Kofax Updates Accounts Payable Workflows Through Intelligent Automation
Blog: Solutions Review - Business Process Management
Kofax recently announced further innovations across its portfolio of invoice and accounts payable solutions, improving businesses’ ability to transform mission-critical processes within accounts payable processes with automation quickly. Of the projected $42B in enterprise spend for Intelligent Automation solutions over the next five years, 40 percent is predicted to be dedicated to financing and accounting transformation, specifically automating invoice and accounts payable workflows.
Earlier this year, Kofax also announced that its accounts payable automation solution, AP Agility, is now available as a cloud-hosted SaaS offering. Kofax AP Agility Cloud combines the power of artificial intelligence-driven capture, three-way matching of invoices, purchase orders and receiving documents, approval and extension workflows, automated general ledger coding, and analytics. This combination delivers the benefits of AP Agility to accounts payable departments looking for a cloud-based solution.
The enhancements to the accounts payable solution include:
- Document Intelligence: Improved capabilities for processing invoices and other financial documents in more formats while maintaining pace with emerging e-invoice requirements.
- Growing ERP Finance Ecosystem: Kofax’s expanding ecosystem offers out-of-the-box connections to leading financial platforms, such as Coupa, Microsoft Dynamics 365 Finance & Operations, NetSuite, Oracle Financial Cloud, and SAP.
- Digital Workflows: Kofax’s workflow automation features enable businesses to efficiently manage complex accounts payable processes through touchless processing, enabling the automated collection of missing documents, resolving inconsistencies between invoices, purchase orders, and receiving information. The updates improve the user’s ability to maintain process transparency and compliance, minimize manual entry across multiple systems, and accelerate data flow to support rapid decision-making.
In a media statement, Kathleen Delaney, Chief Marketing Officer at Kofax, said, “as a leader in AP automation and invoice processing, we recognize the critical role these processes play when it comes to managing liquidity, cash flow, profitability, and overall business continuity. Our Intelligent Automation portfolio eliminates transactional and manual work that has plagued this function and allows our customers and prospects to drive value for their organizations on more critical and strategic topics.”
To learn more about Kofax, click here.
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