ConQuaestor, a Netherlands-based consultancy organization, focuses on providing solutions for issues that are critical to CFOs. The company has more than 400 consultants and interim managers delivering concrete solutions in finance and management within public and private sectors. Until implementing ReadSoft Online, manually entering data from thousands of invoices in Microsoft Dynamics AX was standard procedure.
ConQuaestor, part of Grant Thornton International Ltd. offers private and public sector organizations solutions in finance and management. The company is headquartered in Utrecht, Holland.
ConQuaestor was receiving 6,000 invoices annually, but the company’s accounts payable (AP) staff manually keyed in invoice data, causing errors and hindering optimum processing speed. An automated solution for invoice processing was necessary, but seamless integration with ConQuaestor’s Microsoft Dynamics AX ERP system was essential.
Besides ERP integration, ConQuaestor wanted an automation solution that would be quickly and easily adopted by its AP staff.
“It was important for us to choose a solution with a user-friendly interface,” says Niek de Jong, Manager of Finance & Control. “Users must have the feeling that they work in a single unified system.”
Niek de Jong Manager of Finance & Control ConQuaestor
Invoices were going astray and it was unclear on whose desk an invoice might be placed.
ConQuaestor selected ReadSoft Online, a cloud-based automated invoice processing solution from ReadSoft from Lexmark, and gained the flexibility and control it sought. The solution not only met ConQuaestor’s requirements, but also helped the company prepare for the future. “It is not too big for a SME and yet is able to grow along with the organization,” says de Jong.
Now, invoices are scanned, captured and verified in ReadSoft Online by existing AP staff via a web interface, before being transmitted to Microsoft Dynamics AX.
As a certified Microsoft Gold partner, ReadSoft’s solutions are supported by and seamlessly integrate with many Microsoft applications, including Microsoft Dynamics AX, Microsoft Dynamics GP, Microsoft Dynamics NAV and Microsoft Dynamics SL. ReadSoft makes use of Microsoft technology and supports the latest Microsoft products such as Windows 8, Azure and SharePoint 2010.
Niek de Jong Manager of Finance & Control ConQuaestor
Invoices no longer flutter around desks, never get lost and there are no longer any shadow archives for budget holders.
Electronic and paper invoices now arrive at a centralized ConQuaestor facility in Utrecht. ReadSoft Online generates a PDF and an XML file from the scanned invoice. Paper invoices of any length are scanned with a single scanner.
ReadSoft Online automatically captures the relevant data from every supplier invoice, and exports it to the secure website. Electronic invoices are sent to a dedicated email address, where the data is automatically captured, and an image of the invoice is created for archival. Both the image and the data are directly available for verification. With master data integration, invoices are automatically matched to the correct supplier in Microsoft Dy-namics AX. After verification, the invoice is automatically circulated according to pre-defined workflows. Finally, the invoice is transmitted to Microsoft Dynamics AX for final posting and settlement.
“It gives you a secure feeling to always know where the invoice is located and where it is within the workflow,” de Jong says.
In addition, he says it’s easy to send out a reminder to an employee who has not yet endorsed an invoice.
According to de Jong, the advantages became apparent after only a few weeks of using ReadSoft Online.
“We simply notice earlier if there is a risk that an invoice may be paid late,” he says. “At present, 70% of the FTE’s time is spent on scanning supplier invoices. Our aim is to reduce this to 40 percent. This way, we can free up our employee for other jobs at ConQuaestor.”
The benefits are also visible further down the process. Invoices are approved by a total of 40 budget holders. Previously, this meant 40 employees had an invoice lying around some-where that still had to be approved. Secretaries spent a lot of time chasing down these invoices and checking whether they had actually been endorsed. The result was piles of folders on desks, lost invoices and late payments.
The use of ReadSoft Online has brought ConQuaestor to a new level in the digital age. The company is now scanning the majority of its documents and in the future wants to automate even more processes.
“Invoice processing is only the start,” says de Jong.
Nick de Jong Manager of Finance & Control ConQuaestor
We don’t have to rummage around in paper archives for invoices anymore, they are now in digital form and easily found.
In 2014, Lexmark International, a global technology leader, acquired ReadSoft, a leading provider of applications for automating business processes. Together, they become an unmatched solution for financial process automation. Lexmark enterprise software, hardware and services remove the inefficiencies of information silos and disconnected processes, connecting people to the information they need at the moment they need it. This case study reflects ReadSoft products and positioning at the time of acquisition and has been approved for use.