Kofax Provides One of Canada's Largest Cities with a Financial Process Automation Solution
Kofax, a provider of document driven business process automation solutions, announced it will provide one of Canada’s largest cities with a financial process automation solution. The value of the contract to Kofax is approximately $800,000.
The city will be implementing an end-to-end invoice processing and accounts payable solution that includes Kofax Capture, Kofax Transformation Modules and MarkView software. The system will automate the scanning and extraction of data from more than 250,000 invoices received annually as well as downstream purchase order matching, exception handling and payment approvals. Fully integrated into the organization’s SAP Materials Management and Accounts Payable software, the system will also consolidate all of the city’s invoice processing into a single, centralized shared services location, thus eliminating multiple functions previously operating from separate sites. As a result, the city will reduce staff costs, increase processing speeds, reduce errors and improve real time payment processing visibility.
“Automating invoice processing reduces labor costs, accelerates cycle times and assures prompt, accurate payments,” said Alan Kerr, Executive Vice President of Field Operations at Kofax. “This sale demonstrates the strength of our integrated financial process automation solutions to help our customers drive down business costs and produce fast ROIs.”
Kofax is the leading provider of document driven business process automation solutions. For more than 20 years, Kofax has provided award winning solutions that streamline the flow of information throughout an organization by managing the capture, transformation and exchange of business-critical information arising in paper, fax and electronic formats in a more accurate, timely and cost-effective manner. These solutions provide a rapid return on investment to thousands of customers in financial services, government, business process outsourcing, healthcare, supply chain and other markets. Kofax delivers these solutions through its own sales and service organizations, and a global network of more than 1000 authorized partners in more than 60 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit www.kofax.com.
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