Kofax ReadSoft Invoices overview
Kofax ReadSoft Invoices is a program that scans and interprets the invoices you receive from your suppliers. The interpreted information is checked and validated according to your requirements. Then the data is transferred to your target system.
Kofax ReadSoft Invoices > Kofax ReadSoft Invoices system > Target system
- Automatic data capture replaces the extensive work needed to manually register information from an invoice. Whether your invoices arrive as paper invoices, via the internet, email, or in files; Kofax ReadSoft Invoices handles them all.
- Via integration with your financial system, the invoice can be supplemented with different types of information, regarding, for example, suppliers and coding.
- The interpreted invoice can also be registered in your financial system and sorted by its arrival date. The complete electronic invoice is transferred from Kofax ReadSoft Invoices to your archive and workflow system. From there, the invoice can be distributed electronically for coding and authorization.
Kofax ReadSoft Invoices uses new technology within the areas of image character recognition (ICR) and image-based information management.
Kofax ReadSoft Invoices have always been viewed as too difficult to interpret electronically. However, Kofax ReadSoft Invoices incorporates an adaptive learning technique to identify invoices so that it can recognize new and old suppliers. Kofax ReadSoft Invoices learns the appearance and image layout of an invoice and saves this the first time the invoice is interpreted. When an invoice from a known supplier is read, it can be interpreted according to key characteristics collected from the previously saved invoices. In other words, the system automatically administers different suppliers and their invoices.
Functions offered by Kofax ReadSoft Invoices
The Scan module controls the scanner and the reading of the invoices into the computer. Details it can handle include:
- Endorsing each invoice with a number as it is scanned
- Appendices or attachments to invoices
- Batches, or stacks of invoices that you process together
- Multi-page invoices
In addition, Kofax ReadSoft Invoices has advanced integrated functions for image enhancement. This is often necessary for invoices that might have varying appearances with colored patterns.
Kofax ReadSoft Invoices identifies different suppliers by finding and interpreting a unique identifier on each invoice and matching it to one included in the invoice definition database. Common identifiers are account numbers and company logos that are different for every supplier.
After an invoice is identified, the program finds and interprets data according to a predefined template, an invoice definition. Even data in lists of items is found and interpreted. There is comprehensive support for checking and validating an interpreted result.
The adaptive interpreter notices when it finds an unknown invoice, that is, an invoice with an unknown identifier. With the help of unique ICR functionality, the Interpret module searches for data on the unknown invoice.
Kofax ReadSoft Invoices can also identify unknown invoices using a supplier registry.
The interpreted information is validated by the Verify module according to internal routines and tables and/or online against your financial system. This is done quickly and securely. The user-friendly interface allows Verify operators to work efficiently using a wide range of functions.
Use the Transfer module to transfer data from processed invoices to a target system via a transfer file. The target system can be an archive, workflow or financial system. The target system can be another application in the same computer as Kofax ReadSoft Invoices or in another computer.
In a complete solution for electronic document processing, it is essential to integrate all applications. Kofax ReadSoft Invoices can access and transfer information in the financial system. This can be done as fields are read or when the entire invoice is ready. The program also passes information to archive and workflow systems for the continued handling of the invoices. Kofax ReadSoft Invoices can be integrated with most financial and archive and workflow systems on the market.
What Kofax ReadSoft Invoices can do for you
You can use Kofax ReadSoft Invoices to capture the information on invoices that arrive at your company and pass the data to your financial system. You can also electronically archive the images of the invoices in your image archiving system.
Kofax ReadSoft Invoices is a key component for creating a fully electronic invoice and payment handling system at your company. You can integrate the program closely with your other systems in order to implement a paper-free invoice handling and payment system.
Of course, you do not need a fully electronic system to realize major advantages from using Kofax ReadSoft Invoices. The program frees up resources since it replaces manual data entry. It increases the accuracy of data entry and makes it possible for you to automate more and more of your invoice and payment processing as time passes.
Kofax ReadSoft Invoices is easy to integrate with your other systems using standard program interfaces.
The six modules
Kofax ReadSoft Invoices has a flexible modular design consisting of six separate modules with a user-friendly interface. Since the processes are asynchronous and independent of each other, the modules can be run separately or simultaneously, either on one computer or in a network. Work can therefore be planned to optimize computer capacity and personnel efficiency.