BP has chosen ReadSoft's electronic invoice processing solution. The multinational Group will automate the handling of 2.2 million invoices annually for its 6,500 company operated and company owned retail stores in 13 countries. ReadSoft's solution will be linked to BPs Retail SAP enterprise system.
The solution, which will be delivered by ReadSoft and SAP partner Ebydos, includes both electronic workflow and full integration with BP's SAP system. The solution will provide BP with a series of advantages, including greater efficiency, reducing the costs associated with invoice processing, and making it easier to track invoices.
Because BP has grown rapidly, both organically and through acquisitions, in the past few years, it currently receives invoices electronically but handles them in a number of different ways. The implementation of a common standard is intended to address that issue. The new system will result in process optimization, better efficiency, and a higher degree of automation. The solution by ReadSoft and Ebydos will automatically read the information on the invoice, interpret it, and match it with the Purchase Order and the Goods Receipt Note. After the 3-way match has been automatically completed, the invoice is ready for posting into BP's SAP system. If there are any ambiguities or exceptions, the system will simply forward the invoice electronically for query, verification and payment to the individual retail outlets for approval.
Andrew Papageorgiou, Head of Global Procurement for Retail Technology at BP, says We were looking for an application that would be totally integrated with our SAP system, be highly functional, and be able to provide the global support that a Group of our size requires. It will be implemented first for the UK in Q1 next year. We have very high expectations for it.
Greater transparency and traceability will give BP greatly enhanced opportunities for quickly responding to invoicing inquiries, thereby offering more effective service to its suppliers.
Our solution is perfectly suited to SAP's enterprise system and satisfies the strict requirements of multinational companies like BP when it comes to handling invoices and payment, says ReadSoft CEO Jan Andersson. From day one, the new way of working will help BP save money. It will also mean quicker invoice resolution and payment to suppliers.
What is ReadSoft DOCUMENTS for Invoices?
With over ten years of experience, ReadSoft's technology for electronic invoice processing is the most powerful and popular solution on the market. Handling an invoice manually costs EUR 10-30. ReadSoft DOCUMENTS for Invoices releases the user from the manual effort and substantially reduces the cost. ReadSoft's solution, which offers wide-ranging functionality from data capture and payment, is currently used by more than 1,400 businesses around the world. The software captures and classifies all invoice formats, whether paper or electronic. The solution is customised for simple linkage to leading international enterprise systems by companies like SAP and Oracle.