The ReadSoft effect on: ThyssenKrupp
Process: Accounts payable automation for SAP
Segment: Telecommunications
Country: Germany
ThyssenKrupp AG is the management holding company for the international steel and capital goods group, ThyssenKrupp. With their new invoice processing system from ReadSoft, they have taken an important step into the future.
It only took 25 working days to switch from manual handling to the automated invoice processing system from ReadSoft. Nowadays, two employees in Düsseldorf annually process 30,000 incoming invoices using ReadSoft software. To check and approve invoices, ReadSoft's software WEB CYCLE, was installed. This integrated workflow software controls the incoming invoices and accelerates the release process. The standard software was adapted to the individual needs of ThyssenKrupp AG.
A special feature of this solution is that invoices with missing data are still posted. Missing information such as the cost center can be added later when reviewed. Then the posting is manually corrected and released into the workflow process.
Handled within the SAP interface
The INVOICE COCKPIT product was also implemented which allows the captured data to be directly processed within the familiar SAP environment. With the addition of this component, the invoice processing system is complete at ThyssenKrupp AG. The invoices are scanned, information is extracted and compared with existing master data, and then it is sent directly to the SAP R/3 system. INVOICE COCKPIT gives Accountants continuous control of every stage in the invoice processing status.
"We are very satisfied with the results"
Michael Ackermann, Central Department Manager of Group Accounting at ThyssenKrupp AG, comments:
"We established contact with ThyssenKrupp Stahl AG which had also chosen ReadSoft's invoice processing solution. We were able to share helpful project experience. We are very satisfied with the results and see every day how economical electronic invoice processing is. A basic condition for us was that the new software should adapt to our release and validation processes and not visa versa. ReadSoft met this criterion."