Readsoft, a business automation company, and Goodwille, a business outsourcer, have teamed up to offer cloud-based financial services based on Sage 50 Accounts, financial software for SMEs. The service is called Readsoft Online.
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Sage 50 is a popular accounting package in the UK, providing a wide raft of components such as payroll, and point of sale. The partnership between Readsoft and Goodwille is intended to take advantage both of this and the slow but inexorable move towards cloud-based operations.
The service the two companies have developed is designed to automate invoice processing and, claims the company, will improve control and provide more consistent management for accounts payable processes.
Readsoft claimed that this will also benefit businesses who conduct international trade by helping them meet the ‘highest levels of compliance.’ It further suggested that Readsoft Online could accelerate time to market for new projects and reduce accounting storage requirements by as much as 90%.
Readsoft Online works by extracting data from document images in order to process the invoice within minutes. The invoice data is then exported and the invoice is registered as a transaction within the client’s Sage 50 Accounts.
Daniel Bennett, managing director at Goodwille, said: “With ReadSoft Online, customers can extract data from supplier invoices without expensive hardware investment, or the frustrations and delays of delivering a new back office project.”
A user can verify and approve invoices via a web browser with all transactions automatically registered in Sage. Documents can also be stored in the cloud with users able to access them immediately.