save time with rpa
Implementing RPA 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 a 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/or output necessary statements–completely and accurately. Not sure where to start? LEARN MORE>
RPA bots are highly configurable to the unique needs of your company and can easily scale as your business grows.
Bots use your systems like a humans do–no integration required–and can accurately handle small or large volumes of work.
Bots run processes in a fraction of the time that humans do error-free, keeping you in the good graces of your vendors.
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.
A faster purchase order reconciliation process with RPA:
- Reduces the number of employee hours needed to read and extract invoice data
- Reduction in errors and minimized disruption caused by compliance audits
- Faster payments to vendors
Accounts Payables teams manually transfer data from the 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. Bots can also effectively match documents and standardize data to ERP system.
Digitization creates a flow of data that can help reduce costs, improve performance, and maintain compliance while gaining real-time visibility into payables status. Your DU bots hit the ground running–no waiting for them to learn.
Large volumes of payables requiring human reviews and approvals takes up valuable time that could be spent on higher ROI work. The AP staff also manually transfers data from the various invoice formats into the company’s standard format. This repetitive task is slow and prone to errors. What initially appears to be a series of straightforward AP activities reveals itself to be a complex and inefficient process.
Utilize RPA solutions that can read and extract data, navigate spreadsheets, and input data into standard formats for human approval.
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