sort your invoices 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 a lot of time and work in the initial stages. This sorting also leads to faster information extraction, since the correct parameters and business rules are automatically selected. Built-in support for regional variations To simplify setup, INVOICES comes equipped with ready-to-use sets of country-specific parameters, including VAT rates, date formats, currency characters, etc. Business INCOMING INVOICES Mail, , web, fax Paper XML Image EDI PDF ARCHIVE INVOICES Sorting Interpretation Verification logic, for example to validate dates, VAT, and sums, is also part of the profile. As a consequence, INVOICES can be used in production directly after installation. You can, of course, add or adapt any parameters to suit your business requirements. Automatic purchase order matching INVOICES handles line items, which is a prerequisite for automatic purchase order matching. Thus, if you integrate INVOICES with your purchase and financial systems you can substantially increase the value of your electronic invoice processing. Automatic control of sums, VAT amounts and more INVOICES can make a number of controls automatically, for instance: Does the sub-total in a line item row corresponds with the number of articles and unit price? Are VAT rates and amounts correct? Is the due date reasonable? ERP Validation WORKFLOW P&Q check Allocation Authorization PAYMENT ERP/ FINANCIAL SYSTEM If everything is correct, the invoice may be transferred without further manual interaction. Personal inboxes ensures fast and accurate verification Where discrepancies are found, invoices must be manually verified. INVOICES provides each operator, or group of operators, with a separate 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.

5 ReadSoft DOCUMENTS for EDI is the easiest way to send and receive invoices ReadSoft DOCUMENTS for EDI is a business solution that provides a simple way to exchange documents by means of secure . The sender part of the solution, EZ-OUT, is perfect for your suppliers who currently send paper invoices. This is briefly how it works: When your supplier prints an invoice from his usual invoicing software EZ-OUT creates an and attaches a digital image of the invoice. Where legislation requires it, this automatic process can include encryption and digital signatures. INVOICES receives EZ-OUT automatically, avoiding printouts, envelopes, postage, mailroom handling and scanning. You can find more information on this subject at

6 Benefit from quick installation, dependable operation, dedicated services, and a rapid return on investment INVOICES, combined with the integration, workflow, and archiving solution of your choice, provides a solution well adapted to your business needs and requirements, including everything needed to get you up and running, and saving, as soon as possible. And, unless you require special features or have tricky business rules, as soon as possible could mean within the hour of installation. However, we start by sitting down with you and any partner involved to analyze your present situation from all relevant angles. This is the only way all parties can be certain that what we offer is the complete solution best suited to automate your invoice processing. Apart from software and hardware recommendations, our offer will include installation support, operator training and a service contract proposal, but should the need arise, our Professional Services can offer much more today, tomorrow, next year, or whenever you feel that changes in your business environment require changes in your invoice processing solution. ReadSoft Training delivering knowledge, developing competence Well-prepared personnel is critical to the effective operation of your business. ReadSoft Professional Services provides a systematic training program to get your personnel functioning efficiently. Our experienced instructors teach you to use our products to your best advantage, combining hands-on, focused teaching methods with high-quality, globally-consistent training materials. ReadSoft Support your assurance for continuous productivity We understand that your invoice processing solution is vital to your business, so we focus on providing comprehensive support service, staffed with dedicated personnel whose goal is to help keep you up and ReadSoft Document Automation Services Platform running. We offer a number of different levels of support, from our basic support to more individualized services that give you greater availability and faster lead times. No matter which level of support you need, you enjoy the benefits of local access to our ReadSoft Support experts, and can feel secure in the knowledge that our team is there to help you. ReadSoft Project Management & Customization dedicated to meeting your unique requirements Our software s extensive built-in functionality is more than sufficient to meet the primary needs of our customers. For more specialized solutions, you can take advantage of our project management and customization services. Our skilled project managers and software developers will deliver your solution using industry-standard, quality-assured project processes. You get results that are on budget, on time, and according to your specifications. Our services take you smoothly through every phase from analysis to full-capacity production, and beyond.

7 INVOICES significantly improves your bottom line The best way to prove the business benefits we offer is to listen to our customers In the early test phase, INVOICES convinced us it was the best choice due to its high interpretation rate, its flexibility with regard to integration with our systems, and its user-friendliness. Christian Grüneberg, responsible project leader, IS-Energy, Germany. We are very excited about this project and we have four objectives: to reduce manual and repetitive tasks that do not contribute with any added value; to speed up the invoice process and the workflow within the company; to reduce the errors; and finally, to save costs. Patricio Cisneros, project manager, Unycop, Spain. We are always looking to push back technology barriers and after extensive research, we realized that ReadSoft could deliver the cutting edge solution we require. Adam Sims, Head of Finance, BASF Plc, UK. We chose ReadSoft for their service-minded approach and for their good reputation on the document capture market. With INVOICES, we anticipate several key benefits, such as a substantial productivity increase and better working conditions for the staff in the accounts department as they can now focus on tasks with higher added value. Frederique Torres, Financial Director, Acta, France. ThyssenKrupp, Germany: We are very satisfied with the results ThyssenKrupp AG is the management holding company for the international steel and capital goods group ThyssenKrupp. With their new invoice processing system from ReadSoft, they have taken an important step into the future. It only took 25 working days to switch from manual handling to the automated INVOICES invoice processing system. Now, two employees in Düsseldorf process 30,000 incoming invoices annually using ReadSoft s document-automation software. To check and approve invoices, INVOICES was integrated with ThyssenKrupp s SAP system. The integrated workflow software controls the incoming invoices and accelerates the release process. The standard software was adapted to the unique needs of ThyssenKrupp AG. A special feature of this solution is that invoices with missing data are still posted. Missing information such as the cost center can be added later when reviewed. Then the posting is manually corrected and released into the workflow process. Handled within the SAP interface The integration software allows the captured data to be processed directly within the familiar SAP environment. As a result, the invoice processing system is complete at ThyssenKrupp AG. The invoices are scanned, information is extracted and compared with existing master data, and then it is sent directly to the SAP R/3 system. Thanks to the integration, accountants have continuous control of every stage in the invoice process. We are very satisfied with the results Michael Ackermann, Central Department Manager of Group Accounting at ThyssenKrupp AG, comments: We established contact with ThyssenKrupp Stahl AG, which had also chosen ReadSoft s invoice processing solution. We were able to share helpful project experience. We are very satisfied with the results and see every day how economical electronic invoice processing is. A basic condition for us was that the new software should adapt to our release and validation processes and not visa versa. ReadSoft met this criterion.

8 Increase your business efficiency with tools from the leading provider of Document Automation. ReadSoft in a nutshell The benefits are substantial and immediate. ReadSoft always at the forefront of innovation We take pride in being the innovators of our industry. Our Research & Development team is a major part of our company and we spend a substantial part of our revenue on inventing and improving new technology, according to our customers needs. Market leader with more than 4500 customers worldwide, including both global enterprises with cross-organizational systems and local companies specialized in a particular market or industry, as well as a large number of governmental bodies. Operations in 16 countries and approximately 300 partners providing expertise in 70 countries. Listed on the Stockholm Stock Exchange since June Fifteen percent of revenue is invested in Research & Development every year; close collaboration with various research institutes. Close partnerships with prestigious global partners. Cooperation with prominent consulting firms. Delivers software in several languages. Voted Best of AIIM five times at the world s largest document management convention, AIIM, in the United States. ReadSoft DOCUMENTS a modular software platform This full-scale system incorporates five Automation Areas: Capture, Understand, Manage, Integrate and Interchange. It is based on a flexible structure can be adjusted to fit your specific business requirements. ReadSoft also offers a range of business solutions based on the ReadSoft DOCUMENTS platform. These are pre-configured solutions to automate specific document type or business applications. A business solution includes tailored services such as consulting, training and support. Today, we offer business solutions for Forms, Invoices, Mailrooms and Document EDI. ReadSoft AB reserves the right to change any feature or form of software behavior without prior notice W W W. R E A D S O F T. C O M

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