Trade in late payments, lost invoices and a lack of visibility into manual invoice processing for an invoice automation solution that improves your internal processes and relations with suppliers.
What is invoice automation? Kofax invoice processing software jumpstarts the purchase-to-pay cycle by automating the scanning, interpreting and filing of invoice data. No matter how invoices enter your organization – on paper or in any electronic format – the software intelligently extracts the important information and validates it according to a pre-defined set of rules.
Invoice processing with Kofax features seamless ERP integration with SAP, Oracle E-Business Suite, and other ERP systems. Our proven invoice automation solution is based on best practices gathered from years of experience in accounts payable (AP) automation and is highly adaptable to your business's invoice management requirements. And with timely access to highly accurate financial reports, you’ll have the information you need to make better business decisions.
Read on to find out how it works.
The invoice automation process begins with self-learning capture technology that continually increases recognition capabilities. Paper invoices are scanned and digitized and e-invoices (XML, PDF and EDI) are immediately ready for interpretation. The capture solution reads and interprets all invoice files, regardless of format.
During validation, captured invoice information, including barcodes, stamps and other supplier-specific data, is categorized. Information is validated against available purchase order, goods receipt and master data. The solution also includes automated checking of sums, supplier data, dates, tax amounts and more. Kofax offers country-specific profiles, programmed with region-specific criteria, such as VAT rates, date formats and currency characters.
When information enters the resolution workflow, discrepancies and missing information are flagged for user verification. Exceptions are routed to a workflow for resolution, while validated invoices continue in the processing workflow. Visibility into up-to-date invoice status is available 24/7, and images of all invoices are readily available throughout the process.
By achieving full automation, digitalization and centralization of slow, manual and fragmented invoicing processes, we are now in a good place to pursue our growth. Kofax was instrumental in helping us get to this stage.