Automating Accounts Payable in the Cloud, Immediately
Kofax' Dave Grundel showcases Kofax ReadSoft Online to automate Accounts Payable (AP) in the Cloud
Dave Grundel from Kofax showcases how to automate invoices in the Cloud, immediately, through a demonstration of Kofax ReadSoft Online. This solution helps companies automate invoice processing including invoice capture, line item matching, approvals, general ledger coding and ERP integration. Hosted in Microsoft Azure data centers around the world, ReadSoft Online is ready and enabled at any time.
From a clerk's perspective
The demonstration is from an end user's standpoint, where Dave uses the system as an accounts payable clerk looking to receive an invoice, capture the information, validate the data, then ultimately send the invoice to the next common system for payment, which typically is an ERP system.
This solution is ready-made and purpose-built for accounts payable automation. Because it's hosted online, it requires little or no customized setup or hardware purchases and can be installed and ready for a customer to start using within days. It's already configured, available, and trained for this purpose.
One time fix
ReadSoft Online takes supplier invoices in any format and runs them through a series of activities to get them closer to payment. It works in multiple languages to extract data from each invoice and place it in the system, eliminating the need for humans to do the work by hand. Complete vendor information, purchase order numbers, and line-item level data are all extracted and placed into the system, then reviewed and validated. If everything checks out as complete without any questions or concerns, the invoice is sent to the next step of the process. Exceptions are pulled for human review by AP clerks.
The power of the solution is that the AP clerk doesn't need to review those invoices that were already confirmed by the system. They only need to manage the exceptions and errors.
The solution uses advanced OCR- optical character recognition- to extract data. Using machine learning, the solution takes trains itself on how to solve a problem going forward, making each fix a one-time fix.
AP Cloud Dashboard
Rather than AP clerks engaging every single time on every single invoice, the user trains the solution, using machine learning so that it can do tens of thousands, even hundreds of thousands of invoices without human review, and just serve the AP clerk a nominal list of exceptions.
Myriad languages are supported on this solution. To keep track of it all, there is an analytics dashboard and KPIs that show the executive team all they need to know about where invoices are in the system, the average time it takes to pay an invoice and more.