Reduce Processing Costs and Strengthen Controls
MarkView for Accounts Payable optimizes transaction processing by implementing best practices, integrating all associated information and leveraging the existing ERP system. Financial Shared Service Centers leverage MarkView for Accounts Payable across the extended enterprise, integrating the lines of business with geographical hubs. The benefits are clear — companies can reduce costs, increase visibility, strengthen controls and maximize the use of cash.
Increase Financial Control, Improve Service and Reduce Costs
MarkView for Accounts Payable provides AP professionals with an online view of each invoice throughout the approval and payment process, increasing control, maximizing productivity and minimizing costs. Invoices are captured in the ERP system the day they arrive from a supplier. There is no more guesswork at month end for accruals, as all of this information is captured and closely tracked and reported in the ERP payables and MarkView for Accounts Payable. A single repository for all invoices and the associated back up and their processing history increases a company’s financial control and also greatly reduces the risk of duplicate payments, overpayments, errors and fraud.
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With MarkView for Accounts Payable, AP employee productivity is dramatically increased, enabling AP departments to scale without adding people or reassigning resources. Cash management is maximized as each invoice is closely managed from receipt through payment and business rules make appropriate tradeoffs between payment timing, potential discounts and late payment penalties. This automation reduces costs while ensuring supplier satisfaction. The integration between MarkView for Accounts Payable and the ERP payables system means that all pertinent data is entered one time only, and in one system only, the ERP system, providing a single source of the truth and translating into a lower cost of ownership.
Web enabled self service access to payment status information and the actual invoices is provided to both the line of business managers and suppliers, reducing costly inquiries into AP. Online access to all associated AP information greatly reduces the time, complexity, and cost of audits.
Leverage the Existing ERP System
Capturing and managing all invoice data online in an intuitive fashion enables companies to streamline and automate procure-to-pay processes. Most ERP systems are not fully leveraged because the business processes that touch these expensive systems have not been optimized. The same volume of back and forth email, faxes, and paper shuffling continues well after an ERP implementation is complete. By capturing all invoice data electronically as early as possible, organizations are better able to achieve true end-to-end automation of the procure-to-pay process. Kofax has encapsulated the best practices from 16 years of experience and hundreds of implementations into AP business process flows that eliminate communication bottlenecks and optimize AP processes.
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MarkView for Accounts Payable automates both PO based and non-PO based transactions in the ERP payables application. With preapproved and PO invoices, the usually cumbersome hold resolution process is optimized as all invoice information is captured online and delivered at once to the user responsible for resolving the hold. With MarkView for Accounts Payable, all of the information and tools are at the user’s fingertips to resolve the hold and approve the invoice for payment. If individuals require information from the invoice or purchase order, MarkView for Accounts Payable delivers online access to all of the associated information, greatly reducing the cost and time associated with an AP clerk retrieving such information.
With non-PO invoices, MarkView for Accounts Payable brings supplier invoices directly into the AP department and optimizes the coding and approval process. It leverages the ERP system’s security and approval hierarchies to route the invoice to the appropriate line-of-business manager via an email with a link. When the manager clicks on the link, the invoice is displayed in a browser for the manager to review, code and approve. Cost center codes, which can be very lengthy and difficult to remember, are entered accurately the first time with MarkView for Accounts Payable and are crosschecked and validated against the ERP tables in real time. To approve or reject the invoice, the manager simply drags and drops the appropriate stamp onto the electronic invoice.
Get Easy Access to Data
MarkView for Accounts Payable captures all invoice related information online, regardless of the original format or source — paper, fax, electronic invoices, EDI, XML or other formats — enabling interaction through a web browser in much the same way as with a paper document. Sticky notes, highlights, comments, and stamps are placed on the electronic document. Web enabled access to these documents, for those both inside and outside the company, extends involvement in the Accounts Payable process beyond the AP department. Line-of-business managers and suppliers can use the system without any training, as there are no complicated forms or screens to learn. Since all information sources are captured and interacted with using a familiar interface, the business process is a consistent one.
Benefits of MarkView for Accounts Payable
- Reduce Cycle Times – Resulting in increased internal and external customer satisfaction and maximized cash flow. Prompt payments enable early payment discounts, eliminate late fees and reduce the likelihood of duplicate payments caused by vendors resending overdue invoices.
- Eliminate Lost or Misfiled Documents – Invoices are captured online immediately so they never get lost or misfiled. The copying, faxing and resending of invoices is eliminated.
- Reduce Document Transport and Storage Costs – Due to the elimination of mailing invoices for review and approval as well as the lack of a need for physical storage space.
- Improve Productivity – Through reduced AP invoice preparation, manager approval and back office processing times.
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- View Audit History Trails – With all backup information managed online for a given AP transaction, companies have a more efficient and accurate audit process. Audit requests for invoices and their associated backup are handled through online self service.
- Reduce or Eliminate Fines – The reduction and possible elimination of fines and penalties related to failed audits and/or compliance regulations.
- Performance Metrics and Monitoring – Real time data facilitates continuous process improvements. Benchmarks such as cost per invoice or cost per invoice line item are easily tracked.
- Increase Control and Visibility – Control policies such as the segregation of invoice processing and supplier maintenance duties can be enforced through automated workflows. AP has a clear line of sight into processes that can help prevent and detect losses due to fraud.
- Reduce Costs for Disaster Recovery – All core process information is managed online and can be easily archived offsite.
- Reduce Process Errors – That lead to unproductive rework, time consuming supplier inquiries and erroneous/duplicate/late payments.
- Lower Cost of Compliance – Automated processes make Sarbanes-Oxley compliance less time consuming.
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Accounts Payable Automation | Accounts Payable Solutions and Process
