News

Artsyl announces new way to process invoices

08/14/2007

“Artsyl Announces New Way to Process Invoices”
Toronto, Canada (July 21, 2007)

Every day, hundreds of companies big and small are flirting with the idea of automatically entering their invoices. Many of the companies search the technology landscape to evaluate and understand the solutions on the market. Despite the large number of solutions out there, the story is always the same: $60,000 in software cost plus three times the software cost in professional services will get a company a full-blown invoice capture solution. The reason for the cost is the sheer complexity and amount of variation in commercial invoices. Not only does just about every vendor have a different invoice, but there are invoice document verticals that are different than even any commercial invoice, such as:

- Legal invoices
- Telecom billing
- Manufacturing invoices
- Aggregate product invoices

For all types of invoices, the first challenge was just getting document-level information such as check number, billing date and total due. Add line items detail and the problem explodes. Even the $500,000 solution has yet to show maturity that would be closer to other forms processing solutions.

Artsyl, a major player in the capture market, as well as solution provider and integrator for invoice processing solutions, has now developed a new, less expensive way of processing invoices. “Artsyl’s Simple Invoice” approach is guaranteed to make the entry barrier to invoice processing far lower and bring the solutions even to mid-sized businesses, which are entering their invoices at a tremendous cost in investment and time expenditure.

The foundation of the solution is simplicity for the user, scalability for all machine-typed documents an organization encounters, and a price point that allows organizations to experience as little as one-month ROI and to remove hesitation about embracing helpful technologies.

Artsyl estimates that its first Simple Invoice solution will be launched in late November and targeted at mid-sized businesses. The solution will require zero professional services and have a step-1-2-3-type user interface allowing users to master the product with a few quick demos during installation.

“It will be interesting to see how the market reacts to the solution. We don’t intend to compete with the full-blown solutions; as a matter of fact, we intend to make it easier for large organizations to transition to them,” stated Artur Vassylyev, Artsyl’s Director of Engineering. “Through our experience in the industry we quickly spotted the invoice capture gap. This gap was created by fear, market education, and price. Simple Invoice solutions bridge this gap,” said Mr. Vassylyev.

Artsyl expects that the price point for the first solutions will be in the range of $3,500 to $6,000 per seat. The solution will have no page-count or similar limitations. It will be sold through a channel and likely be accompanied with Artsyl-approved scanning hardware.

---

About Artsyl: Artsyl Technologies, Inc. is a Canadian-born firm that specializes in recognition technologies. We take currently available technologies and put them into practice for organizations. Artsyl also serves as a knowledgebase for the development of future recognition technology solutions and a resource for all organizations investigating such technologies. To find out more please visit the corporate website at www.ArtsylTech.com. News contacts please email relations@artsyltech.com.

<< Previous | All news | Next >>