Rachel came back today and she is on the warpath!!!  Apparently, one of her payroll peeps (I say “peeps” because she manages them too and is pretty tight with all of them) told her about all the casino talk and about her nail in the tire story doubters.  She actually had the entire ap dept meet in a conference room where she pretty much went off on everyone.  How professsional.  She kept going on and on about how she “goes to bat” for everyone in the room and how she is “astounded” someone would betray her like this.  Blah blah blah.  I wonder who in payroll told and who was dumb enough to go and blab that stuff to them in the first place. Note to all payroll and accounts payable managers everywhere: when you favor your payroll peeps over the ap ones and buy them $100 Visa gift cards and then expense them, well–your ap people are gonna find out about it!!  Duh.  It doesn’t exactly inspire loyalty

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Witch Hunt

Accounting & Finance Accounting & Finance : account, accountant, accountants, accounting, accounting finance, accounting software, accounts, accounts payable, asset, bank account, banking, banks, business accounting, career, careers, checking account, costs, credit, credit card, credit finance, equity finance, exchange, finance, finance accounting, finance loans, financial, financing, income, interest, inventory, loans, payroll, profit, quote, statement.

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Accounting & Finance

Most professionals in shared services will be able to mention 5 BPOs without too much effort.  This is because BPOs are increasing their hold over the transaction processing market.  And in the past 3 years, the grip and reach of this hold has strengthened and widened.

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Trend No. 4 The Increasing Role of Outsourcing

Well, as the year winds down to the end, one of the tasks that many users forget is to close the 1099 year.  Here’s a little guide to help you in this process. Your business fiscal calendar may not be set up on a calendar year, but 1099 payments are reported for the January through December period.

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Don’t forget to close the 1099 year

It seems whenever I meet with prospects in Higher Education I keep hearing the same thing over and over again, we have a system in this department we have another system in this department but we don’t think what they have will work for our needs. How did this scenario come to be?

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Tackling ECM in Higher Education Part One

Every company no matter how big or small has an Accounts Payable department.  It may be as small as one person or it may have ten, fifteen or more people.  For medium and large companies there are problems that arise with the data entry of all that invoice data and the tracking of all those invoices through the approval cycle.  There have been many different methods that companies have created to try and handle both which still lead to missing/late invoices and mistakes during data entry.  Methods such as logging the invoices either in a spreadsheet or manually on paper are just some of the types of methods that companies have tried to keep track of where invoices are and how long they have been waiting to be paid.  Maybe there is a better way.  Kofax KTM in conjunction with Oracle I/PM provides a solution to these two issues.  Kofax provides two software packages to scan and then process documents like invoices.  KTM is the processing part and is able to OCR and identify the key fields on an invoice no matter where on the page the data is located.  KTM can also validate some of the data against the ERP system the company is running.

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Accounts Payable Processing with Kofax KTM and Oracle I/PM

In the past 18 months, the world economy has fallen and lifted.  This has arguably been a ‘good thing’ for shared services.  Especially Accounts Payable. 1/ The significant emphasis on cost control during this period, in order to protect margins, has made shared services an even more valuable corporate asset today than it was during our stronger times.  Shared services is now seen in a new light, where appreciation has a place, and internal customers and stakeholders regard shared services as a ‘survival enabler’ rather than a ‘pain’

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4 Ways in Which the Recession has Impacted Accounts Payable

Kofax Transformation Module is one very powerful product once you learn some of its secrets.  In this installment I plan to show you two of KTM’s abilities to modify the out of the box functions, Validation Design and Scripting. Screenshot The scripting language and class object models of KTM allow you to modify how Extraction works and also how Validation works.  In the case of extraction, out of the box KTM does not recognize negative amounts as in the case of a Credit Memo.  In order to allow KTM to recognize negative amounts requires the use of a script function.  This script is listed in the HELP documentation and is simple to add.  It performs the original function of validating that what was extracted from the invoice is indeed an amount and it also validates the amount if the negative sign is present.  Another example is during extraction, an amount is not considered valid if it consists of just a decimal point followed by 2 digits, such as “.75”.  A lot of invoices are printed in just such a fashion if the amounts are only cents and no dollars are involved.  A script of only one or two lines of code is then used to force KTM to recognize the value by adding a zero in front of the decimal point to form the amount of “0.75”.  In this manner scripts can be used to add additional validation of the extracted values and to modify the extracted values if necessary.  This also applies to field values that are not extracted as we will see in the discussion of Validation. The Validation screen is what is presented to the user to validate what was extracted from the invoice with the actual invoice image presented.

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Kofax KTM is a Powerhouse Product

Yesterday I was talking to the Global Accounts Payable Owner of one of the world’s larget companies.  They process 5 million invoices annually and each one costs $9 to process.  Doesn’t it hurt when you realise it’s costing the company $45 million each year to pay suppliers?  Ouch!  You can buy sizeable companies for that.  Add on top of that the $400 million annual savings which they  could get from early payment discounting, (but in fact they are only taking $5 million of this), and you begin to realise that dramatic change needs to happen.

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One Secret to Making Bouncing Invoices Their Problem

You may have heard the recent news that Kofax has just bought 170 Systems .  For any shared services organisation or purchase to pay operation looking to sign a deal with an AP automation suite over the next 12 months, this will serve as interesting information.  170, a US registered company, always appeared to have a real strength in the Oracle market, working with customers like Eaton, and Readers Digest.  Their line level matching technology, and workflow capabilities which were on the market 5 or so years ago meant they could offer functionality which other Accounts Payable automation technology providers struggled to keep up with.  But customers had to pay the price for the extra pleasure, and commercially 170 was always seen to be positioned at the higher end of the investment Thought No. 1 I have often thought that there are too many players in this market, and although the purchase to pay market is huge, technology providers are wise to invest their efforts on selling to a only slice of that market – the slice where the volume justifies the investment, ideally where invoices are processed centrally, and where more invoices match first time than not.  This slice is too small for the number of vendors support it.  So it is not surprising that acquisitions are taking place.  Thought No. 2 It seems like an excellent opportunity for Kofax.  They will now have a workfow engine which is technically rich, which they can button on to their own well established data-capture technology, enabling them to offer a much more wholistic solution to increasingly demanding customers.  This will put them in a new legue, functionally, opening up deals to them which were previously hard to win in a direct capacity.  Which leads on to my third thought… Thought No.

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4 Thoughts on Kofax Acquiring 170 Systems