Progressive to implement Kofax’s MarkView for Accounts Payable software

Jan 19, 2010 (Datamonitor via COMTEX) -- Kofax, a provider of document driven business process automation solutions, has announced that Progressive Casualty Insurance, a US-based provider of automobile insurers, will implement its MarkView for Accounts Payable software to automate the processing of non-claims based invoices. The value of the contract is approximately $500,000.

Kofax said that MarkView automates financial processes to ensure the consistent and timely processing of invoices from receipt through payment.

Invoices are captured in Progressive's enterprise resource planning system the day it arrive from suppliers, thereby accelerating approval and payment cycles and improving cash management as each invoice is closely managed from receipt through payment and automated business rules are applied to make appropriate tradeoffs between payment timing, potential discounts and late payment penalties, Kofax added.

A single repository for all invoices and the associated back up and processing history increases the company's financial controls, Kofax added.

Alan Kerr, executive vice president of field operations at Kofax, said: "Organizations are accelerating investments to automate document based, labor intensive business processes such as accounts payable functions to reduce costs, strengthen controls, better manage cash and improve profitability.

"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."

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