The Capture Enabled BPM solutions provider, Kofax, has come up with mobile solutions for Accounts Payable automation. Kofax MarkView is the new application launched by Kofax to provide easy mobile solutions for AP automation.
Accounts Payable Automation Solutions
Accounts Payable Automation solutions enable business providers to scan, index and classify documents and electronic invoices. This helps companies save time and work efficiently. It also helps to reduce cost lines, improve accuracy and visibility of services and strengthen cash management.
The main benefits of accounts automation lie in integrating the services, from approval to receipt. It also maintains necessary documents in compliance with the government and company policies. This system helps to retrieve data quickly regarding vendors and responds to vendor queries swiftly.
In addition to all this, it avoids paper storage completely. It is always easy to store the documents in a digitized form. Companies use software for accounts payable automation to shorten their payment cycles, manage AP costs and get good control over AP processes.
How Accounts Payable Automation Works?
Account Payable automation scans incoming invoices creating a digital image. The AP software extracts information directly from this scanned image. The software matches the extracted data from the digital image with a purchase order.
If the purchase order and information matches, it is dispatched for payment automatically. If no purchase order exists, it is routed back to the correct person in the cost allocation cycle. The software interacts with financial systems such as Oracle and SAP once correct information has been extracted. It then compares goods received, invoice numbers, purchase ledger etc.
Kofax Mark View
Kofax Mark View was launched by Kofax to manage Accounts Payable automation through mobile services. It is a fully secure mobile solution designed to capture the entire process and information of Accounts Payable.
Kofax Mark View accelerates the processes and optimizes cash management. It enables users to employ mobile systems to capture the images and information of the receipts and invoices.
The population owning smartphones and tablets has increased to a greater extent and it is going to be easy for the users to use cameras in their devices to manage services. The new application is comprehensive and captures enabled financial services automation.
An added advantage of this new application is that it allows mobile devices to become viable tools in Accounts Payable automation process.
The purpose of introducing this new application Kofax Mark View is to prevent fraud as only authorized users can accept and submit contents. The captured images cannot be altered or tampered and is not saved in the mobile devices.
Benefits of Implementing an Automated Software or Mobile Application System for Accounts Payable Automation
- It is cost effective than manual handling practices
- It is efficient and faster.
- This will give AP staff more time to concentrate on productive tasks.
- The system will give the users a good control over AP cycle.
Users can take early payment discounts and avoid late payment penalties.