ReadSoft speeds up financial routines at BASF

ReadSoft speeds up financial routines at BASF BASF Plc has chosen ReadSoft to improve the handling of invoices at their financial head office in Manchester, UK. ReadSoft's software INVOICES will facilitate the handling of invoices from some 4,500 suppliers. BASF in the UK and Ireland supplies a wide range of industries with raw materials. Some of the main areas are chemicals, performance products, plastics & fibers, and agricultural products & nutrition. As part of their constant strategy to improve business processes, BASF has decided to install the software INVOICES from ReadSoft in connection with their SAP R/3 business system. Thus, the time-consuming and expensive manual handling of supplier invoices will be diminished, enabling substantial savings. Furthermore, ReadSoft's new electronic invoice interchange technology will be put to work at BASF's suppliers, to eliminate paper invoices. The technology enables a fully electronic exchange between BASF's suppliers and the BASF financial head office in Manchester. This will further speed up and enhance the interpretation, resulting in a more accurate and effective process. BASF anticipates that within six months 15 percent of their supplier base will use the electronic invoice interchange technology as a preferred tool for sending in invoices to BASF. "The client's wish to modernize their financial business process is impressive and we are delighted to be the preferred choice of BASF Plc. This is yet another proof that our SAP integration is a very attractive concept", says Jan Andersson, MD at ReadSoft. Adam Sims, Head of Finance at BASF Plc comments on the reasons for choosing ReadSoft: "We are always looking to push back technology barriers and after extensive research, we realized that ReadSoft can deliver the cutting edge solution we require". What is INVOICES? The software INVOICES is designed to recognize unstructured invoice documents and capture data such as sender, invoice number and invoice amount from anywhere on the invoice. At the same time, the software checks the data against information in the customer's business system. ReadSoft AB Jan Andersson, MD ReadSoft Pho: +46-(0)708 - 37 66 00 Olof Engvall, Head of Information Pho: +46-(0)708 - 37 66 70 E-mail: olof.engvall@readsoft.com ReadSoft business is based on the concept of e-capture, comprising capture, interpretation, verification, validation, and transfer of all types of information from e-mail, web, fax, and paper, with a minimum of operator intervention. Established in 1991, ReadSoft, first with free form technology for invoices and color document processing, has become the global technology leader, with subsidiaries in 12 countries and partners in an additional 70. We are proud to have the largest and most innovative development department in the industry, with professional services to match. For more information visit www.readsoft.com ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/03/04/20030304BIT00260/wkr0001.doc http://www.waymaker.net/bitonline/2003/03/04/20030304BIT00260/wkr0002.pdf

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ReadSoft is the worldwide market leader in the development and sales of forms processing software, that is, software for the automatic registration and interpretation of data on forms and invoices in paper or electronic format.

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