The challenge of Accounts Payable automation
Streamline Accounts Payable with an integrated RPA solution
The path to success via efficient Accounts Payable
Optimizing the accounts payable (AP) process has been a difficult and frustrating undertaking for many companies. Despite efforts in process re-engineering and the use of technologies such as ERP, OCR, and EDI document management and e-invoices, fundamental issues remain. Many organizations have decided to simply outsource their AP function and reduce costs through labor arbitrage.
Challenges to efficient and error free Accounts Payable
The vast majority of invoices, arrive as paper documents, fax documents, or PDF email attachments.Few are alike, so manual handling is tedious. Is it from an approved vendor? Does the PO match the ERP system? The AP staff must find the answers.
The AP staff also manually transfers data from the various invoice formats into the company’s standard format. Thisrepetitive 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. Optimizing it would easily translate into a financial and organizational reward.
Discrepancies & approvals
The manual process extends to resolving discrepancies. For example: “Is there a bill of lading for the PO? Does the invoice price match the PO?”. Also, approvals: “Have the required documents been assembled and queued for payment authorisation?”