Automated Invoice Processing Solution
Automated Invoice Processing Solution
With the advent of Robotic Process Automation, organizations seek to reduce costs, improve efficiency, and reduce process turn-around-time. Processes with high manual intervention, such as Invoice Processing are highly suitable candidates for automation. Invoice processing is largely paper-intensive. While it can be managed with not many challenges with smaller organizations, large organizations, or organizations on steeper growth curve face issues with processing invoices in-time and accuracy.
Key Challenges: Invoice Processing
High Degree of Errors
High TAT
Lack of Insights into the process
Despite the deployment of ERPs for invoice processing, more than 70% of the process is manual, paper-intensive, making it prone to errors
With Multi-level approvals, it is easy for invoices to “slip through the cracks” without a strong governance mechanism resulting in higher processing times
With invoice processing team wrestles with manual processes, financial officers don’t get the necessary visibility into corporate spend and hence cannot manage cash effectively
RPATech brings automation to Invoice Processing
Our invoice processing solutions cater to the entire gamut of the finance and accounting automation ecosystem. Our solution can work with a wide variety of input formats, can extract data using some of the leading global data extraction tools andOur workflow is designed to accommodate changes as required by our customers and 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 human in loops for approving/ declining the invoices
Benefits
Improved Accuracy
Reduced TAT
Audit Trail and Governance
With minimal human intervention, accuracy is increased by 95%
Up-to 90% Reduction in invoice – receipt to payment time
Complete audit trail of processed invoices. Governance to ensure stakeholders respond to each invoice within service levels
Compliance Management
Quick ROI Realization
Automated management of Tax and other statutory compliances
With employees focused on value-driven tasks and less spend on expensive multiple ERP licenses, typical ROI realization is less than 6 months