Readsoft

ReadSoft, now part of Kofax, is a pioneer in automated document processing solutions specializing in invoice automation, accounts payable processing, and forms recognition with advanced data extraction capabilities.

Overview

ReadSoft, founded in 1991 and acquired by Kofax in 2014, has established itself as a leading provider of document automation solutions. The company specializes in intelligent document processing technologies that automatically capture, classify, and extract data from business documents, particularly in financial operations.

With decades of experience in the document automation field, ReadSoft has developed sophisticated solutions that combine OCR (Optical Character Recognition), machine learning, and workflow automation to transform paper-based and digital documents into structured data for business applications. Their technology helps organizations reduce manual data entry, accelerate processing times, and improve accuracy in document-intensive processes.

ReadSoft serves organizations across various industries, with particular strength in financial services, manufacturing, healthcare, and public sector. Their solutions are especially valued for accounts payable automation, invoice processing, order management, and other financial document workflows where accuracy and efficiency are critical.

Key Features

• Intelligent Document Capture: Advanced recognition of diverse document types
• Automated Data Extraction: Identification and extraction of relevant information
• Invoice Processing: Specialized capabilities for AP automation
• Forms Recognition: Automated processing of structured forms
• Workflow Automation: Configurable approval and processing workflows
• ERP Integration: Seamless connections with major financial systems
• Validation Rules: Customizable business logic for data verification
• Exception Handling: Efficient resolution of processing exceptions
• Analytics & Reporting: Insights into processing performance
• Multi-Channel Capture: Processing documents from various sources

Use Cases

Accounts Payable Automation

Finance departments implement ReadSoft solutions to transform their accounts payable operations. The system automatically captures incoming invoices from multiple channels (email, scan, EDI, supplier portals) and extracts key data including vendor information, invoice numbers, line items, tax amounts, and payment terms. Using machine learning, the technology recognizes varying invoice formats without requiring template setup for each vendor. Extracted data is validated against ERP master data and purchase orders, flagging discrepancies for review while routing clean invoices directly to approval workflows based on company policies. Integration with financial systems enables straight-through processing for matched invoices while maintaining a complete audit trail. This approach reduces invoice processing costs by up to 70%, accelerates processing time from weeks to days or hours, improves early payment discount capture, and enhances visibility into financial obligations and cash flow forecasting.

Sales Order Processing

Order management teams utilize ReadSoft to streamline the handling of customer purchase orders. The solution captures orders received through various channels and automatically extracts customer information, product codes, quantities, pricing, and delivery requirements. The system validates this information against customer master data and product catalogs, identifying potential issues such as discontinued items or pricing discrepancies. Integration with ERP and CRM systems enables automatic order creation and customer communication, while workflow capabilities route exceptions to appropriate personnel for resolution. This implementation reduces order-to-cash cycle time by up to 60%, improves order accuracy through elimination of manual data entry, enhances customer satisfaction through faster order confirmation and fulfillment, and provides better visibility into order status throughout the process.

Technical Specifications

Getting Started

1. Process Assessment: Evaluation of current document workflows
2. Solution Design: Configuration based on business requirements
3. Integration Setup: Connection with existing business systems
4. Implementation: Deployment and testing of the solution
5. Training: User education and adoption support

Resources

• Company Website (Now part of Kofax)
• Solution Information
• Case Studies

📅 Created 3 days ago ✏️ Updated 3 days ago