• Document automation takes the risk out of equipment rental
• Helps keeps liquidity up, costs down
• Delivers financial control, increased productivity and improves growth potential
ReadSoft, a global provider of software solutions for document automation, announces an extension to its software services for the construction industry with the launch of Allocate, to address the processing of accounts receivable (AR) documents. This software provides an answer to the financial management challenges faced by construction companies which are renting equipment to keeping liquidity up and costs down.
Construction equipment rental sees high levels of small transactions, arriving in range of payment types (cheques, cash, card payments and invoices). Faced with finance systems that lack the speed and flexibility to deal promptly with invoice payments it becomes difficult to get cash into a business quickly enough, leading to a rise in debtor days. Outstanding balances not only cause cash flow issues, but can mean clients are chased for already paid bills.
Construction companies in the UK have already saved time and money, and improved accuracy by adopting docu¬ment automation for accounts payable (AP) processes. ReadSoft helped Marbank Construction to prepare to deal with payment changes after alterations to the Construction Industry Scheme (CIS). Steve Brown, Finance Director, Marbank Construction said: “For a relatively modest outlay the savings have been huge. I don’t regard it as capital expenditure but rather as money spent to do the job better.”
Teresa Barton, Administration Manager, Travis Perkins one of the top three Builders’ Merchants in the UK, agrees: “By automating our finance processes we’ve been able to improve efficiency and process greater volumes of invoices each month, without increasing headcount.”
ReadSoft’s Allocate now enables construction companies to automate the repetitive Accounts Receivable (AR) process with advanced features and functionality which can lower current process costs by as much as 70%. Like AP, it now enables the AR function to regain control. The finance department can now eliminate payment queries; power new efficiencies; improve auditing and staff management; and increase rates of debt collection.
Simon Shorthose, Managing Director, ReadSoft said: “The construction industry represents an important market to us in the UK. ReadSoft’s ability to process increasing volumes of AP invoices is proven, now we want to show the construction industry that it can also reinvent the accounts receivable processes in a similar manner. With focus placed on collection and not reconciliation activity, we can help deliver financial control and increased productivity, putting construction companies in a better position for future growth.”
ReadSoft is a leading global provider of software solutions for Document Process Automation. ReadSoft’s software enables companies to automate document processes such as accounts payable processing, document capture, document sorting, and order to cash. ReadSoft is by far the world’s number one choice for automated invoice processing. Since the start in 1991, ReadSoft has grown to a worldwide group with operations in 16 countries on five continents and a network of local and global partners. The head office is located in Helsingborg, Sweden, and the ReadSoft share is traded on the NASDAQ OMX Nordic Exchange Small Cap list. For more information about ReadSoft, please visit www.readsoft.co.uk
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