If you’re looking to automate your invoicing process, you probably already have a list of solutions that can help you do it. Along with others, Kofax AP Agility Solution must be there in your sorted list of AP solutions. If yes, your research is right on track.
To start with, Kofax is a powerful invoice processing tool allowing smooth data extraction, data validation, and ERP integrations. But it is always good to have more choices before making a decision. So, what are Kofax’s AP Agility solution’s alternatives? Is Docsumo’s Automated AP solution one of the alternatives?
Let’s find out!
To answer that question, we’ll compare Docsumo’s Automated Accounts Payable API with Kofax AP Agility solution for certain parameters and will try to give you an honest and true opinion. We’ll compare both the solutions for:-
Kofax offers a custom pricing for different sets of requirements based on the document type, layout, and number of documents scanned over a month. It can vary from 20 cents to $1 per document. To get the exact cost, contact the Kofax sales team. Kofax also offers you a generous free trial with which new customers can leverage Kofax Capture for up to 10,000 scanned or imported pages with no license or maintenance cost. Kofax Capture is designed for big enterprises which is reflected in their pricing model.
With Docsumo, you don’t need to make a huge investment. You can start with $2,000 for 10,000 documents/month. Docsumo offers live free demo and allows a 100 point credit which can be used to test the product. The advantage of Docsumo’s pricing model is that you can get started very quickly without investing a huge sum of money.
Kofax offers online tutorial videos and documentations to help you get comfortable with the UI and workflow of the solution. Documo comes neck-to-neck to Kofax here. Docsumo provides plenty of online video tutorials along with documentation for users and developers. You can even book a free demo with us anytime and the team will walk you through the UI and workflow. Docsumo is currently a cloud-based SAAS solution compatible with any web-browser whereas Kofax works as both - an on-premise software and a browser based solution.
It requires minimum efforts to install Docsumo smoothly within your system whereas installation and integration of Kofax cannot be done without a system integrator.
Since data extraction and validation are the core of invoice processing, Docsumo has left no stone unturned to perfect it. With the help of intelligent OCR and machine learning, Docsumo accurately extracts critical business information and verifies it against the master data records of supplier/vendor, purchase order and general ledger account information. Similar to Kofax, Docsumo lets you extract all the standard fields and line items from any invoice layout. Zone selection tool makes it easier to capture data in key-value pair form.
Kofax allows you the convenience to easily integrate it with different ERP solutions such as SAP, Oracle Peoplesoft, Microsoft Dynamics AX, and Lawson S3. Docsumo allows API and front end based integration with which the user can embed the frontend tool into their system and process the extracted data anywhere they want. Docsumo also comes with a Zapier integration, with which you can manipulate the extracted data in almost any system you want.
Frankly speaking, there's no direct answer to this question as it depends on your use-case. Kofax Capture comes with some great features for large enterprises and Docsumo makes the experience of invoice processing smooth with its user-friendly UI and quick turnaround time. At this point, we'd recommend to give both, Kofax and Docsumo a shot and go for a free and decide for yourself which fits better in your operational settings.
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In today’s dynamic business world, filing and archiving official documents in the digital form makes it handy, and works wonders in the future or in unforeseen circumstances.
Optical Character Recognition (OCR) is the technology to convert an image of text into machine-readable text. It is the underlying technology for various data extraction solutions including Intelligent Document Processing. However, OCR is not smart enough to figure out the context in a document - it works simply by distinguishing text pixels from the background and finding a pattern. This limitation could cause inaccuracy in captured data that could directly impact the output of your data extraction model.
Accounts payable is a key financial function for any business. Corporations can have thousands of suppliers; even for relatively smaller businesses, the number of suppliers could be in hundreds. All the invoices they receive from these suppliers come in multiple formats, layouts, and templates - some semi-structured, some unstructured. Therefore, firms expend time and resources to capture invoice information through manual data entry and verification of accounts payable. Manual data entry is not feasible in the long run, definitely not on a large scale. Before we talk about how intelligent invoicing solves the problems associated with manual invoicing, let’s discuss the challenges in much detail.
As most of an organization's information is available in an unstructured format, processing it requires an automated system that can handle documents with minimum human interaction. OCR is one such technology, but its scope is limited as it requires human interaction and is highly dependent on the layout and structure of the document to be processed.These limitations are overcome by Intelligent Data Extraction.Using artificial intelligence, the Intelligent Data Extraction technology extracts data from documents and transforms it into useful information through the extraction process. It functions as a singular tool for extracting information from any type of document and aids in optimizing company operations.