How are RPA And Automation Reducing Payment Errors in Large Companies?
If you’re still using manual and outdated processes for data-intensive tasks like accounts payable, your company could be wasting a lot of money and time. Manual activities typically result in higher costs especially when they result in misplaced data, errors, and the need for more people to get the job done. Accounts payable software that enables robotic process automation may help prevent those problems!
What is RPA?
Finance departments and their heads are responsible for the efficient and smart handling of invoices. It costs a lot of time and money to manually process a single invoice. Accounts payable process automation seeks to improve that, and with RPA, your company can easily adapt and configure the solution to suit its exact needs.
Software that specializes in machine learning invoice processing is highly scalable. It can process invoices round-the-clock to reduce backlogs, with minimal human intervention required. The right software could completely process an invoice in 20 seconds, which means it could save you a lot of time every week.
Avoid costly errors
Accounts payable software will process invoices accurately and require only 10 percent human effort to handle exceptions. Straight-through processing (STP) is an automatic activity that won’t require manual intervention. The invoice bot can be configured to use understand related words and acquire essential fields in the SLA (service level agreement). Invoice entries will be checked against a mapping file to identify and flag exceptions for the manual processing by an authorized employee.
Some errors in invoice processing are due to manual data entry. Accounts payable process automation introduces the ability to read digitized invoices from vendors. The system provides a user interface that lets you upload paper or handwritten invoices, so the OCR technology can extract text and convert it to the format required by the upstream system.
It’s a must
Many automation solutions have machine learning invoice processing capabilities, but RPA should be highly configurable, adaptable, and flexible to your workflow. Reputable providers of RPA or automation solutions for AP processing offer a free demo, which can help you learn more about their product.