Automate AP for a Fraction of the Cost with ReadSoft Online
Saturday, January 23, 2021
ReadSoft Online, Kofax’s powerful, cloud-based invoice processing software, streamlines the work of accounts payable (AP) invoice processing into a job that can be done by a single clerk.
Manual invoice processing wastes time and energy that could be put toward higher value tasks like accounts receivable, customer service and inside sales.
Bespoke workflow automation solutions enable organizations to streamline invoice capture, extraction and eliminate data entry – but some on-premise options can be costly, inflexible and take time to deploy.
Kofax ReadSoft Online re-imagines invoice processing, allowing teams to collaborate from afar while enjoying expedited invoice cycle times, improved supplier relationships, lower processing costs, and more effective cash management. It’s an ideal solution for local government agencies and businesses large and small, especially as implemented by ISSI.
Market-Leading Invoice Automation for AP
Manual invoice processing mires AP employees in paper, email and attachments, impedes payables and cash flow visibility, requires error-prone manual data entry, and takes too long. Paper invoices are easily misplaced or damaged and are time-consuming to retrieve from the recesses of a filing cabinet.
Invoice automation software can do the work of five or more AP clerks, automating 50-90% of the work – with only one clerk required to handle exceptions.
For organizations that process more than 5,000 invoices per year and don’t want to spend thousands of dollars on automation, ReadSoft Online is a cost-effective, powerful solution. Upfront costs are typically one-third the price of other AP automation software, and 20% less on an ongoing basis. Users are charged per invoice versus per page, which is useful for multipage invoices and utility bills.
For organizations of every size, automated invoice processing provides faster, more secure workflows, invoice language translation, and more. A digitized AP system also provides critical visibility into bottlenecks with a single repository of invoices and an up-to-date view of cash requirements.
What You Get with ReadSoft Online
There are three options for ReadSoft Online – Basic, Premium and Enterprise. Depending on your invoice processing requirements, the software offers:
- Invoice capture
- Line Item matching
- User-driven approvals
- Exception workflows
- General ledger coding
The software also boasts extensive enterprise resource planning (ERP) integration for seamless and compliant invoice processing with Microsoft Dynamics 365, Oracle Financial Cloud, NetSuite, Coupa Business Spend Management, and more.
Pair It with Digital Mailroom
Companies looking to outsource all invoice handling can combine ReadSoft Online with ISSI’s digital mailroom services. ISSI will receive your paper and digital invoices, scan the paper, capture and extract email and attachments, and deliver the images to ReadSoft for processing. A large portion of your invoices will be delivered directly to your ERP, approval, imaging, and accounting systems with zero labor on your part.
A Versatile, Cloud-Based Solution
Designed for a low total cost of ownership (TCO) and fast ROI, ReadSoft improves compliance, speed and efficiency. And with 24/7 support, help is never more than a phone call away.
At ISSI, we work closely with your team to implement ReadSoft Online and other intelligent workflow automation technology, finding the right fit for you. We assess your needs, design the solution, deploy the technology, train your teams, and provide on-going support to ensure employee adoption and long-term success.
Let’s Discuss Your Options
ISSI will be happy to meet with your team to discuss AP automation options. Following the introduction call, if you are willing to share some of your invoices and maybe a little about your approval process, we can show you how ReadSoft handles your documents and what kind of results it will deliver. You will be amazed at how simple the initial configuration can be.