Kofax ReadSoft Invoices

Kofax ReadSoft Invoices is an OCR and data detention platform that computerizes the scanning, interpreting and filing of the invoices received from suppliers/vendors. Readsoft is capable to process the invoices in any form – Paper, email, image files, PDF, XML, fax, scanner etc.
Kofax ReadSoft Invoices has total six modules with user-friendly interface. These modules can be run separately or simultaneously, either on one computer or in a network.
  • Manager
  • Scan
  • Interpret
  • Verify
  • Transfer
  • Optimize
Kofax ReadSoft Invoices intelligently extracts and validates data according to pre-defined rules. The ample electronic invoice is transferred from Invoices to company’s archive and workflow system. From there, the invoice can be circulated electronically for coding and approval.
Kofax ReadSoft’s thought resumes that businesses are expected to continuously increase value while dropping operational expenditures.

Readsoft implementation Advantages:

  • The program frees up resources since it replaces manual data entry
  • Enhanced data quality
  • Enlarged efficiency by staff
  • Secure and scalable platform
  • Flexible, open and highly customizable
  • It is easy to integrate with your other systems using standard program interfaces
  • Increase the visibility of Invoice status
  • Eliminate errors
  • End-user verify Inbox for work distribution
  • Automatic capture of invoice line items
  • This reduces the chance of having duplicate invoices

The below depicts some case studies and use cases implemented in various domains and industries for Global corporate :

  • Manufacturing North American Food Manufacturer In the past, They are doing mostly manual, paper-driven approach to handing out supplier invoices around 6,000 to 7,000 invoices a month—a number that was growing fast—and recognized that old approach was quickly becoming unsustainable. Using Kofax Readsoft invoices the reduced costs they have seen through higher productivity.
  • Utilities Schneider Electric got benefited through Kofax Readsoft Invoices with Impressive productivity improvement, today the productivity is at least three times improved than with the old physical process.
  • Distribution MicroWarehouse Ltd is Ireland’s IT distributor. Implementation of Readsoft invoices result fast and significant return on investment, because now process vendor invoices faster. All round, there is a lot less stress. RS Components is distributor of electronics. RS Components has improved the number of invoices handled per month to 55,000 from 42,000, and reduced the number of permanent AP staff from 20 to 10.Now has only 10% need verification 90% of invoices going through the automated system. Largely, employment expenditures have been reduced by 36% per year.
  • Financial Services Capita Group is a FTSE topmost 50 company. Using Kofax solutions, Capita has succeeded to cut the cost of handling a single invoice to just over £2 from £8 per invoice – a 70% cost reduction and reduced back office staff from 40 in the UK to 20 in India and are saving £1 million pounds per year.
  • Services Grupo EULEN is Spain’s leading provider of general business services, specializing in areas including cleaning, security, and auxiliary services. Now using Kofax Readsoft Invoices dramatically optimized business area,store and access invoices rapidly and easily, excluding potential payment delays, calculation errors or information loss.In the past, dozens of staffs across the entire country used to spend a large part of their time processing invoices. Now only few people handle these operations.
Kofax ReadSoft’s thought resumes that businesses are expected to continuously increase value while dropping operational expenditures.

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