Save Time With RPA
Implementing Robotic Process Automation can drastically reduce the amount of manual work that bogs down many accounts payable departments. Ensuring timeliness and accuracy of invoices is critical to keeping you in good graces with your suppliers–and time is of the essence when money is involved.
For Better Workflow
Tasking UiPath bots with even just a portion of the processes required of your accounts payable department can improve overall efficiency quickly, so your business experiences immediate wins. Neostella can work with you to implement UiPath bots that work seamlessly with your current ERP system, with the ability to read and verify data using OCR, perform rule-based approvals, and output necessary statements–completely and accurately. Not sure where to start? LEARN MORE>
RPA bots are highly configurable to the unique needs of your accounts payable department and can easily scale as your business grows.
Bots use your systems like a employees do–no integration required–and can accurately handle small or large volumes of work.
RPA bots run accounts payable processes in a fraction of the time that employees do, completely error-free.
In Accounts Payable
A high volume of invoices in your accounts payable department can lead to inefficiencies and errors. Invoicing can often involve purchase order reconciliation, lots of unstructured data, and approvals that make for slow and tedious work.
Payables typically require validation against purchase orders and internal accounting systems before they can be processed for payment. The vast majority of invoices arrive via mail, fax, or email attachment–and few are alike, making manual processing tedious. This can result in slow payment to vendors.
RPA bots seamlessly integrate with ERP systems to extract invoice data from either scanned or digital sources using optical character recognition (OCR) technology that is highly accurate. All document actions are saved in archived log files, providing audit support and reporting for compliance purposes. Invoice processing using RPA bots saves you time and money while providing accurate results.
Faster purchase order reconciliation and invoice processing using RPA:
- Reduces the number of employee hours needed to read and manage invoice data
- Reduction in errors and minimized disruption caused by compliance audits
- Faster payments to vendors
Accounts Payable teams manually transfer data from various invoice formats into the company’s standard format, making the process slow and prone to errors.
The implementation of UiPath Document Understanding with Machine Learning that can “read” the multiple invoice formats you regularly receive just like a human would. RPA bots can also effectively match documents and standardize data to your accounts payable ERP systems.
Digitizing your unstructured data process through RPA creates a flow of data that can help reduce costs, improve performance, and maintain compliance while gaining real-time visibility into payables status. You will see these benefits quickly, because DU bots hit the ground running without having to wait for them to learn.
Large volumes of payables requiring manual review and approval takes up valuable time that could be spent on higher ROI work. With the added task of manually transferring data from a variety of formats into your company’s standard format, your accounts payable team can easily experience delays and errors. While formatting and data transference can initially appear to be a series of straightforward activities, they can reveal themselves to make the approval process more complex and inefficient.
Utilize RPA solutions that can read and extract data, navigate spreadsheets, and input data into standard formats for approval by your accounts payable team.
A rules-based automated approval workflow limits human involvement to only those triggered by exceptions. Additionally, with RPA, approvals and payment reviews can potentially be completed via mobile device. With a more efficient approvals process, businesses can expect:
- The ability to detect fraud more readily
- Improved cash flow management
- More time for analytics and business insights to better help your company grow