Kofax plc, a provider of smart process applications for the business critical First Mile of customer interactions, has launched Kofax TotalAgility AP Automation solution to address the biggest challenges and trends impacting the accounts payable industry.
The solution, which the company claims to be the industry's first smart process application for accounts payable automation, combines capture, process management, mobile and analytics capabilities to deliver cost savings, improved vendor management and better cash management in invoice capture and AP processes.
"We knew it was important to address the critical issues and challenges that accounts payable managers across all industries face,” said Anthony Macciola, chief technology officer at Kofax, in a statement.
Macciola said that with the company’s smart process application, AP professionals will benefit from a high level of touchless processing, advanced visibility and enhanced control throughout the entire process.
He pointed out that AP managers can now access business intelligence and analytics tools that enable them to view near real-time metrics surrounding invoice capture and AP automation performance.
According to company officials, AP Automation is the first smart process application solution built on the TotalAgility 7.0 platform. While it can be used with any accounting or ERP system, the solution offers tight integration with Microsoft (News - Alert) Dynamics AX.
The AP Automation solution comes with lots of features including: accepting invoices in a variety of formats, including paper, faxes, emails, Web portals, XML and EDI data streams, and mobile devices; capturing and delivering high quality digital images from paper invoices; and extracting and validating all business critical data contained in the invoice among other such things.
"Using the Kofax AP Automation solution has enabled us to improve productivity by processing a higher volume of invoices dramatically faster, with greater accuracy and at lower costs," said Bala Kothandaraman, general manager of information and communication technology at Hyundai Motor Company Australia.
“Because Kofax has minimized the need to modify existing enterprise applications and repositories, we enjoy a faster and easier integration," Kothandaraman added.
Edited by Alisen Downey