Friday, May 14, 2021

Kofax Transforms Accounts Payable Workflows with Intelligent Automation

Portfolio of Solutions Accelerate Organisations’ Ability to Automate Invoice and Accounts Payable Processes to Digitally Transform Those Workflows

Kofax®, a leading supplier of Intelligent Automation software for digital workflow transformation, today announces continuing innovations across its portfolio of invoice and accounts payable solutions – further improving organisations’ ability to rapidly transform mission-critical processes within accounts payable processes with automation.

Of the projected $42B in enterprise spend for Intelligent Automation solutions over the next five years, 40 percent is expected to be dedicated to finance and accounting transformation, [1] and more specifically automating invoice and accounts payable workflows. This reflects a shared focus among business leaders on harnessing automation to realise greater operational efficiency. Kofax Intelligent Automation delivers even greater, multi-faceted benefits.

“The Accounts Payable function is faced with an unprecedented opportunity to elevate its stature as a provider of insight – helping an organisation enhance accuracy of cash flow forecasts, improve liquidity, and realise higher profits,” says Kurt Albertson, Principal of Advisory Services at The Hackett Group. “However, this is all dependent upon first realising operational efficiencies via transformative investments in process automation technologies.”

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Kofax solutions now make it faster and easier to process financial documents and data, automate manual time-consuming workflows and seamlessly connect enterprise financial systems—already helping over 3,000 organizations around the world maximise agility and achieve record time-to-value on accounts payable automation investments. Among the new enhancements:

  • Document Intelligence: Enhanced capabilities for processing invoices and other financial documents in more formats than any other vendor, while keeping pace with emerging e-invoice requirements. Native AI and machine learning allow Kofax Intelligent Automation algorithms to learn and improve over time while driving greater straight-through processing.
  • Growing ERP Finance Ecosystem: Kofax’s continually expanding ecosystem provides more and deeper out-of-the-box connections to leading financial platforms including Coupa, Microsoft Dynamics 365 Finance & Operations, NetSuite, Oracle Financial Cloud and SAP. Organisations increasingly use Kofax to complement ERP solutions and achieve end-to-end accounts payable automation. Customers leveraging Kofax’s broad application ecosystem will minimise the time spent on custom integration projects.
  • Digital Workflows: Kofax’s extensive workflow automation capabilities enable organisations to efficiently manage the most complex accounts payable processes through touchless processing, and enabling the automated collection of missing documents and resolving inevitable inconsistencies between invoices, purchase orders and receiving information. Enhancements improve customer’s ability to maintain process transparency and compliance, minimise manual entry across multiple systems, and accelerate the flow of data to support rapid decision making.

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“As a leader in AP automation and invoice processing, we recognise the critical role these processes play when it comes to managing liquidity, cash flow, profitability, and overall business continuity,” says Kathleen Delaney, Chief Marketing Officer at Kofax. “Our Intelligent Automation portfolio eliminates transactional and manual work that has plagued this function and allows our customers and prospects to drive value for their organisations on more critical and strategic topics.”

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