Every team member in your business should feel like their work has value and contributes to the company’s success. Sometimes, though, tedious workflows and frustrating errors can create an environment where staff don’t perform at their best. The accounts payable department is one place where those problems may manifest the most. Old, paper-based processes often clash with digital strategies, creating an unorganized approach to critical work. Kofax AP Essentials can change that.
Automation is on the rise, and for good reason—it has the power and potential to reshape the way you work each day. The right changes can empower your team to do more each day and find real successes along the way. Let’s look more closely at why today’s business world demands speedier solutions, then explore how AP Essentials can make a difference.
Today’s world demands faster results
Though we might still break up the week into business days and hours, the reality is that today’s economy never sleeps. Business is fast-paced and founded on global connections and digital infrastructure. Something that arrives in an email inbox at 2 AM no longer has to wait for someone to log in first thing in the morning; manual workflows aren’t the only way to do things anymore.
Instead, automation enhances and extends the power of accounts payable departments to contribute value to daily business operations. Today’s automation tools help reveal essential insights, unseen patterns, and potential trends. Simultaneously, the basic work of the department happens faster and more reliably with fewer human touches. Automation increases the value of each AP staffer’s role by freeing them from mundane and repetitive tasks, creating time to focus on more mission-critical innovations.
Kofax solutions such as AP Essentials help shape that potential into new opportunities.
What is AP Essentials?
AP Essential is an advanced, modern solution for capturing and validating invoice data from any source, whether it’s a scanner in the office or an email. This solution for capturing, classifying and routing invoices ingests documents in a wide range of formats and prepares them for the next stages of processing. Using industry-leading optical character recognition (OCR), AP Essentials extracts highly accurate invoice data with a built-in validation tool for confirming low-certainty matches.
AI-powered cognitive capture capabilities mean AP Essentials even learns and improves over time while processing more invoices. Capably manage invoices from diverse groups of vendors without losing track of paperwork or delaying approval for too long. Easy to implement and integrate with existing ERP platforms, AP Essentials also comes with 24-hour cloud-based support.
Capable of fundamentally reshaping your AP workflows, some invoices can go through completely touchless processing. Automating the classification, routing, and approval workflows while keeping humans involved at critical steps gives you a chance to slash costs while reducing your reliance on manual tasks.
What AP Essentials offers to your team
As the saying goes, AP Essentials lets your teams “work smarter, not harder.” Automation eliminates repetitive and error-prone tasks so professionals can make higher-level contributions with their skills. OCR improves invoice capture accuracy, while validation contributes to further training the cognitive capture model to recognize edge cases. Automated approval for invoices of a particular category can help you capture early payment discounts.
These efforts not only improve conditions for the AP team but also contribute to improved business outcomes and strengthened vendor relationships. Enhanced insights into cash flow and payment obligations can shape new business strategies. Ultimately, automation elevates accounts payable into a strategic role for the company.
Extending AP Essentials with the Kofax Marketplace
Solutions available on the Kofax Marketplace extend the reach of AP Essentials even further. These additional connectors, apps, frameworks and other solutions offer extra functionality and deeper, faster integration. The Collector Converter solution, for example, streamlines document ingestion by expanding the number of formats AP Essentials can process. A ready-made integration package lets you quickly plug in to your existing business software, and other connectors let you loop in more data sources.
There are even end-to-end solutions available for rapid deployment, such as SoftCoAP. When you’ve set a goal to help AP work more effectively, the Marketplace can help you accelerate your journey toward a positive ROI. See what kind of impact these opportunities could have on your investment today.
Rethinking Your Accounts Payable Processes
Keep your business on the cutting edge and equip your teams with modern tools to tackle classic problems in accounts payable. Better capture, enhanced validation, and touchless routing all add up to a versatile solution that speeds you toward a positive ROI. The impact on your business processes may also translate into boosted morale and better engagement from AP team members. Find out more about adding AP Essentials to your business today, or explore the Kofax Marketplace to learn about opportunities for extending your investment.