What’s New in Kofax ReadSoft Online?

Kofax ReadSoft Online is a cloud-based Accounts Payable automation solution that combines invoice capture, classification, data extraction and validation, and approval routing with built-in integration for most ERP and enterprise content management platforms. Built on Microsoft Cloud, implementations are generally quicker than on-premise solutions and do not require special IT infrastructure. ReadSoft Online standardizes processes across varied landscapes to reduce costs, minimize errors, boost productivity and improve supplier relations.

Download PDF

Hello and welcome to another webinar. Wednesday. Today we are going to be talking about what’s new and Kofax ReadSoft Online, but before we do a few house cleaning items, first off, this webinar will be recorded and posted on our website and YouTube. We’re also going to send out a copy of this PowerPoint presentation to everyone that’s attended this meeting. If you have any questions during the presentation, please feel free to post those into the webinars screen to your right there and we’ll address those at the end.

And if you have any other ideas for future topics, we’d be happy to know. So other than that, let’s get started. So, we have a few other upcoming webinars that we want to make you guys aware of. We have one on Infor document management, IDM for CloudSuite that one…is going to be in December, December 11 and we’re also going to be talking about automation solutions for payroll. More specifically talking about how you can leverage different types of form technologies to kind of enhance and automate your payroll solutions. We have a few office hours coming up as well. We have one for perceptive experience coming up next week on November 15th and another one on ImageNow tasks in December that I’ll be presenting on.

So, getting started, a little bit about me. My name is Alex Lindsey. I’m a senior solutions architect here with RPI Consultants. I’ve been working with OCR and document management workflow technologies for over seven years, primarily with a focus in accounts payable and backend office processing. And I’m also a slightly, slightly bit of a master whiskey distiller. So, on our agenda today we’re going to basically do a little bit of an overview of Kofax ReadSoft Online.

We’ve got a previous presentation that we’ve done, just a generic one about ReadSoft Online and how it can kind of help you perform invoice processing a lot faster. But then we’re really going to jump into the new features that have come across more specifically in version 10.0 And some of the previous versions as well to kind of cover what’s new and what we find very exciting about the additions to ReadSoft Online. And then we’ll close it up with some summary and questions.

So first off, what is Kofax ReadSoft Online? It is an OCR platform and it is a SaaS-based cloud platform that allows you to process invoices very quickly. That’s kind of the high level, but when you really boil it down, it provides an end-to-end solution for you to basically manage your invoices from the point of capture to extracting data to validating that data, to send it through workflows and then to post to your accounting system or your ERP so you can pay your invoices faster.

There’s a lot of different ways to essentially capture your invoice documents. However, you’re doing it now, there’s a way for ReadSoft Online to kind of facilitate that. We like to use email quite a bit because it’s a more of a streamlined approach and you can tell your vendors to essentially just start emailing to one account and those invoices automatically go into the system to go through the OCR extraction process.

That extraction process essentially if you’re looking at a page, if you think about an ATM, when you put a check in and it reads that check and automatically knows what it is, that’s what ReadSoft Online is doing. So once that document gets over to the cloud environment, it’s going to extract data off of that invoice document and it’s going to validate that information. So, it’s looking for invoice number, it’s looking for invoice date, it’s looking for invoice amount and it’s also looking for vendor information or purchase order information as well.

The nice thing about this is with ReadSoft Online, it will integrate and communicate with your ERP to basically validate that information. By validate, I mean we pull an address off of an invoice document, we compare that versus your vendor master data in your accounting system and it says, “Okay, because it’s this address and this name, I know that this is Acne Corp.” Or if you find the purchase order on the invoice, we can automatically compare that versa data, tie that to a vendor and it automatically knows that off the bat.

If for some reason, it’s not confident in that it’s going to basically stop and it’s verify basically kind of the workflow there is substantive verify where a user can then go in and validate that information. It’ll quickly highlight areas where this isn’t correct or this doesn’t pass validation for some reason, or it’s just not sure of a value or couldn’t find one. That’s where the user interaction comes in where they’ll basically get online, follow the website URL login automatically see the work that they have to do and then process those invoices.

The beautiful part about that is whereas you may have an invoice processing solution now where users, and we’ve seen it all basically where users have stacks of invoices and they manually key in everything into their system or they put it into a spreadsheet. And it’s kind of a cumbersome upload process. ReadSoft Online helps you kind of remove that altogether by letting the system handle that out of the box. Once it’s been verified and validated, a number of different things can happen. It can go through a workflow process. So, you can build workflows and I’ll touch on that with a nice enhancement to the latest version of ReadSoft Online that allows you do a simple or complex approvals for whatever needs you have.

Whether you have like service POs for instance that need to go through approval or just standard non-POs with GL coding and things like that, that needs to go through kind of a review and approval process. After that, basically after it’s been approved or if it’s been validated or if you do workflows and other systems you can also push it over to there. We push over to Lawson’s APIA quite a bit for approvals and reviews directly from ReadSoft Online, but you can send it to any other workflow engine, like KTA or perceptive content or Hyland’s OnBase to basically process those invoices even further.

But ultimately what you want to do is get that information into your ERP so you can pay your invoices faster. Some of the benefits, again, it’s a cloud-based software, SaaS or software as a service. It does streamline the capture process. When we sit down and talk with our clients regarding ReadSoft Online, the first thing we do is how are we going to capture this? How are we going to stop users from having to do so much work?

Then we extract the information and directly push it into your ERP. So, it’s a very streamlined process for invoice processing and the beautiful thing about it is, this software is built specifically for invoice processing. So, when you get set up on an account with ReadSoft Online, it essentially just works out of the box, really starts working when you start integrating your accounting data into the system itself and processing invoices that way.

It also has a lot of built in connectors that you can leverage. I can get you a list of those if you like, but NetSuite is one that we’ll talk about a little bit. Dynamics AX, a number of others, but essentially those connectors are purpose built to basically integrate directly into your ERP with very minor configuration changes. It is highly configurable and highly scalable. So even though it’s a cloud-based solution, it can scale up from 5,000 invoices a year to 5,000 invoices a week. It can basically handle any kind of volume and the workflow approvals kind of mirror that as well.

You can build out as many workflows as you want to handle whatever exceptions you need to in your invoice processing through the review and approval process. And it’s also got a nice reporting and analytics tool as well. And that’s a big, big addition to the latest version of ReadSoft Online that’ll cover there at the end of the presentation. So overall that is Kofax ReadSoft Online, if I didn’t do a great job of explaining that there is a previous presentation I did about it and I highly encourage you to go check that one out.

But really the reason we’re here today is to talk about what’s new and ReadSoft Online version 10.0. So, here’s some of the key enhancements we’re going to talk about today. The workflow approvals and how those have improved. A lot of invoice validation details that have kind of been pushed into play. Long time requests from a lot of clients and it really makes this an all-encompassing platform that’s scalable to any number of clients in any number of industries really. We’ll also touch on the NetSuite integrations because there were quite a few updates on the latest versions of ReadSoft to account for some other demands that clients have had in the past. And then we’ll touch on the admin center as well.

So first off, workflow. The workflow itself, I like it, it’s highly configurable. If you boil it down because it’s basically configuration, there’s really no scripting that has to be done. You break out the workflow in a way that allows you to say, if this then go to this person, if this, then go to these people. The nice thing about the workflow that you can kind of account for now across the system and the latest version that you can do all of these different types of workflows, basically different scenarios of who it needs to go to and why.

So linear approvals, kind of your standard where I’ve got an invoice, it’s $10,000 invoice. It’s from this department specifically and you can even go line level detail as well. But if it’s 10,000 it’s got to go to the manager first, then the department head and then the vice president for instance based on an amount, or whatever value you want to set for that. You also have single point approvals where, again it can go just directly to the person that needs to approve that invoic