The New South Wales Department of Education and Communities, the largest single organization, public or private, in Australia, has chosen ReadSoft’s SAP -certified invoice automation solution to streamline its existing invoice processing operations and enable greater efficiencies across its Shared Services Centre.

The contract is recurring revenue based and the Agency plans to process 4.7 million invoices over an initial term of over 3 years. The deal was signed during the second quarter of 2014 and includes options that may stretch the term to 10 years.

The annual fee based contract is based on an actual volume of invoices processed. This allows the transition to a more efficient invoice processing system and match the savings to costs without major capital investment.

The implementation will deliver the full PROCESS DIRECTOR for Accounts Payable solution and Performance Analytics to the Agency’s shared services centre, to reduce invoice processing cycle times, drive cost benefits through centralisation, and improve visibility and control.

After scanning via a  Kodak scanner, the ReadSoft solution will deliver financial data to SAP after 3-way matching, with electronic workflows for approval and discrepancy detection. Ongoing document storage is in HP TRIM.

The solution is initially being deployed to the Department of Education and Communities corporate headquarters, TAFE institutions and 200 NSW schools. However it could eventually be rolled out with SAP to more than 2000 public schools with the adoption of shared services across the state.

“This is a truly impressive win that reinforce both our leading position within invoice automation and our recurring revenue strategy,” says Per Åkerberg, President and CEO of ReadSoft. 

“Our solutions are equally favourable to private businesses as they are for the government sector and invoice automation offers an opportunity for all sorts of organizations to streamline processes with technology that is integrated into existing ERP systems, yielding long-term efficiency gains,” finishes Per Åkerberg.