Kofax’s Financial Process Automation (FPA) solutions work with your core systems to improve transactional efficiency and boost visibility into your financial processes. Here are the top 10 ways our customers use Kofax’s FPA solutions to enhance their accounting operations::
1. Shorten the AP processing cycle and improve cash flow
Reduce manual data entry with advanced capture, automate approvals and control exceptions, so you make strategic use of vendor discounts to optimize cash flow and days payables outstanding (DPO).
2. Standardize approval processes and documentation for manual journal entries
Standardize approval processes and documentation for manual ledger entries with a seamless connection to your core system. After documentation has been uploaded, workflow automatically routes entries for the appropriate approvals.
3. Enhance sales and use tax compliance
With our advanced capture solution, you can to automatically apply the correct tax coding to invoices. Set up routing rules to automatically send specific kinds of invoices to your tax department for review to mitigate risk and simplify response to audits.
4. Standardize the supplier set-up process to enhance compliance
Connect invoice workflow directly to purchasing functions to identify out-of-program buying and limit usage of unauthorized vendors.
5. Reduce the scope of audits with capture, workflow and content management.
When key processes are documented through automation, auditors don’t have to manually review transaction processes. A technical auditor can check to see if your solution matches required policies, drastically reducing auditing fees.
6. Increase the accuracy and speed of sales order processing
Use advanced capture to get sales orders into your system quickly and accurately with minimal manual data entry. Route orders into the workflow so documents get to the correct people for processing.
7. Create a seamless connection to accounts receivable and improve cash flow
Capture vendor remittance information from paper, your lockbox or a bank feed and connect it seamlessly to your accounts receivable process to increase visibility into days sales outstanding (DSO).
8. Process internal check requests quickly without additional data entry
Capture internal payment requests or check requests directly into an electronic form, pass them directly into your accounts payable process, and route for approval with no need for additional data entry or scanning.
9. Gain better control of your procurement card program.
Capture receipt documents and route through approval, review or reconciliation workflows to match and support your p-card process. Automatically link receipts and supports to p-card transactions in your ERP or p-card software application.
10. Use enterprise search to quickly locate any pertinent document, file or email generated across your organization.
Locate vendor contracts, terms of sales and expenditure approvals whether they’re contained in content repositories, SharePoint sites, email systems, network shares, intranets or extranets.