Invoice processing represents a significant overhead for most businesses
Processing invoices quickly and accurately can be a challenging task for any organization and is crucial to reducing costs and to improving key vendor relationships. The need to process and manage both paper and electronic invoices typically requires manual effort that can be both costly and error-prone.
That is, unless you have the right solution….
Imagine Processing ALL Invoices the Day They Are Received!
Picture the benefits of recording the date received, identifying the vendor, and even capturing key invoice fields like Invoice Number, Total, Tax, etc. — not manually, but automatically.
Think of the efficiencies gained by automating the assignment, prioritization, and delivery of each incoming invoice directly to the responsible AP professional or Manager for the easy review, coding and approval through a workflow solution.
Consider having a bird’s eye view of all spend and payment activity across your organization in real-time, when you want to see it.
Gain Measurable Savings
The Accounts Payable Automation Solution for DocuShare® CPX is the key to transforming your organization’s Accounts Payable process. Measurable Savings and Return on Investment can be achieved by:
- Reducing manual key-entry of data from invoices through advanced imaging and indexing (OCR) capabilities
- Reducing your liability to vendors with enhanced invoice monitoring and reporting
- Reducing invoice payment costs by ensuring early payment discounts are utilized and late payment fees are avoided
- Reducing or eliminating onsite and offsite storage costs
What Makes This Solution Different?
The Accounts Payable Automation Solution for DocuShare® CPX automates manual tasks inherent in traditional AP processes, such as invoice sorting, key-entry, distribution, review and approval, filing and payment processing.
By automating your organization’s AP processes, you will see immediate ROI through the reduction of overall invoice processing time and associated cost per transaction.
Best Practices & Real World Experience
The Account Payable Automation Solution for DocuShare ® CPX has been designed based on best practices learnt through process analysis of “real world” Accounts Payable departments. However, this does not mean the solution is “one size fits all”. We take time to understand the unique needs and nuances of your organization in order to truly transform your Accounts Payable process.
Best-of-Breed Technology Components
The Accounts Payable Automation Solution for DocuShare® CPX is designed and developed by CDIT and comprised of best-of breed technology components including:
- Kofax KTM – an industry-leading document and data capture solution with advanced data extraction (OCR) technology.
- AP-FLO – an Accounts Payable Workflow Solution for the DocuShare® CPX platform
These best-of-breed technology components provide flexibility and scalability to address any organization’s AP requirements.
Invoice Document and Data Capture
The Accounts Payable Automation Solution for DocuShare® CPX starts with powerful, production-level invoice image and data capture technologies that decreases the cost, time and effort required to process invoices by capturing invoices received in any format, automatically extracting invoice information and providing automated validation of that information.
Through industry-leading capture technologies from Kofax, including Kofax Capture and Kofax Transformation Modules (KTM), the solution automatically reads and extracts invoice data from scanned invoices with a high degree of accuracy, dramatically reducing the burden of manual keying. Extracted invoice data is automatically validated against any ERP or accounting system, while wrong or missing data is automatically flagged through built-in exception handling, allowing you to focus only on issues that need attention.
Invoice Workflow and Document Management
Once invoices have been captured and processed through the Imaging System, the invoices and data are automatically assigned and delivered directly to the appropriate user in DocuShare® CPX and AP-FLO – whether this is an AP Associate tasked with coding the invoice, or a purchaser (or manager) tasked with reviewing the invoice for approval. AP-FLO users are automatically notified by e-mail if any action is required by them during the invoice approval process.
The invoice is archived in DocuShare® CPX for easy access at any time through the robust, yet easy to use, AP-FLO interface. With a click of the mouse, the user can view an invoice and all associated information — including G/L codes, comments entered by co-workers during the review and approval process, and a full workflow audit log for the invoice. Invoices can be prioritized within AP-FLO based on configurable variables such as Invoice Due Date or available Vendor Discounts, which can trigger automatic deadline and escalation notifications to users, managers and supervisors in the system. This helps AP-FLO users manage and prioritize their work.
Once an invoice has been coded, routed and approved in AP-FLO, the invoice data can be automatically transferred to the ERP or accounting system for payment. Once paid the invoice payment data can be uploaded to AP-FLO and saved with the invoice to provide a complete audit trail for compliance purposes.
About CDIT Inc.
CDIT Inc. is Canada’s leading Enterprise Capture Consultant/Integrator. We are focused on accelerating the CAPTURE, TRANSFORMATION, DELIVERY and EXCHANGE of critical information that is an essential part of every organization.
CDIT is a Kofax Gold Partner and a Xerox Solution Partner offering key industry expertise and services to support the integration of these technologies into unique business and technology environments. CDIT works with leading organizations to define, architect, supply and implement innovative solutions to help reduce operational costs as well as enhance competitive positioning. These solutions help streamline the capture, transformation, delivery and exchange of critical information that drives our clients’ business processes.
Our unmatched combination of solutions and technologies improve the speed, cost, accuracy and efficiency of business transactions by enabling organizations to receive and exchange information automatically with anyone, anywhere, in any format.
About Kofax Capture & KTM
Kofax is the leading provider of Intelligent Capture & Exchange solutions. Kofax Capture & KTM accelerates business processes by enabling the streamlined collection of documents and forms, transforming them into accurate, retrievable information, and delivering it all into your business applications and databases.
For more information on Kofax and the Kofax Capture & KTM applications leveraged in this solution, please visit: www.kofax.com/transformation
About Xerox DocuShare® CPX
Xerox Corporation is the world’s leading document management technology and services enterprise. Xerox DocuShare® CPX is a proven, award-winning application that brings new efficiencies and business value to organizations of all sizes.
For more information on Xerox and the DocuShare® CPX application leveraged in this solution, please visit: www.xerox.com/docushare