News | January 28, 2009

Sheridan Production Enhances Oracle E-Business Suite With Automated Invoice Processing From ReadSoft

With a strategy focused on acquiring mature producing oil and gas properties in the U.S., Sheridan Production faces an ever increasing number of paper-based invoices. Along with basic invoice information, employees were manually typing in line item information from every incoming invoice into the accounts payable application. In addition, approvals were obtained from various district offices causing the invoice flow to be costly and inefficient. Sheridan turned to ReadSoft to alleviate the manual focus of their accounts payable department and help automate the approval process for operating personnel.

"Having implemented Oracle E-Business Suite at other larger corporations, working with the ReadSoft team has been terrific," said Anne Oglesby, Accounts Payable Supervisor at Sheridan Production. "Not only did ReadSoft's solution simplify a complex business process, but its staff maintained first-rate customer focus during the entire process."

The ReadSoft solution has been installed with Sheridan's Oracle E-Business Suite system to not only automatically capture information from paper invoices but also to utilize ReadSoft's automated workflow and approval procedures. ReadSoft's solution has achieved the highest possible product certification with Oracle E-Business Suite which gave Sheridan confidence to partner with ReadSoft.

"With Sheridan's expected future growth, we needed to have the infrastructure in place to process invoices as timely and efficiently as possible to help minimize costly manual procedures and maximize efficiency of vendor pay," said Tim Blaine, Sheridan Production CFO. "ReadSoft's solution allows us to better utilize our current staffing with only modest planned increases as we continue to grow."

"When growing companies like Sheridan Production handle accounts payable inside the Oracle E-Business Suite system, they will experience improved control of cash flow and invoices," said Bob Fresneda, President of ReadSoft North America. "The ReadSoft and INSYTE teams are both pleased that the solution is successfully in production with Sheridan already experiencing the benefits promised."

About INSYTE:
INSYTE is a technology company that helps businesses automate from paper based to electronic systems and is a certified partner with ReadSoft. Focusing on efficient and effective document management through document imaging, workflow and automated data capture, INSYTE applies multiple tools to accelerate business processes and make them more reliable.

As a leading provider of document automation to private businesses and government agencies, INSYTE, with offices in Houston, Texas assists organizations nationwide in automating paper-based processes through the use of industry leading document imaging, workflow and data capture products. For more information, please visit www.nsyt.com

About ReadSoft:
ReadSoft is the global leader in the development and sales of a complete product platform for Document Process Automation. With thousands of customers on a global basis, ReadSoft supports customers and partners in North America with offices in 7 locations, including the corporate headquarters in New Orleans, LA.

Established in 1991, ReadSoft was first to bring free form technology for invoice processing to market and first to achieve certifications to enterprise resource planning systems such as SAP and Oracle. ReadSoft has become the global technology leader, with operations in 16 countries and partners in an additional 70. We are proud to have the largest and most innovative development department in the industry, with professional services to assist customers and partners on a global basis. ReadSoft’s vision is to free businesses everywhere from manual document handling. For more information please visit www.readsoft.com.