With MarkView technology, Kofax offers an integrated end-to-end AP automation solution that leverages the best practices from hundreds of implementations in leading organizations worldwide.
The average company with a low level of automation spends
$15.70 to process an invoice, almost 20 times as much as companies
with a high level of automation, where the cost is $0.74
- IOMA’s AP Department Benchmarks and Analysis 2010 report
With Kofax, AP is optimized along the entire invoice lifecycle. Invoices are captured and digitized 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.
Best practice workflows manage the review, coding and approval process that is 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 customers, this results in:
Recent years have brought significant changes to the financial services sectors. Banks, credit unions and other institutions are looking to improve liquidity, restore investor confidence, increase customer retention, better compete for deposits, and address the critical issue of regulatory compliance.
Kofax enables financial services organizations to reduce processing costs, improve customer service and achieve regulatory compliance for their core processes.
Press Release: Kofax acquired 170 Systems, a leader in financial process automation software, to deliver a complete invoice processing solution.
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