Kofax, a provider of document process automation solutions, said that Progressive Casualty Insurance, an automobile insurer in the US, will implement MarkView for Accounts Payable software to automate the processing of approximately 150,000 non-claims based invoices it receives annually at its shared services center. The value of the contract to Kofax is approximately $500,000.
The company said that the MarkView for Accounts Payable automates financial processes to ensure the consistent and timely processing of invoices from receipt through payment.
According to Kofax, invoices are captured in Progressive’s ERP system the day they arrive from suppliers, accelerating approval and payment cycles and improving cash management as each invoice is managed from receipt through payment and automated business rules are applied to make tradeoffs between payment timing, potential discounts and late payment penalties.
The company claims that the single repository for all invoices and the associated back up and processing history increases the company’s financial controls.
Alan Kerr, executive vice president of field operations at Kofax, said: “Kofax can provide a complete accounts payable solution for capturing and processing invoices arising via paper, fax and electronic sources that result in direct labor savings, better visibility into the business and in improved customer service levels.”