Here is how RPA can be utilized in Invoice Processing.
Finance and Accounting is an essential part of any business and one of the important aspects of it is processing invoices. An average invoice processing would involve procedures like collection of invoices, recording them, verifying them, processing payments and recording the payment. This procedure would vary from company to company and could also depend on the size of the company.
Our client had been processing their invoices manually and this process was wearisome, time-consuming, and error-prone due to the volume it. The client had explored different RPA tool available in the market, but none seem to work due to the different formats of invoices used by vendors of the client. They need a tool that would adapt to the changes in the format and work seamlessly. Our RPA tool with a combination of rule-based automation along with Intelligent Document Processing, we were able to help our clients to have an intelligent automation for Invoice processing.
And, the following are the highlights of the implementations are:
- An 80% success rate was achieved after 4 weeks of continuous processing
- Business benefited from cost savings due to highly improved turnaround times and accuracy
- Employees were able to improve their work-life balance as they were no longer required to put in extra shifts and stay late at work.