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ReadSoft Accounts Payable Automation Selected by Multinational Giant

By Raju Shanbhag
TMCnet Contributor

A multinational telecom company based in Europe has extended its agreement for ReadSoft Accounts Payable Automation system, the company has announced. ReadSoft creates software that helps companies automate their document processes.

From incoming invoices, ReadSoft software automatically captures, interprets, and understands information. It is automatically matched and verified against SAP (News - Alert), once data has been captured. If there is an exact match between the document and the information in SAP, it can be approved automatically. Signed during the third quarter of 2011, the agreement concerns invoice processing inside SAP and is worth 300,000 EUR, the company stated in a press release.

“It’s very gratifying to see that more and more of our large, multinational clients choose to expand the use of ReadSoft solutions for business process automation,” said Jan Andersson, President and CEO at ReadSoft. “And in this day of increased mobility, we also see more organizations taking full advantage of the flexibility of our system, by accessing it via web or mobile devices.”

The extended agreement with this telecom company also includes ReadSoft’s MOBILE APPROVAL – an add-on to the electronic workflow that allows users to approve or reject invoices on the fly, in addition to an increased volume of invoices processed. ReadSoft’s counterparty in the transaction or co-operation is not mentioned by name. This is due to that ReadSoft’s counterparty has required anonymity, the company has stated.

Recently, the company partnered with a global System Integrator to deliver a World Class finance function to an international energy market player. ReadSoft is responsible for driving document automation efficiencies in the finance function within the customer’s Supplies & Sources group. The agreement is worth 470,000 EUR and was signed in the UK during the second quarter in 2011. The customer’s Supplies & Sources group recognized the need for a modern, integrated finance system.