Kofax ReadSoft Online White Paper

Kofax’s ReadSoft Online (RSO) is a cloud based (SaaS) invoice processing automation solution that can be rapidly deployed and has a low support and maintenance cost for most customers. Using Optical Character Recognition (OCR) technology, it effectively reads and extracts key data elements from invoice documents such as vendor name, invoice number, amount, date, purchase order number, and line item details. This White Paper offers an in-depth narrative tour for all things Kofax ReadSoft Online.

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White Paper Excerpt

For many AP departments, invoice data entry is a tedious and manual process. AP departments across all industries find this time-consuming task causes payment delays, loss of invoices, and ultimately, additional fees or a loss of vendor rebates.

Another key issue with manual processing is the lack of data validation for invoice data entry. Often, AP departments are at the mercy of clerks or department heads to accurately input general ledger details. Incorrect data entry can lead to accounting errors, ERP exceptions and duplication of effort.

As a true SaaS offering, ReadSoft Online it can be easily implemented to address these issues without having to set up any new server architecture or extending delivery timelines. Adopters of RSO often have immediate success with a quickly realized return on investment (ROI) based on gains in efficiency.

The best return can be found in these types of scenarios:

  • As a front-end OCR engine for captured invoices, complimenting your existing ERP or ECM solutions, such as Lawson, PeopleSoft, Perceptive Content (ImageNow) or OnBase
  • Advanced data capture and integration with ERPs with complex approvals and exceptions
  • ERPs that have a fairly standard data structure, such as Vendor and PO Master, and approval hierarchies that are not highly dynamic.
  • Systems that require a method to apply general ledger coding prior to ERP integration
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