Press Release
Corcentric Adds ReadSoft Capture Capabilities
Enhancement to Electronic Invoice Payment & Presentment Captures Line Item Details
March 27, 2008, McLean, VA — Corcentric, a leading accounting solutions provider for the transportation industry, announced today that it has enhanced its Electronic Invoice Presentment & Payment (EIPP) system — a comprehensive approach to electronically managing invoice data, disputes, approvals, payment disbursements and payment reconciliation — with Optical Character Recognition (OCR) capture technology from ReadSoft, the global leader in document process automation.
With the OCR enhancement, Corcentric’s EIPP solution enables the digitization of invoices, speeding the invoice process from end-to-end with little or no human intervention, and with information automatically fed into other systems for spend analysis and other management needs.
“The additional capability that we acquire through ReadSoft’s OCR allows us to provide Corcentric users with the ability to digitize their invoices all the way down to the line item detail,” said Dave Lindeen, Vice President of Sales for Corcentric. “So now users can digitize invoices while retaining all of the detail, greatly increasing the efficiency of accounting and related systems because minimal human intervention is needed.”
“OCR eliminates the labor needed to do the manual keying of the line item information,” said Stephen C. Dring, President of NMS Imaging, the system integrator for ReadSoft. “Instead of having employees keying data into legacy systems, they can now use this application in the Corcentric EIPP system to scan invoices, extract any necessary data, which can then be automatically fed into other company systems.”
ReadSoft’s capture feature is intelligent, Dring added, meaning that the software will learn to approve some questioned characters over time.
“Our INVOICES technology reduces the time required to handle invoices anywhere from 30 to 70 percent, enabling Corcentric EIPP users to do more with less people,” said John Craig, Director of Partner Sales for ReadSoft. “We were the first company on the market with accounts payable capture software, which we launched nearly 10 years ago. The functionality of the software has continued to improve with each subsequent new release, thus creating the most feature-rich and widely-used AP automation product on the market.”
About Corcentric
Since 1998, Corcentric has specialized in helping companies in the transportation industry reduce the costs associated with processing business-to-business transactions. The company
builds customized solutions that take customers from paper-based and manual processing to electronic and automated processing. The result is increased revenues and reduced business costs. For more information about the Corcentric solution, contact Dave Lindeen, Vice President, Sales at (630) 925-7677, e-mail dlindeen@corcentric.com, or visit the website at www.corcentric.com.
About ReadSoft
ReadSoft is the global leader in the development and sales of a complete product platform for Document Process Automation. With thousands of customers on a global basis, ReadSoft supports customers and partners in North America with offices in 7 locations, including the corporate headquarters in New Orleans, LA. Established in 1991, ReadSoft was first to bring free form technology for invoice processing to market and first to achieve certifications to enterprise resource planning systems such as SAP and Oracle. ReadSoft has become the global technology leader, with subsidiaries in 14 countries and partners in an additional 70. ReadSoft’s vision is to free businesses everywhere from manual document handling. For more information, visit the website at www.readsoft.com.
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