Invoice Automation in the Cloud
CDIT's world class Accounts Payable Automation (APA) solution automates the capture and validation of invoices from any source, in any format. Supplier invoices typically arrive in paper, PDF or myriad electronic formats delivered through postal services, emails, EDI or Internet portals. It doesn’t matter. APA enables AP teams to swiftly capture, codify and route invoices seamlessly, securely and consistently.
APA uses proprietary optical character recognition (OCR) technology with impressive accuracy. The extracted data is then validated, classified, and routed for approval, enabling organizations to automate the invoice processing workflow.
It integrates with existing financial systems to provide a seamless end-to-end process, reducing manual data entry and increasing efficiency. APA can help organizations streamline their AP process, improve accuracy and efficiency, reduce costs, and enhance visibility into the financial operations of the business.Some benefits of using AP Automation include:
- Streamlined AP Process: AP Automation can streamline the entire AP process, from invoice capture and data extraction to validation and payment processing. This reduces manual processes and errors, saving time and reducing costs.
- Increased data accuracy Invoice and purchase order data is extracted using market-leading cognitive capture technology, resulting in more accurate financial data and reduced risk of errors.
- Robust analytics Pre-built dashboards provide insight into invoice status and exceptions, and “zero-touch” processing and supply continuous feedback to further optimize the invoice process.
- Improved supplier relationships Faster, rules-driven invoice processing reduces late-payment penalties while securing early payment discounts and improving supplier relationships.
- Reduced IT requirements Set-up requires no hardware or software investment or time-consuming maintenance, upgrades or updates.
- Intelligent Line Item Extraction Machine learning optimizes line item extraction that improves with each invoice processed. The result is highly efficient 2-way (invoice to purchase order) and 3-way (invoice to purchase order and goods delivered) line item matching.
- Approval Workflows and GL Coding Configurable rules-driven approval and exception workflows make for quicker processes. User-assisted GL coding and image storage provides additional capabilities for end-to-end invoice automation.
- Multi-Language and Currency Support Supports a wide range of invoice origin and user interface languages based on over 25 years of global invoice processing experience.
- Support for Electronic Invoices Increase invoice processing extraction rates in XML or PDF files and reduce manual verification and correction.
- Excel Import for Master and PO Data Use Microsoft Excel to easily import supplier master data and PO data for validation and verification.
- AR Purchase Order Processing Customer purchase orders are captured, validated and exported to the ERP, enabling an efficient, accurate start to the order process.
The accurate and timely tracking of energy information from energy bills is the key to monitoring and managing energy consumption. This data is required to better understand energy usage and to more effectively implement energy efficiency goals and is becoming increasingly strategic to the overall enterprise.
Intelligent Capture for Energy Management™ powered by Kofax TotalAgility minimizes the manual steps involved with receiving, reviewing, classifying, data entering, and validating, resulting in a minimum of 50% reduction in the overall front-end processing effort of bills.
Utilizing cutting-edge OCR technology and industry best practices, ICEM streamlines the utility bill validation process and provides you with clear and actionable insights into your energy costs. With ICEM, you can focus on reducing costs and improving energy efficiency, leaving the tedious task of bill processing to us.
Energy bill processing for our EMS was a manual one, and therefore very time consuming and labor intensive. The savings to date are a combination of early identification of billing errors, cost avoidance (late charges/fees related to bills being paid delayed), and the resulting savings achieved through more efficient energy procurement strategies from actual consumption analysis.
- Automated Capture: ICEM enables the automated download and ingestion of utility bills directly from utility vendor websites using intelligent software robots.
- Intelligent Transformation: ICEM has the ability to automatically extract data from utility bills using intelligent OCR technology.
- Bill Validation: The solution validates the accuracy and consistency of the data extracted from the bills and flags any discrepancies for further review.
- Energy Cost Management: The solution enables the accurate capture of energy costs and allows users to monitor, manage and reduce energy costs.
- Reporting and Analytics: The solution generates insightful reports and analytics that help users understand their energy usage patterns and to identify areas for cost reduction.
- Integration with EMS, ERP, DMS and Other Systems: ICEM is able to integrate with other enterprise systems to ensure that the data captured is used in a meaningful and impactful way.