RPA solutions for Accounts Payable
ACCOUNTS PAYABLE AUTOMATION WITH RPA
CHALLENGES TO MANUAL ACCOUNTS PAYABLE
Manual Entry and Human Errors
While organizations have automated portions of the accounts payable process by receiving invoices electronically via electronic data interchange (EDI), typically many steps still require manual validation and approval, making them prone to human error.
Inefficient Fraud Prevention
Accounts payable is where money leaves the company, and it is often an area vulnerable to fraud. Catching and preventing fraud entails tight controls and constant vigilance, which may be difficult to achieve in manual AP departments.
Purchase orders start at various levels in a large organization, and require the approval of several authorities. A long chain of approvers slows down the payment process and drives up the costs of unprocessed invoices, resulting in the accumulation of late fees.
Poor Cash Flow Management
Manual AP processes can lead to bottlenecks in providing the insight finance needs to manage cash flow effectively. With many invoices outstanding and little visibility into their status, getting accurate information about accruals becomes tedious, time-consuming, and difficult.
HOW RPA DELIVERS AN EFFECTIVE ACCOUNTS PAYABLE SOLUTION?
Payment initiation and execution
Invoice capture and receipt.
Reporting & analytics
Purchase Order creation
Ship notes, goods receipt & reconciliation
Matching and routing
Fast Return on Investments, delivered
More Case Studies
In this case study, we are going to share How Robotic Process Automation Services helped Enterprise level company...
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