New ReadSoft technology promises to save companies millions in the increasing cost and complexity of XML invoicing

ReadSoft, a global document process automation provider with over 8,500
customers, introduces its latest invoice processing automation solution, which
efficiently and cost-effectively processes complex e-invoices—an increasing
expense for many companies. The new capabilities included in INVOICES 5-7 will
help companies achieve greater automation rates and make it even easier for them
to adopt e-invoicing.
Companies striving for straight-through processing via invoice automation are no
longer hindered by the invoice type and format that they receive. ReadSoft’s
newly released invoice processing solution, INVOICES 5-7, automatically extracts
and validates data on all incoming invoices—regardless of source or format. With
this new multichannel capture technology, companies can now process all faxed
and emailed e-invoices—image, PDF, or XML—in the same way that they process
paper invoices.
Katarina Andersson, ReadSoft Product Manager Capture Solutions, believes that
tremendous savings can be achieved in particular for companies receiving a large
volume of e-invoices in XML format:
“Companies receiving XML invoices typically spend a large amount of money on
getting connected to an EDI or VAN connection to enable XML invoice automation.
The cost to start up is estimated to be around 200-300 USD for each supplier and
may include monthly charges and/or volume-based fees. Based on our extensive
experience in this field, we found that for every 1000 invoices, there are
approximately 200 suppliers, in a typical mid-sized company. This means that a
company with 5000 suppliers can save up to 1.5 MUSD by choosing ReadSoft.”
Cost savings is just one of the great benefits realized by ReadSoft solutions.
ReadSoft’s enhanced self-learning technology retains knowledge from supplier
-specific invoices to automatically correct recognized errors, so the accounts
payable staff only has to validate invoices with exceptions. In the case of XML
invoices where exceptions are highly uncommon, straight-through processing
becomes a reality.
“The impact for companies receiving a large volume of e-invoices is highly
significant,” says Per Åkerberg, President and CEO of ReadSoft. “With this
exciting news, multichannel capture is now possible for all important financial
documents, enabling straight-through processing that is fully integrated with
companies’ existing systems. This is a great step toward increasing e-invoicing
adoption, which we strongly believe in.”
Products or service names mentioned herein are the trademarks of their
respective owners.
ReadSoft may be required to disclose the information provided herein pursuant to
the Securities Market Act. The information was submitted for publication on
April 22, 2013 at 11:00 CET
For additional information, please contact:
ReadSoft
AB

Johan Holmqvist, Vice President, Corporate Communications
Phone: +46 708 37 66 77
Email: johan.holmqvist@readsoft.com
Michael Henriksson, Vice President, Product and Business Management
Phone: +46 733 37 86 76
Email: michael.henriksson@readsoft.com
Katarina Andersson, Product Manager, Capture Solutions
Phone: +46 708 37 66 26
Email: katarina.andersson@readsoft.com
About ReadSoft
ReadSoft is a leading global provider of software solutions for document process
automation (http://www.readsoft.com/solutions/document-processing) in the cloud
 (http://www.readsoft.com/solutions/document-processing/capture-in-the-cloud)or
on premise. ReadSoft is by far the world’s number one choice for invoice
processing automation (http://www.readsoft.com/solutions/document
-processing/invoice-processing), especially into business systems from
SAP (http://www.readsoft.com/solutions/automation-for-sap) and
Oracle (http://www.readsoft.com/solutions/automation-for-oracle). ReadSoft’s
software enables companies to automate document processes such as accounts
payable processing (http://www.readsoft.com/solutions/by-department/accounts
-payable), and mailroom automation (http://www.readsoft.com/solutions/document
-processing/mailroom-automation). Since the start in 1991, ReadSoft has grown to
a worldwide group with operations in 17 countries on six continents and a
network of local and global partners. The head office is located in Helsingborg,
Sweden, and the ReadSoft share is traded on the NASDAQ OMX Stockholm's Small Cap
list. For more information about ReadSoft, please visit www.readsoft.com