Faster invoice processing is a goal common among virtually all accounts payable departments across industries. Less time spent processing means less money spent on the effort and more opportunities to realize savings through early payment discounts. Better processing also improves visibility into the process, ultimately contributing to more thoughtful decision-making. However, there's just one problem: manual processes and disconnected systems make such speed increases hard to achieve. With accounts payable automation, though, you could make great strides.
With advanced automation resources, including Kofax AP Essentials and Kofax TotalAgility, experts can enjoy robust platforms for developing even more advanced solutions. How can you use these tools to change how your teams work? You don't have to start from the very beginning. On the contrary, rather than integrating automation from the first line of code, you can find ready-made solutions to speed towards the future. You can find it all in the Kofax Marketplace.
Entering the Kofax Marketplace
Companies face different needs and may prefer various approaches to solving the same type of problems. No single approach to AP automation will work for every organization. With the Marketplace, you can explore solutions that offer a faster path toward automation. Simultaneously, these solutions shorten the time to achieve a positive ROI on your investments in process improvements.
You can find exciting solutions for automating tedious accounting work in the Marketplace. With multiple options available from highly experienced development teams, you can explore to locate the solution most suitable for your business. Let's look at three of the options you have for tools that bring speed to invoice processing.
Advanced ERP Integration & Processing With Cobwebb Cloud Capture - Finance
What if you could kickstart the invoice processing journey by automating elements of the work from step one? In other words, an automated process commences as soon as an invoice arrives in digital form. With Cobwebb Cloud Capture - Finance integrated with Kofax AP Essentials, that's precisely what you can achieve.
Using the Microsoft Azure cloud architecture to equip your AP team to process and work on invoices from anywhere, this solution is highly configurable and flexible. Top-tier optical character recognition combines with machine learning to deliver best-in-class data extraction from invoices. Data validation tools reinforce learning, so your system continuously improves accuracy over time and with more invoices.
Customize workflows for notifying employees and engaging their help when an invoice requires approval or an exception occurs. Once resolved, the automated process resumes. Built-in reporting tools ready for use immediately ensure you can develop excellent visibility into invoices across their entire lifetime. Additionally, Cobwebb Cloud Capture integrates deeply into the whole Infor family of ERP software. With this solution, you can reduce invoice processing time and provide access for your teams at any time of day or night.
Capably Manage PO and Non-PO Invoices With SoftCo Accounts Payable Automation
Using the powerful document intelligence capabilities packed into AP Essentials, the SoftCo Accounts Payable Automation solution provides in-depth capabilities for companies that process purchase order invoices and non-PO invoices. In such environments, matching between documents is often an essential part of the workflow. The three-way match, for example, provides a critical backstop against maverick spending, improper invoices and many other commonly encountered issues. However, matching has often been one of the most time-consuming tasks for human workers.
SoftCoAP includes a "Smart Matching engine" that streamlines this process. Using document intelligence, you can achieve high speeds in fundamental matching while automatically tackling some of the most challenging discrepancies between documents. SoftCo says their matching engine performs 38% better than those that use no intelligent tools. Machine learning also improves accuracy over time, using previous matches to understand future documents.
SoftCoAP also uses AI to ensure that the appropriate parties receive invoices for approval in shorter time windows. Successful implementation can reduce routing time by up to 89%. The software automatically maintains a general ledger for non-PO invoice processing, sending recurring invoices to the correct approval party without needing a match. This solution is excellent for end-to-end process transformations in offices with a mixed approach to invoicing.
Explore End-to-End Automation With transcendAP
transcendAP by Optima Global Solutions is another option for businesses that need a rapidly-deployable invoice automation solution that's ERP-agnostic. In other words, you can readily integrate this platform into more existing business software setups. A key benefit of transcendAP is its "payments as a service" system, which brings automation to digital payments. With faster invoice processing, quick approvals, and automatic payments, you can satisfy vendors and begin capturing discounts for early payments. These capabilities open the door to a rapid ROI.
Like other solutions, transcendAP includes automatic matching for invoices and purchase orders. It supports two- and three-way matching in a fully automated environment. Mobile integration allows sending approval requests directly to an individual's mobile device. A quick review and a few taps are all it takes to send that invoice off for payment. Payment solutions supported include ACH, e-checks and others.
Understanding your processes and digging deeper into the data is also possible with this solution. Configure transcendAP to deliver detailed, data-driven insights into daily spend, cash flow, operational health and potential risks. These capabilities can turn AP into more than just a team that helps pay the bills; you can also empower this team to drive profits.
Boost Productivity and Enrich Your Workflows With Automation Today
You might find that the ERP integration of Cobwebb offers precisely the functionality you need. Perhaps transcendAP delivers the fast results your workflows must achieve for efficiency. Regardless of your choice, one fundamental fact remains: you don't have to start from square one to embrace the benefits of improving processes in AP.
Advanced accounts payable automation doesn't always require a sizeable investment and months-long development cycles. With solutions from the Kofax Marketplace, finding the best approach for your business is much simpler. Start your journey towards streamlined invoice management today and discover the future of your fundamental financial processes.