Razorsight Releases Automated Invoice Management (AIM)

New Intelligent Data Capture Solution is First to Give Companies 100% Visibility into All Costs, ROI within One Year

FAIRFAX, VA - October 2, 2006 - Razorsight Corporation, a market leader and innovator of intelligent data capture and financial analysis software, today announced the release of Automated Invoice Management (AIM), the only turn-key solution on the market today that offers automation, business workflow, and analytics to a company’s management of direct costs, while delivering a return on investment in under 12 months.

Razorsight’s Software-as-a-Service (SaaS) integrates seamlessly with existing ERP or financial systems and takes those systems’ spend management capabilities to an entirely new level by automating the capture and analysis of all invoice data, while automating 4-way matching as well.

“AIM is transforming the way companies manage, process and audit their direct costs, which helps them improve margins, maximize cash flow, lower their costs for processing invoices, and improve visibility into direct costs to manage their competitive position,” said Charlie Thomas, CEO of Razorsight. “The invoice process and accounts payable function remains highly labor-intensive with too much paper and a myriad of systems with limited integration and poor visibility into direct spending. AIM is saving our customers billions of dollars by automating and streamlining the entire process.”

ERP systems typically handle the core transactions, such as matching the purchase order to the drop slip receipt to the invoice. However, these systems do not provide 1) a workflow for the invoice reconciliation and payment process; 2) complete and accurate visibility into all costs; or 3) a solution for digitizing invoices – 80% of which, according to a 2006 report by Aberdeen, are still trapped in paper and in formats that require long manual processing times. A company’s inability to see these financial details in real time costs them on average 10-15% per year to their bottom line equating to tens of millions of dollars.

Razorsight’s AIM has a proven heritage in the telecommunications industry – one of the most complex cost and spend management environments. AIM has helped large companies reduce costs by eliminating payment errors and transaction costs; avoiding early, late, or duplicate payments; maximizing supplier terms; and improving vendor payment terms. Together, these benefits have provided companies with improved cash flow and documented ROI within six months.

“AIM automates the manual processing of invoices received in any format – paper, PDF, EDI or fax – and performs audits and analyses on this valuable data, thereby providing vastly enhanced visibility and analytics capabilities. As a result, Global 2000 Enterprises can make better decisions while improving SOX compliance,” said Thomas.

“AIM is the only solution of its kind which delivers an ROI in under a year. We have saved our customers billions of dollars and transformed the way they manage, process and audit their direct costs,” added Thomas.

AIM Features:

Razorsight AIM offers comprehensive audit capability which allows for auditing and validation of 100% of required components for complete auditing. Razorsight AIM is also the most flexible and robust engine on the market which audits any invoice against any data source (e.g., 4-way, 5-way match).

Media & Industry Analyst Contact:
Rebecca McAlear
Focused Image
rmcalear@focusedimage.com
703-739-8803