Robotic Process Automation enables organizations to reduce costs, improve efficiency, and reduce process TAT. Highly manual processes, such as Invoice Processing, make the best candidates for automation. Invoice processing is largely paper-intensive. While it is possible to manage with few challenges, smaller organizations, large organizations, or organizations on a steeper growth curve face issues processing invoices in time and accuracy. Therefore, automated Invoice Processing is the solution.
Key Challenges: Invoice Processing
High Degree of Errors
Despite the deployment of ERPs for invoice processing, more than 70% of the process is manual, paper-intensive, and prone to human errors.
With Multi-level approvals, it is easy for invoices to “slip through the cracks” without a robust governance mechanism resulting in high TAT.
Lack of Visibility
As the invoice processing team wrestles with manual processes, financial leaders lack visibility into corporate spending, making cash flow impotent.
RPATech brings automation to Invoice Processing
Our automated invoice processing solutions cater to the finance and accounting automation ecosystem’s entire gamut. It can also work with various input formats and extract data using top global data extraction tools. We design our workflows to accommodate changes according to our customer’s requirements, and they can be integrated with some of the leading global ERPs, including SAP, Oracle, Microsoft Dynamics, etc.
Invoice processing workflow is then automated using leading automation platforms including UiPath, Automation Anywhere, and Microsoft. The solution caters to all critical aspects of the invoice processing, including master’s management, tax validations, two-way/ three-way matching, non-PO invoice coding and processing in ERPs, and keeping humans in loops for approving/ declining the invoices.
Benefits of Automating Invoice Processing
Minimized Error Rates
RPA in invoice processing reduces error rates to 0% and improves relations with your clients and partners.
Minimal Manual Validation
Integrating RPA in invoice processing reduces manual validation to 90% and redirects employees to more critical tasks.
Invoice Processing with RPA reduces turn-around-time (TAT) for each invoice from 3-5 minutes to 30 seconds, a 90% reduction in TAT.
Automation Invoice Processing allows your process to manage tax and other statutory compliances automatically.
Invoice automation delivers cost-saving benefits that boost the business bottom line, resulting in fast and impressive ROI.