Kofax - Capture: Visibility and Real-Time AP Performance Management

Kofax is a leading provider of capture driven process automation solutions. Our solutions provide a rapid return on investment to thousands of customers in banking and financial services, insurance, government, business process outsourcing and other markets.

The company delivers solutions through its own sales and service organisations, and a global network of more than 700 authorised partners in more than 60 countries throughout the Americas, EMEA and Asia Pacific.

Accounts payable function

The Accounts Payable (AP) function is increasingly visible within enterprises and is no longer regarded simply as a cost centre. Its main responsibilities now lie in quality assurance, contract and policy compliance, as well as reporting and analysis. With this change comes an increase in workload and added responsibilities, so AP departments are looking to automate as much of the invoice process as they can.

The Hackett Group, a strategic advisory firm specializing in best practice research, benchmarking and business transformation services, states that top performing AP departments have a process cost of $1.14 per invoice, compared to the non-top performer cost of $3.90. Kofax solutions automate the capture of header and line item data using intelligent recognition, which allows AP departments to dramatically reduce the cost burden and processing delays resulting from invoice data entry.

We offer an integrated end-to-end AP automation solution that leverages the best practices from hundreds of implementations in leading organisations worldwide. Workflows manage the review, coding and approval process required for non-PO invoices, pre-approved invoices, supplier maintenance and PO-based invoices that do not match the PO or the goods received information. For certain applications, Kofax even provides 'touchless' automated processing solutions that accelerate and improve performance.

With Kofax, your information is smarter, more impactful, and ultimately worth more. Unlock its value, improve its quality and flow, reduce costs and errors, improve efficiency, increase compliance and optimise employee effort across your entire organisation.

Document driven business processes

With 25 years of unmatched innovation and expertise in solving the business process problems of tens of thousands of customers around the world, Kofax understands the intricacies of document driven business processes. Kofax creates powerful capture driven business processes, supported by state-of-the-art technologies that improve an organisation's productivity, one process at a time.

Kofax enables a company to see into its critical business processes and unlock the value inside. This improves the quality and flow of information and produces better business outcomes across the entire enterprise.

Accounts payable automation through invoice capture

With so many companies searching for reliable ways to increase efficiency and drive costs down, the rapid ROI delivered by information capture is more important than ever. Though organisations of all sizes have to deal with the processing of paper documents on a daily basis, only a few of them are aware of which costs are related to this process.

With Kofax, accounts payable is optimised along the entire invoice lifecycle. Invoices are captured and digitised at the point of entry and transformed into process-ready information. Classification, extraction of metadata down to the line-item level, and validation ensure the highest data and processing accuracy. The detection of potential recognition errors in the invoice process helps to significantly reduce risk and ensures that only accurate data is submitted to the ERP system.

Simplify core AP processes

Kofax makes getting your financial processes under control easy. The company's solutions for financial departments increase the visibility and manageability of all your financial processes. How? By, for example, centralising and automating the entire invoice lifecycle, from receipt to audit.

Automating your AP processes with Kofax will increase efficiency and reduce cost and risk by accelerating and streamlining the processing of invoices, including exception and approval handling, in a variety of formats and from widely distributed suppliers.

Today's finance leaders are under increasing pressure to cut operating costs and increase the efficiency of the finance department, while at the same time improve the speed and visibility of the operations.

The manual processing of financial information such as invoices, POs, expense sheets, etc. is time consuming, costly, a drain on resources and can hinder regulatory and compliance initiatives. AP automation from Kofax will enable you to slash the cost of processing an invoice and other financial documents. For example, many Kofax customers enjoy processing costs of under $2 per invoice. This kind of cost saving can have a dramatic effect on your bottom line.