Automate Invoice Entry with Kofax ReadSoft Online

Kofax ReadSoft Online automates accounts payable processing by capturing, extracting and verifying invoices and integrating with ERP and ECM software, and partner applications in the cloud. In this webinar, we provide more information on evaluating, designing, and implementing Kofax ReadSoft Online. This webinar is perfect for businesses looking to automate parts of their procure to pay process to save time and money.

Transcript

Alex Lindsey:
We are going to be talking about Kofax ReadSoft Online and how to automate your invoice entry. A little bit about your presenter, that is me, Alex Lindsey. I’m a senior solutions architect with RPI Consultants. Been here over five years in the ECM, Kofax, the ERP integration area. I specialize in accounts payable, so if you have AP solution, which ReadSoft Online is, I’m your guy. And we have a small agenda here today. This shouldn’t be too long of a webinar. But, essentially we’re going to touch on what RPI Consultants is, what we offer and we’ll jump into what ReadSoft Online is. We’ll also have a demo and we’ll cover a few of the add-ons, additional features that you may not know about, we’ll close with some summary and some questions. And keep in mind as you’re watching this presentation today, think about how this could potentially fit for your organization. Now, getting into about RPI Consultants, we have over 18 years experience, designing solutions and implementations for a number ERPs and ECMs out there. We have 80+ full time consultants, project managers, technical architects. And we also have offices located in Baltimore, Tampa and Kansas City where we are currently filming from.

A lot of the services we offer, ERP, ECM, advanced data capture or OCR technology. We offer a lot of solutions around those. Technical installs, upgrades, support. Business process analysis and designs. I love to automate things, so a lot of joy I get out of the work is coming in and doing a health check for instance, and taking a look under the hood of your solutions and seeing ways that we can improve it and automate it and make it a little bit more friendly for your end-users. We also offer managed services and remote administration as well. It’s important to note that ReadSoft Online is a Kofax product. We do a lot of Perceptive videos right now, but it’s important to note that we are an authorized reseller and service provider for Kofax products. ReadSoft Online rolls up under that umbrella. I know there’s been a lot of changes in the industry, so it’s just important to note that. We also do a lot of development optimization, process designs, form design as well. So Kofax Services, we’ve got you covered if you need it.

Jumping into what ReadSoft Online is. ReadSoft Online is essentially a cloud-based invoice OCR solution. It’s got a few more aspects to it, but it essentially will integrate with your ERP and your ECM. Kind of serve as a great front-end for your account payable solution. So a little bit about it, again it’s cloud-based so it is a Software as a Service. It’s a subscription that you’d pay, essentially. There are service costs associated with just setting it up. They are fairly minimal.

It’s got a nice HTML5 user face, so I don’t know if you’ve seen other OCR technologies or demos, but this one’s got a very clean interface. It’s very intuitive to work with. It is used for only invoice OCR, so that’s something to keep in mind as well. Other OCR technologies, for instance, Brainware, can be leveraged for like a transcript solution or maybe something else that you can custom built out to OCR different things. This is primarily just for invoices. It handles document verification, like a lot of OCR technologies do. It will verify data on the documents. It’s also got modules for approvals and GL Coding. That is a feature that is pretty unique to this products. It’s something that you don’t see in a lot of other OCR technologies. It’s also got a lot of out of the box ERP and ECM integration so you can basically front-end this and plug it in to any system you want to.

It handles all kinds of file types as well. PDF, Word, Tif, and I think Excel is the most recent version, format that you can bring in. So in this feature deep dive, keep in mind, like will this work for my accounts payable solution? Will this work in my department? And maybe think creatively about of how you could potentially use ReadSoft Online in your current system. So it’s great as a front-end OCR with your ECM or ERP. Particularly if you have pretty advanced approval process, so if for instance, if you have purchase order approvals and it’s a certain service PO and it needs to go to this person first before it goes through some tier hierarchy, that’s a fairly advanced approval process and may not be a great fit, so it’s better to use ReadSoft Online as a front end OCR, get information off the invoice and then plug it directly into your ERP or ECM to handle those more complex approvals and exception handling.

If you have a fairly standard data structure as well, that’s not really a pre-qualifier essentially. The important thing to note here is that it is a cloud-based solution. So around that you know, you’ve only got a box that you can work within. It is flexible to an extent, but if there are other advanced data structure elements, additional look-ups and things like that, that you’d like to work with, we generally push it to do those within your ECM or ERP. If you have straight forward approval process, so the inverse of what I mentioned earlier. If you have a fairly linear process where it needs to go to Jane Doe to approve up to $5,000 and after that it needs to go Sue Smith who can approve up to $10,000, it’s fairly linear like that.

It’s a great tool to do a lot of your approvals. It also handles general ledger coding. Again, this is great feature. I love this about the product is that you can handle. So other technologies for instance, they OCR and they validate and it’s great for purchase orders. And this one is as well, but you can’t really handle GL coding. You have to push that into your ERP directly or handle it through a Perceptive Content or OnBase. You can do that all within the system here as well.

Again, all this bounces up against your ERP data so anything that’s being OCR’d is being bounced against your data to make sure that it’s valid. It’s also got a feedback request for vendor and PO updates. So as part of your subscription, you don’t really have a ton of access to modify the things that you need to so. One good example of this is if you have a particular vendor, Acme Corp. for instance and they change their invoice structure and invoice number is now on the left side of the page instead of the right side of the page. There’s a great feature within ReadSoft Online to where you can basically plug in this input and say hey, for this vendor, please modify this to pull the invoice date from this area instead of this area where it was before.

So all those pre-qualifiers are fine, but it really just seeing how it works in action. This chart here kind of shows just the general flow. If we were to deploy ReadSoft Online for you guys, we’d basically set up a method of capture first, right. So with ReadSoft Online, you can get your own email account. You can set up multiple in boxes as well to capture documents into the OCR engine. You can also scan and import. It’s important to note with scan so, some of you may be very familiar with like a Perceptive Content where you can scan directly in to Perceptive Content. This would work a little bit differently.

So you could still use a desktop scanner or a multi-function printer and scan those in, but you would drop into a shared folder directory and then an import agent or import service would bring those invoices into the cloud, if you will, to perform the invoice extraction and verification. So once it gets up there, the engine’s going to read off the invoice itself, it’s going to extract as much data as it can. It’s going to try to get your vendor information, your invoice header information, your PO line details and try to pair those off and it’s going to match that up against your vendor master and your PO master. Once it does that, it’s basically going to say is this accurate. Am I confident enough in these values to push it forward? If it is, then it will move it forward into an approval process, if you guys have that set up, if not it’ll go directly to your ERP or ECM. If it’s not, it’s going to stop for verification.

At that point, that’s when a user will basically log on, they just follow the URL. Go in there and identify basically, they’d have a list of invoicing. You’ll see it in the demo, so. And they’ll modify whatever key values they need to. It’s pretty clear what needs to be changed or modified on the invoice metadata versus what’s green and good to go. So after you verify it, it’s going to move forward to approval processing. You can implement the GL coding function within this process as well, which is a nice feature. If it doesn’t require any kind of approvals, it’s then going to be exported out, so there’s an API for data export, be in XML. There’s another slide later on, like we’ll go into more detail about the integrations with, but essentially it would just get pushed out from there. So now we’re going to watch just a short demo video of the product in action.

Hello and welcome to a very short demonstration of ReadSoft Online. You’ll notice here that I’m in a standard browser. I’m also logged in as a Clerk 1 user. Few tabs to call out here. An upload tab, where you can upload individual invoices for processing if need to. Verify, which is where users will go in and validate data on the invoices, if needed. Approve, if there’s any type of approval process that this user needs to perform. Explore and storage, so if you have invoices that you’re storing within the system itself, you can retrieve those there. We’re goi