Invoice Processing

Processing invoices can be a challenging task for any organization. In the midst of cost and regulatory compliance pressures, accounts payable departments are striving to improve and extend the services they provide for their own organization, while looking for innovative ways to reduce costs, increase efficiency and enhance business relationships.

Processing invoices from the time they arrive at the organization to the time of actual payment can cost the company as much as $60 per invoice, depending on the level of automation applied. Swift and accurate processing is crucial to reduce costs, leverage early payment discounts and to improve key vendor relationships.

The majority of invoices arrive in paper form (via fax or mail), while others may be in the form of email messages, attachments or XML. The need to process both paper and electronic forms typically requires a manual effort that can be both costly and error-prone.

Kofax Intelligent Capture and Exchange for Invoices provides a solution to decrease the cost, time and effort required to process invoices by capturing invoices independent of the media used, automatically extracting invoice information, providing manual and automatic validations and setting up a seamless communication stream with suppliers.

Highlights:

• Perform Format-Independent Invoice Capture, (Fax, Email, Scanned Images or e-Invoices) centralized and /or distributed.
• Automatically extract invoice information including Line Items
• Detect, correct and normalize data quality issues with invoices such as missing P.O. numbers, or wrong freight costs
• Automatically notify suppliers of invoice status and invoice issues
• Provide media-independent feedback mechanisms for suppliers to quickly troubleshoot data quality errors on invoices.
• Deliver Process-Ready™ Information to Line of Business applications

Enhance and Optimize

Providing Process-ready™ Information, Intelligent Capture and Exchange assures the correct interpretation of the invoice content and allows for a seamless communication stream between buyer and supplier. This unique combination optimizes the usage of existing Invoice Verification and/or Invoice Approval workflow solutions to achieve higher rates of straight through processing and a further reduction of downstream manual error handling.

Overall, Kofax Intelligent Capture and Exchange for Invoices can help you to:

• Reduce direct invoice processing costs by automating processes.
• Leverage early payment discounts.
• Increase accuracy by reducing data entry errors
• Enhance financial reporting capabilities
• Speed up exception handling through automated exception detection and confirmation.
• Meet increasing demands for e-invoicing and strict regulatory and compliance regulations.

For more information, we encourage you to read our in-depth case studies. And contact us to learn how Kofax and its partners can develop a solution tailored for your organization’s digital imaging requirements.

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