Kofax AP Agility™ Takes Accounts Payable Automation to the Cloud and Expands Analytics Capabilities
May 05 2014 - 3:00AM
Business Wire
Process Intelligence Provides Insight to
Improve Cash Flow and Spend Management
Kofax® Limited (NASDAQ: KFX) (LSE: KFX), a leading provider of
smart process applications for the business critical First Mile™ of
customer interactions, today announced a new release of Kofax AP
Agility™, a smart process application (SPA) built on the Kofax
TotalAgility® platform. This release adds best practice accounting
processes and advanced analytics capabilities.
AP Agility’s advanced analytics enable business users to easily
assess the effectiveness of their accounts payable processes,
measure staff productivity levels, view the status of invoices
being processed and assess spend management. Users can also view
available discounts and late payments, assess supplier activity,
invoice volumes and expenditures and identify duplicate invoices
and approval violations.
AP Agility features a comprehensive range of best practice
accounts payable capabilities for addressing customer
requirements:
- Accepts invoices in a variety of
formats, including paper, electronic invoices, faxes, emails, web
portal submissions and XML and EDI data streams
- Extracts business critical invoice data
and validates it against ERP system data
- Provides configurable matching rules to
reconcile the inevitable exceptions that occur between invoices,
purchase orders and receipts
- Includes a pre-built framework to
integrate with any on premise or cloud based accounting or ERP
system while offering out-of-the-box integration with Microsoft
Dynamics AX
All of these features contribute to improved productivity,
reduced costs and optimized spend.
With the Microsoft Azure hosted SaaS cloud offering, customers
are now able to:
- Deploy the solution without purchasing,
installing, configuring or maintaining hardware or software
- Meet line of business objectives
through operating rather than capital expenditure budgets
- Protect sensitive information and
ensure business continuity using Microsoft Azure's cloud
infrastructure and its secure and scalable environment
According to strategic consulting firm The Hackett Group,
organizations with high levels of AP automation save 39% of invoice
processing costs and enjoy 15-20% faster processing times compared
to peer groups that use manual processes.1
Associate Principal of The Hackett Group’s Global Business
Services Practice, Vin Kumar, added, “Companies can certainly
benefit from solutions like Kofax AP Agility in terms of enhancing
competitiveness. By capturing the benefits of analytics - from
driving improved productivity through the on time payment of
invoices to the removal of bottlenecks and the ability to manage
cash better – companies can gain an edge over their peers. Cloud
based solutions provide companies the flexibility to implement a
solution that is scalable with a variable cost structure and to
convert the investment into an operating expense.”
Grant Johnson, Kofax’s Chief Marketing Officer, stated, “AP
Agility is a compelling solution that addresses the end-to-end
procure-to-pay process, giving chief financial and procurement
officers the much needed visibility and insight necessary to better
control their company’s spend. The cloud-based offering provides
the added benefits of faster deployment without capital
expenditures.“
About Kofax
Kofax is a leading provider of smart process applications for
the business critical First Mile of customer interactions. These
begin with an organization’s systems of engagement, which generate
real time, information intensive communications from customers, and
provide an essential connection to their systems of record, which
are typically large scale, rigid enterprise applications and
repositories not easily adapted to more contemporary technology.
Success in the First Mile can dramatically improve an
organization’s customer experience and greatly reduce operating
costs, thus driving increased competitiveness, growth and
profitability. Kofax software and solutions provide a rapid return
on investment to more than 20,000 customers in financial services,
insurance, government, healthcare, business process outsourcing and
other markets. Kofax delivers these through its own sales and
service organization, and a global network of more than 800
authorized partners in more than 75 countries throughout the
Americas, EMEA and Asia Pacific. For more information, visit
kofax.com.
1Accounts Payable Automation: Five Technology Advancements
Helping to Break Down Adoption Barriers; The Hackett Group,
December 5, 2013
© 2014 Kofax Limited. Kofax and Kofax TotalAgility are
registered trademarks and First Mile and Kofax AP Agility are
trademarks of Kofax Limited.
Source: Kofax
Media Contact:Kofax® LimitedColleen Edwards,
+1-949-783-1582Vice President, Corporate
Communicationscolleen.edwards@kofax.comorInvestor
Contacts:MKR Group Inc.Todd Kehrli,
+1-323-468-2300kfx@mkr-group.comorFTI ConsultingSophie McMillan,
+44 (0) 20 7831 3113kofax@fticonsulting.com
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