RPA for Invoice Processing Automation
In the accounts payable (AP) department, handling invoices is one of the most paper-intensive tasks that demand a significant amount of working hours every month. Invoice processing is one of the areas where human intervention can prove to be very costly due to the high scope of errors and slower processing time. Moreover, processing the invoices too slowly will result in hefty penalties and delay in payments.
As for the accounts receivables (AR) department, the customers and vendors follow unique invoice templates forcing the employees to manually collect data and bill them, resulting in mismatch of invoice data.
- Quicker vendor payments
- Extensive manual process and high scope of errors
- Avoiding penalties for late payments
- Faster cycle time
With the amalgamation of Robotic Process Automation (RPA) and Artificial Intelligence (AI), the bots will scan, digitize, and validate key data from the purchase orders to create invoices. RPA will help F&A professionals by automating invoices and avoiding financial penalties for late and incomplete payments. RPA improves the cycle time of invoice processing and bills customers sooner in order to maximize revenue by ensuring accuracy in every invoice dispatched.