ReadSoft, the provider of software for document process automation, has signed an agreement worth 555,000 EUR to improve efficiency in the Accounts Payable (AP) function, running on Oracle E-Business Suite, within one of the UK's leading food manufacturers. The agreement was signed during the third quarter of 2011.
Headquartered in the UK, with sites across Europe, this food company has chosen ReadSoft to deliver improved efficiencies within AP functions. To achieve this, the organisation will immediately implement a wide selection of software tools from ReadSoft to automate invoice processing within their Oracle E-Business Suite environment, including ReadSoft Invoices.
ReadSoft Invoices is a solution that facilitates automated data capture from invoices. Regardless of source, incoming invoices are all directed into the same flow, automatically extracting information from any incoming invoice, validating it and transferring it to an ERP system where it can be coded and authorized for approval by the accounts payable staff. This food company will be able to attain full control of all the supplier invoices by automatically matching and processing within its Oracle E-Business Suite, ensuring supplier invoices are automatically posted, accounted for and made ready for payment, improving visibility and management of the Accounts Payable function and crucially enhancing supplier relationship.
"Strong competition within the food grocery market demands 'best in class' solutions if an organization is to maintain market leadership," says Jan Andersson, President and CEO at ReadSoft. "Retaining an efficient, economic and highly flexible finance function is a key business tool, and one which ReadSoft has enormous experience in delivering through the application of its document driven finance process automation."
ReadSoft Professional Services and partner Dinero will complete the install of ReadSoft software. ReadSoft Professional Services will support the system installation with service and maintenance contracts through until 2016.