Invoice process automation can help to streamline and speed up the invoicing process, reduce errors, and improve overall efficiency. Here is a step-by-step guide on how to automate invoice processing with Robotic Process Automation (RPA):
Step 1: Evaluate the Current Process
The first step in automating the invoice process is to evaluate the current process. Identify all the steps involved in the process and assess the efficiency of each step. Consider the time it takes to complete each step, the likelihood of errors, and any bottlenecks that may be slowing down the process. This evaluation will help you to identify areas that can be improved with automation.
We simplify the Evaluation of process for you with our process complexity calculator.
To evaluate your process complexity
Step 2: Choose a right Intelligent Automation Execution Partner
Once you have identified areas for improvement and evaluated the complexity of your invoice processing, choosing a right Intelligent Automation execution partner who fits your needs is the next crucial step. It is important to evaluate each one and choose the one that best suits your process requirements.
Some of the characteristics to look for in an Intelligent Automation execution partner is:
- Consulting Capability,
- Offering Customized Solution,
- Flexibility to be Platform Agnostic
RPATech is an Intelligent Automation service provider and have automated multiple invoice processes for industry leaders, having saved approximately 9000 hours annually.
To automate your Invoice Process
Step 3: Configuring the Bot
Once you have chosen the right Intelligent Automation execution partner, the Intelligent Automation services firm will set up the system according to your needs. This includes configuring the bots to automatically process incoming invoices, setting up approval workflows, and configuring integration with other business systems.
Step 4: Automate Data Entry
One of the biggest benefits of invoice process automation is the ability to automate data entry. This involves extracting data from the invoice and inputting it into your accounting system. Invoice processing automation system should have options to include OCR (optical character recognition) technology that can automatically extract data from the invoice. This significantly reduces the amount of time and effort required for manual data entry.
Step 5: Validate Invoices
Once the data has been extracted, the bot can automatically validate the invoice to ensure that it meets your business requirements. This includes verifying the vendor information, checking for duplicate invoices, and ensuring that the invoice matches the purchase order. Any invoices that do not meet the requirements can be flagged for further review or rejected outright.
Step 6: Approval Workflows
Automated approval workflows can help to speed up the approval process for invoices. Once an invoice has been validated, it can be automatically routed to the appropriate approver based on your business rules. The approver can then review the invoice and approve or reject it with a click of a button. This significantly reduces the amount of time and effort required for manual approval processes.
Step 7: Integrate with Accounting System
The final step in the invoice process automation is to integrate with your accounting software/system. The system integrates invoice processing with popular accounting software, such as QuickBooks, Xero, or SAP. This allows the invoice data to be automatically transferred to your accounting system, eliminating the need for manual data entry.
Ending Notes
In conclusion, automating the invoice process through customized Robotic Process Automation solutions can significantly improve efficiency, reduce errors, and save time and effort. By evaluating your current process, choosing the right software, setting up the system, automating data entry, validating invoices, implementing approval workflows, and integrating with your accounting software, you can streamline your invoicing process and focus on more important tasks.