PROCESSIT Workflow Solution Introduction
PROCESSIT automates the accounting and matching process for incoming invoices while eliminating manual paper handling, typing, storage & retrieval of invoices.
Face These Operational Challenges?
- Missing invoices?
- Countless phone calls from suppliers checking on invoice payment status?
- Blind spots between invoice arrival, inspection time and expense accrual?
- No exception management capabilities?
- Manual data entry errors or making erroneous payments?
- Regular late payment fees incurred or difficulty in meeting targeted SLAs?
- Missing early payment discounts?
- Anxious about lack of visibility at monthly, quarterly, or year-end closings?
- Concerns over implementing a system not aligned with your ERP policies?.
Top pain points in AP processes
37.5%
25.0%
12.5%
23.8% - Invoice Receipt
25.0% - Matching
25.0% - Imaging/Data Capture
27.4% - Approval Processing
34.5% - Discrepancy Resolution
07.1% - Payment
17.9% - Supplier/Send Management
A day in the life of an AP department
Process Automation Maturity Model
Optimized discount capture & improved use of working capital
Process Automation Maturity
75%
50%
25%
Tactical Operational Efficiencies
Invoice Scanning
Manual Indexing
Manual Approval Processing
Key Invoice from image
Online Manual PO Matching
Automated Approval Processing
Activity Reporting
High Performance Automation
Automated Matching & Exception Handling
Conversion of Invoices from Purchase Orders
Evaluated Receipt Settlement (self-billing)
Dispute Resolution Management
Multi-Channel Invoice Management
Supplier Self-Service Status Inquiry
Supplier Collaboration
Supplier On-Boarding
Dynamic DiscountManagement
Activity Tracking & Audit Management
Integrated Purchase-to-Pay
Business Intelligence/Analytics
Automate accounts payable today!
- Eliminate manual data entry
- Reduce validation costs
- Avoid personal outdated copies
- Eliminate late payment penalties
- Minimize write-offs
- Obtain early pay discounts
- Fast and simple electronic distribution
- Full control of your document flow
- Electronic GL account coding and authorization
- High financial integrity and security
- Compliant with SOX requirements
Reasonable Expectations
- Reduce manual data entry by 75-90%
- Decrease cycle time by 50% or more
- Gain visibility & control of processes
- Optimize cash management
- Improve vendor collaboration
- Focus on exception management
- Optimize Days Payables Outstanding
- Attain Visibility Throughout the Processing Cycle
- Enforce your ERP Hierarchy and Validation Rules
- Optimize AP Processes to Focus on Exceptions
Automate Your Entire Invoice Process
- Workflow
- Receive physical and electronic invoices
- Automatic matching to Purchase Orders
- Data validation and approval
- Import to Accounts Payable
- Accounting & approval workflows
- Exception handling & manual matching workflows
- Automatic data import to ERP
- Electronic Image archiving
Invoice process automation made easy
- Receive invoices submitted by suppliers from multiple channels - both physical and electronic.
- Capture & Verify invoice image and data - verify the structure initially, then only if required.
- Data Transfer from the capture part to PROCESSIT.
- Approval Process for GL Account coding, matching, exception handling and approval management - alternatively, invoices can be imported directly to Accounts Payable.
- Imported & Ready for Payment in Oracle E-Buiness Suite Accounts Payable 11i or R12!
Typical Accounts Payable Process at Most Organizations
Automated invoice handling with optimized processing
- Suppliers send invoices via mail, email, fax, XML
- Mailroom scans paper invoices
- OCR-data is sent to ReadSoft DOCUMENTS
- Invoices are interpreted, verified by a user if required, and transferred
- PROCESSIT automatically matches invoices to purchase orders
- Invoice data is imported to the Accounts payable
- Discrepancies are routed for coding, matching or exception handling
- The approval process continues according to ERP hierarchy
- Invoices are ready for payment, data and image is archived
PROCESSIT is designed to work with Oracle E-Business Suite version 11i and R12. No need to postpone installation until R12 upgrade has been done!
PROCESSIT Core Functionality Ensures
- A solution validated by Oracle
- Graphical user interface with modern intuitive look
- Fully automatic handling of purchase order invoices
- Full interface for GE invoices and discrepancies
- Easily installed with an installation wizard
- Easy setup via the Configuration Manager
- Foundation for Document Automation beyond AP
| Company | Single Source Solution Provider | Original Product Design | Standard Workflow & Integration Technologhy | Low Cost of Ownership | Easy Implementation | Roadmap Visibility | Flexible Licensing |
|---|---|---|---|---|---|---|---|
| ReadSoft | 100% | 100% | 100% | 100% | 100% | 100% | 75% |
| Oracle | 50% | 0% | 100% | 0% | 25% | 50% | 50% |
| KOFAX | 100% | 0% | 25% | 50% | 25% | 50% | 100% |
ReadSoft on a Global Level
- A world leading, publicly listed software supplier
- 20 years of improving the document driven workplace
- Over 6,000 customers worldwide
- Oracle Platinum Partner with a dedicated Oracle R&D department
- Own an Integrated solution approved by Oracle
- Who are we in ReadSoft?
- More about our organization
- We have a total of 2,557 AP solution applications in the world, more than double of what the major competitors' applications put together. (7 out of 10 choose ReadSoft).
- We've strategically established locations around the world to ensure that we are close to our customers and available when they need us.
- Then we'e positioned the right people in the right roles to follow through with our commitment to delivering customer value through the automation of document-driven processes.
PROCESSIT as Partner Product
- Oracle Implementation partner with focus and strength on P2P.
- Working with Oracle EBS R12 upgrades and 3rd party products.