Reduce Processing Costs and Strengthen Controls
MarkView for Accounts Payable optimizes transaction processing by implementing best practices, integrating all associated information and leveraging the existing ERP system. Financial Shared Service Centers leverage MarkView for Accounts Payable across the extended enterprise, integrating the lines of business with geographical hubs. The benefits are clear — companies can reduce costs, increase visibility, strengthen controls and maximize the use of cash.
Increase Financial Control, Improve Service and Reduce Costs
MarkView for Accounts Payable provides AP professionals with an online view of each invoice throughout the approval and payment process, increasing control, maximizing productivity and minimizing costs. Invoices are captured in the ERP system the day they arrive from a supplier. There is no more guesswork at month end for accruals, as all of this information is captured and closely tracked and reported in the ERP payables and MarkView for Accounts Payable. A single repository for all invoices and the associated back up and their processing history increases a company’s financial control and also greatly reduces the risk of duplicate payments, overpayments, errors and fraud.
Leverage the Existing ERP System
Capturing and managing all invoice data online in an intuitive fashion enables companies to streamline and automate procure-to-pay processes. Most ERP systems are not fully leveraged because the business processes that touch these expensive systems have not been optimized. The same volume of back and forth email, faxes, and paper shuffling continues well after an ERP implementation is complete. By capturing all invoice data electronically as early as possible, organizations are better able to achieve true end-to-end automation of the procure-to-pay process. Lexmark-Kofax has encapsulated the best practices from 16 years of experience and hundreds of implementations into AP business process flows that eliminate communication bottlenecks and optimize AP processes.
Get Easy Access to Data
MarkView for Accounts Payable captures all invoice related information online, regardless of the original format or source — paper, fax, electronic invoices, EDI, XML or other formats — enabling interaction through a web browser in much the same way as with a paper document. Sticky notes, highlights, comments, and stamps are placed on the electronic document. Web enabled access to these documents, for those both inside and outside the company, extends involvement in the Accounts Payable process beyond the AP department. Line-of-business managers and suppliers can use the system without any training, as there are no complicated forms or screens to learn. Since all information sources are captured and interacted with using a familiar interface, the business process is a consistent one.
Benefits of MarkView for Accounts Payable
- Reduce Cycle Times – Resulting in increased internal and external customer satisfaction and maximized cash flow. Prompt payments enable early payment discounts, eliminate late fees and reduce the likelihood of duplicate payments caused by vendors resending overdue invoices.
- Eliminate Lost or Misfiled Documents – Invoices are captured online immediately so they never get lost or misfiled. The copying, faxing and resending of invoices is eliminated.
- Reduce Document Transport and Storage Costs – Due to the elimination of mailing invoices for review and approval as well as the lack of a need for physical storage space.
- Improve Productivity – Through reduced AP invoice preparation, manager approval and back office processing times.
MarkView for Accounts Payable mitigates financial errors and misstatements through robust internal controls that ensure that accounting transactions are recorded and classified accurately and in a timely fashion. By embedding best practices in the end-to-end automation of financial processes, MarkView for Accounts Payable optimizes processes and ensures enforcement of corporate policies and procedures. Proven in the world’s leading organizations, MarkView is unmatched in its ability to meet the needs of Finance organizations that strive for world-class operations.
Best Practice Workflows
Workflow is the most important dimension of AP process automation, making it important to answer the following questions:
- How is it provided?
- How does it integrate with the ERP system?
- What best practices are embedded? How does it accommodate exceptions and variations?
- How are changes made and how do they impact the overall solution?
Electronic invoicing (also known as e-Invoicing, EIPP or electronic invoice presentment and payment) has a well documented history of achieving the lowest cost Accounts Payable (AP) transaction processing.
The Accounts Payable function has many key partners including business units, purchasing, vendors, employees, accounting, auditors and the CFO and Controller. Satisfying the demands of all these stakeholders can be a daunting task at best and an unwieldy burden at worst. The constant inquiries, disputes, requests for information and correction of errors can grind AP productivity to a halt. But what if these stakeholders could perform AP related tasks on their own without any help from AP staff? This is the concept behind self service. Self service can be a powerful tool that reduces costs and improves service levels through shorter cycle times without compromising internal controls. At the same time, self service minimizes errors by virtually eliminating the re-entry of invoice data which can easily lead to data entry and payment errors.
Real-Time ERP System Integration
The ERP system is the transactional backbone of the enterprise, the center of awareness for transactional information. Most complementary AP solutions claim to be “integrated” with the ERP when in reality their software duplicates ERP enterprise information, business logic and functionality, leading to inefficiencies and errors. Real-time ERP system integration insures the ERP is the “single source of the truth” with no duplication of enterprise information, business logic or functionality.