Kofax TotalAgility Accounts Payable Automation · PDF fileTotalAgility Accounts Payable...
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Kofax TotalAgility ™ Accounts Payable Automation
Transcript of Kofax TotalAgility Accounts Payable Automation · PDF fileTotalAgility Accounts Payable...
Kofax TotalAgility™ Accounts Payable Automation
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Table of Contents
Challenges Facing Accounts Payable 3
The #1 Strategy to Overcome Accounts Payable Challenges 4
TotalAgility Accounts Payable Automation Solution 5
The Kofax Value Proposition 6
Case Studies & More 7
CONTACT KOFAX
AMERICAS
Kofax, Inc. 15211 Laguna Canyon Road Irvine, CA 92618-3146
+1 949 783 [email protected]
EUROPE
Kofax UK Ltd. 1 Cedarwood Chineham Business Park Basingstoke, Hampshire RG24 8WD
+ 44 (0) 870 777 3767 [email protected]
ASIA
Kofax Singapore Pte. Ltd. 9 Raffles Place #53-01 Republic Plaza I Singapore 048619
+61 (0)2 8916 [email protected]
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Challenges Facing Accounts Payable
Major Challenges in the Industry: AP is an information intensive interaction AP is business critical to cash flow and
financial health Many suppliers, inconsistent formats Multiple channels of invoice receipt
(paper, email, etc.)
Many AP Departments Suffer From: Excessive & costly manual paper handling High cost and error rates in extraction of
key invoice data Lost & duplicate invoice issues and weak
internal controls Hazy visibility of AP status and workflows
fail to manage exceptions
AP processing starts with the invoice. And more than 70% of invoices, on average, still arrive in paper form, many are manually handled, with data being rekeyed—sometimes multiple times—into internal systems.
Best in Class
20%
90% 18%47%
4.1Days
16.3Days
6.1Days
$3.34 $16.67$6.29
Industry Average
50%
Laggards
20%
Cost to Process ONE INVOICE
Time to Process ONE INVOICE
Early Payment Discount
Capture Rate
Source: Aberdeen Group, AP Invoice Management in a Networked Economy. May 2012
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The #1 Strategy to Overcome AP Challenges
Invest in AutomationWhat is Automation of Invoice Receipt? Create digital images of invoices and
halt the flow of paper Automatically extract data from the
invoice for use in automated AP workflows
Validate the invoice against ERP records before AP processing begins
What is Automation of AP Worklfow? GL code entry that complies to your
policies Faster PO and non-PO invoice
approval & exception processing Business Controls automatically
enforced
Invoice and AP Automation is our #1 Strategy
Best-in-Class, Industry Average and Laggard performers agree—there is one clear winning strategy to improve AP performance.
Best in Class 49%Industry Average 49%Laggards 58%
Automation of Invoice Receipt and Workflow Processes was voted the #1 strategy for improvement by Aberdeen Group survey respondents in April 2012.
58%Source: Aberdeen 2012
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Kofax TotalAgility Accounts Payable Automation Solution
Multichannel Invoice Capture & Extraction Accept paper, email, fax, EDI and other invoice formats Create digital images that can be viewed in all workflow steps Extract and validate invoice information without rekeying
Best Practice AP Workflow Route invoices to the right people Enforce policies and procedures Provide visibility and control of productivity, cash flow
and compliance
Effective ERP Integration Validate invoices against ERP Automate invoice posting Synchronize AP and ERP records
In a single software solution, Kofax TotalAgility Accounts Payable Automation delivers the three capabilities that AP departments agree are critical to better performance.
Invoice Entry
GL Coding
Line Item Monitoring
Invoice Review
Invoice Approval
Exception Resolution
Business Controls
Line of Business Manager
Supplier
Line of Business Employee
Accounts Payable Clerk
Financial Director
Accounts Payable Manager
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The Kofax Value Proposition
“Kofax helps me transform and simplify supplier interactions, proactively manage cash flow and improve P2P performance overall.”
– CFO
More than 1,000 organizations rely on Kofax for Invoice and AP Automation solutions.
“Kofax stops the flow of paper but gives me a true invoice im-age in all AP workflows. We cut costs, save time and maintain control.”
– AP Manager
“Kofax is a complete solution that stream-lines AP processing and cuts AP costs.”
– AP Director
“Kofax delivers a step-change in AP processing performance, ensuring control, compliance and improving end-to-end visibility.”
– VP of Finance
Multichannel Invoice Capture & Extraction
Cut cost and errors in invoice receiptReduce paperExtend to electronic invoice receipt channelsCreate process-ready information without rekeying
Best Practice AP WorkflowCut costs & proactively manage AP processing issuesSingle, best practice AP workflow for ALL invoicesVisibility & control for audit, complianceAlerts and flexible workflow resolve AP process issues
Effective ERP IntegrationImplementation cost saving on ERP integrationFlexible, model-based integration—not hard coded
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Case Studies & More
KOFAX CASE STUDY DATASHEETS
WHITE PAPERS
Hyundai Motor Company Australia gains valuable financial insight with Kofax Invoice and AP Automation, providing greater transparency and accountability through invoice processing.
Hyundai Motor Company Australia Gains Valuable Financial Insight 99.99% of invoices paid correctly first time Absorbed 50% increase in workload
“without effort” Eliminated 100% of manual handling Approval time cut to two days
Established in 1967, Hyundai Motor Co. has grown into the Hyundai Motor Group, with more than two dozen auto-related subsidiaries and affiliates. Hyundai Motor—which has seven manufacturing bases outside of South Korea, including Brazil, China, the Czech Republic, India, Russia, Turkey and the U.S.—sold 4.4 million vehicles globally in 2012. Hyundai Motor, which employs over 80,000 worldwide, offers a full line-up of products, including small to large passenger vehicles, SUVs and commercial vehicles.
Click above for the case study
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Contact Kofax
AMERICAS
Kofax, Inc. 15211 Laguna Canyon Road Irvine, CA 92618-3146
+1 949 783 [email protected]
EUROPE
Kofax UK Ltd. 1 Cedarwood Chineham Business Park Basingstoke, Hampshire RG24 8WD
+ 44 (0) 870 777 3767 [email protected]
ASIA
Kofax Singapore Pte. Ltd. 9 Raffles Place #53-01 Republic Plaza I Singapore 048619
+61 (0)2 8916 [email protected]
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