B2B Payments

Kodak Automates Invoice Processing For Accounts Payable

Kodak Automates Invoice Processing for AP

Kodak continues to enhance its business services offerings, most recently with the announcement Friday (Dec. 14) that it is introducing an invoice automation feature.

The company said its Kodak Services for Business will include invoice automation as the company pushes for further accounts payable (AP) automation capability. The function, based in the cloud, automates invoice capture and data entry, as well as invoice validation. Businesses using the solution can route invoices for approval and payments within 24 hours of receiving the bill, with key data pre-entered into their workflows.

The solution does not automatically code invoices, though once coded and approved, invoice data is automatically integrated into accounting systems for seamless supplier payments.

Adding invoice process automation follows Kodak’s partnership with CoreIntegrator that was announced last month, a collaboration that launched the firm’s AP platform, A/P One. The solution provides businesses and government entities with a tool to integrate AP automation into their existing back-end functions.

“Kodak has a long history of innovation in the imagine space, helping customers master technologies for business, from microfilm to cutting-edge scanning technology,” said Kodak Services for Business Iván M. Bou in a statement. “The accounts payable solution is the next step in the evolution of Kodak’s commitment to helping businesses with turnkey solutions that combine the historic strength of Kodak with their partners’ specialized expertise.”

“Companies can be operational in days, not weeks or months like with most AP automation solutions,” added CoreIntegrator Executive Vice President of Business Development Ron Machamer in another statement.

Automation is on the rise in accounts payable, as AP professionals seek ways to reduce manual processes and instead focus on more strategic initiatives. But research published earlier this year found that, while two-thirds of survey respondents said their AP processes are at least mostly, if not fully, automated, the industry lacks consensus as to what full AP automation entails.

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