Kofax and Coupa partner to automate invoice and payment processing

Kofax, the supplier of intelligent automation software, has partnered with Coupa Software to help enterprises deepen operational efficiencies as they digitally transform their spend management processes.

Kofax ReadSoft Online is now integrated with the Coupa Business Spend Management (BSM) Platform as a certified CoupaLink solution. The integrated offering allows organisations to automate invoice processing and payment processes. For instance, they can leverage document intelligence and machine learning from Kofax to extract data from invoices spanning multiple formats and languages, and then route extracted data into downstream spend management processes managed by Coupa.

Users can significantly reduce invoice processing time and overhead, Kofax said, as this replaces the traditional paper-based processes for capturing, matching, approving and archiving supplier invoices. Although such paper-based processes lend themselves to automation, only 10% of accounts payable leaders describe their departments as being fully automated, with few or no manual tasks.

“Finance and accounting teams face a growing burden processing large volumes of invoices, so it’s imperative for them to rapidly understand and extract meaningful information from these documents,” says Roger Goulart, Senior VP of Business Development and Alliances at Coupa.

“We’re proud to integrate with Kofax to help our customers realise end-to-end automation and seamlessly unlock data needed to drive their spend management processes in Coupa.”

According to Kofax, highly-automated organisations can reduce invoice processing time by as much as 80% compared to peers with little or no automation. Furthermore, strategic investments in automation technology can shift the procure-to-pay team from being a reactive and back-office transactional function into a data-driven and proactive resource providing insights moving the business forward.

"Customers seeking to transform accounts payable workflows are increasingly turning to Kofax for automation solutions that improve business agility through greater levels of digitisation while also cutting operational expenses," said Chris Huff, Chief Strategy Officer at Kofax.

“With this new integration, Kofax and Coupa customers benefit from organisations’ desire and commitment to continually innovate and streamline this process.”

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