Loudoun-based software company services globally, hires locally
An Ashburn-based company has a global vision for helping large companies save time and money without outsourcing labor.
Brainware, founded in 2006, may be reducing the need for human labor in tedious financial data-entry projects, but it also aggressively hires local professionals – to the tune of 35 new employees at the Ashburn headquarters since the beginning of the year.
“We have a software technology that helps process unstructured documents,” Brainware spokesman Charles Kaplan said.
A large company might get thousands of invoices every day from thousands of suppliers. To manually key all that information into the accounting system would be tedious and time-consuming, Kaplan said.
But Brainware uses “intelligent data capture” to transfer the information from invoices and other unstructured documents into a company’s accounting system. Other unstructured documents include e-mails, Word documents and Web pages.
“This technology reads the documents, extracts the relevant information and posts it automatically to the [accounting] system,” Kaplan said. “It helps large companies automate and streamline a more manual process.”
Kaplan estimates that the software can relieve a company of 60 percent to 80 percent of the work of manually keying in information from unstructured documents. It also “improves the accuracy, reduces the error rates and improves the recycle time.”
Many invoices state that if a bill is paid within a certain time period, the company paying the bill will receive a percentage discount.
“A limitation to taking those early-payment discounts is the ability to process those invoices in time,” Kaplan said. Brainware’s software allows a company to “streamline” the process and “drop substantial profits to their bottom line.”
The software may also save companies from outsourcing tedious data-entry labor.
“Increasingly, we’re finding that these global companies realize that it’s better to keep it in control” instead of outsourcing, Kaplan said.
Some of Brainware’s more common customers are healthcare providers, manufacturers, and oil and gas companies, including the Mayo Clinic, Bayer, and the Shell Oil Company. Shell processes about 5 million invoices a year with Brainware’s software, Kaplan said.
“Our focus has been on the very large organizations because they have the largest [influx] of invoices,” he said—companies that have “typically a billion dollars in revenue or more. For smaller businesses, there are other companies that can meet those needs.”
Brainware is open to servicing companies in Loudoun, but only because it services companies around the globe, Kaplan said. But Brainware likes Loudoun because of the talent pool of young professionals and the proximity to Washington Dulles International Airport, he said. “We continue to have very aggressive hiring plans.”
Brainware has branches in the United States and Europe, with about 60 percent of its business in the United States and most of the remaining 40 percent in the United Kingdom, Kaplan said. The operations office is in Neuchatel, Switzerland, and there are several U.K. sales offices.
“The market for this type of technology happens to be very good right now,” Kaplan said. “The goal is to continue to expand while the market is good.”