Kofax MarkView Financial Suite
The MarkView Financial Suite (formerly 170 MarkView from 170 Systems) automates financial processes to ensure consistent, efficient, cost-effective, and timely processing of all transactions. Leveraging imaging, best-practice workflows, electronic receipt and delivery of transactions, and unparalleled ERP system integration, MarkView enables Finance organizations to:
- Reduce operating costs and cycle times. Our customers achieve dramatically lower costs-per-transaction with the MarkView Financial Suite, which captures and integrates all types of information and provides a single, consistent end-to-end process for handling all invoices --- paper or electronic. Best-practice workflows provide automatic routing of each transaction and its associated information to the appropriate individual for highly efficient review, coding and approval, accelerating transactional flow and avoiding mistakes. The increased speed and overall efficiency provided by best-practice automated workflows dramatically reduces cycle times.
- Improve quality and service levels. Key controls are strengthened through automated and consistent best-practice workflows. Auditors and other process participants have fast, seamless access to transactions via MarkView’s self-service interface. The extension of self service capabilities to all participants in transactions, including line-of-business staff and suppliers enables those involved in the process to answer many of their own questions and dramatically reduces inquiries to Finance, while providing improved service.
- Enjoy end-to-end process visibility. Line-of-business managers have an easy-to-use interface that provides the information they need to make timely, informed decisions on pending financial transactions. Finance managers meet strategic business objectives through an actionable view of AP operations. Available only from Kofax, Finance executives and managers have process visibility and real-time access that allows them to immediately address critical situations and meet commitments to internal customers and suppliers.
- Optimize cash. Through access to real time process data, from comprehensive overviews to detailed financial reports, managers are empowered to optimize cash resources --- pay on time, avoid late payment penalties and capture all available discounts. Coupled with capabilities such as e-invoicing, this gives Finance managers and executives powerful cash management abilities not available with other solutions on the market.
The MarkView Financial Suite’s applications provide Global 2000 finance executives with visibility and control over all core financial functions — accounts payable, procurement, accounts receivable, expenses, fixed assets, general ledger, human resources, and for services organizations, project rebilling. Closely integrated with ERP systems, including the Oracle E-Business Suite and SAP ERP, the MarkView Financial Suite delivers best practices, reducing costs while improving service levels and visibility to internal and external customers.
The MarkView Financial Suite’s powerful software creates a single, consistent, business process for all transactions. The suite integrates all associated information — paper, fax, EDI, electronic invoices, spreadsheets and email into ERP financials. Taking the paper out of the process and ensuring that all information is available online delivers the following benefits:
- Significantly reduced transaction processing costs through dramatic productivity improvements
- Instant availability of all transactions, and instant visibility into all transaction data for finance managers and line-of-business managers
- Strengthened internal controls through automated workflows that segregate duties for each transaction
- Improved cash management through the elimination of late payment penalties and duplicate payments, a reduction in cash receipt cycle times, and the capture of all available discounts
- A “single source of the truth” as the MarkView Financial Suite is fully integrated with the ERP system. All associated information is permanently linked to the ERP transaction.
- Reduction in audit costs by providing internal and external auditors with a self service access to all information and a complete audit trail
- Automation of complete finance processes, start to finish, applying unmatched experience to best practice workflows that expertly manage key finance processes
- An average payback period of 7.4 months.
MarkView for Accounts Payable Automation
MarkView for Accounts Payable Automation optimizes the accounts payable (AP) process by capturing original transaction information, automating the entry process, applying best practice workflows and automatically creating an audit history trail. The results are lower operating costs, increased visibility into AP processing, strengthened controls and maximum cash flow. MarkView for Accounts Payable Automation increases service to line-of-business managers through reduced cycle times and browser based self service access to payment information. MarkView for AP Self Service Invoice enables line-of-business managers to initiate payment requests.
AP Capture Options
Reduction of labor and the costs associated with invoice receipt, scanning, and data entry is often the focus and foundation of automation investments. An examination of enterprise implementations demonstrates that there is no single solution to minimizing the costs and labor associated with capture and entry. MarkView supports the full array of capture options enabling companies to determine the right mix for their operations: scan, OCR, fax, self service invoice, email, EDI, e-invoicing supplier network, and outsourcing.
MarkView for Accounts Receivable Exception Processing
MarkView for Accounts Receivable Exception Processing (AR) enables automated downloading of unstructured image data and structured lockbox data to handle lockbox exception processing. AR managers can deal with issues such as unapplied receipts, resulting in cash applications occurring in a timely manner, and collections managers can resolve disputes faster. The optimized process provides better visibility into and enables better control over AR transactions. The results are increased staff productivity, lower operating costs, better credit decisions, faster collections and improved service to both suppliers and line-of-business managers.
MarkView for Asset Management Review
MarkView for Asset Management Review optimizes the asset process, integrating all asset related documents seamlessly with the ERP asset record. Paper intensive, the asset management process includes invoices, purchase orders, contracts, RFPs, maintenance records, maintenance contracts, warranties, insurance contracts, leases, etc. Having this information available online is significantly less expensive than filing, retrieving, copying, emailing, faxing and storing paper documents. A self service interface provides asset information to audit and tax. MarkView for Asset Management Review results in smoother audits, lower administration costs, increased accounting productivity and improved control over fixed assets.
MarkView Document Library
The MarkView Document Library provides standalone index-and-retrieve capabilities for both MarkView and non-MarkView documents. The MarkView Document Library accepts feeds from MarkView for AP Scan, a high volume front end imaging scanning solution and MarkView for AP Fax Server which receives faxes and stores them as electronic documents. A complete set of management functions, including assignment of properties, classification, access privileges and full text search are included.
MarkView for Expense Receipt Management
MarkView for Expense Receipt Management optimizes the expense management process, reducing the burden on AP, approving managers, and expense report users. Fully integrated with ERP expenses, MarkView for Expense Receipt Management eliminates the need to route paper receipts through the organization. Receipts are stored electronically with the ERP expense report, ensuring compliance with corporate expense policies and facilitating audits. The results are increased productivity for all involved in the process, more accurate expense report reimbursement, reduced reimbursement cycle times, and greater compliance with corporate expense policies. For organizations such as professional service firms that rebill their expenses, MarkView for Expense Receipt Management provides a more thorough capture of expenses for project rebilling.
MarkView for General Ledger Management
MarkView for General Ledger Management accelerates the monthly, quarterly, and yearly closing processes by making all general ledger transaction documentation easily available from within the ERP general ledger. Backup information needed by Accounting is available from within the ERP — receipts, credit/debit memos, spreadsheets, etc. Approval workflows for journal entries ensure compliance with corporate policies and procedures. During audits, the burden on Accounting is greatly reduced as auditors have fingertip access to journal entry backup information through browser based self service. MarkView for General Ledger Management achieves smoother audits, lowers administration costs, increases accounting productivity, improves control, and delivers more accurate financial reporting.
MarkView for Human Resources Records Processing
MarkView for Human Resources Records Processing (HR) puts employee personnel records online and centralizes the information for access by HR managers, line managers and employees. Access to employee information is restricted to those authorized to view the employee record in compliance with corporate privacy policies and government regulations such as HIPAA and EEOC. Providing line managers with complete employee related information enables them to make improved employee related decisions. The productivity of HR staff and line managers is increased due to MarkView for Human Resources Records Processing’s self service capabilities.
MarkView for Project Re-billing
MarkView for Project Re-billing optimizes the expenditure-to-cash process for Professional Services revenue enhancement. Exploiting the power of the MarkView Financial Suite, and fully integrated with the ERP modules for Project Management, Accounts Payable, Accounts Receivable, and Expenses, MarkView for Project Re-billing places all project expense information within easy reach of everyone involved in the project and automates the rebilling process. The process of gathering and processing billing backup information, such as receipts and supplier invoices, to invoice or “rebill” clients no longer requires significant administrative overhead.
White Paper: The Top 10 Reasons to Automate your AP Processes
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