The Role of Robotic Process Automation (RPA) in Accounts Payable Automation

Corporate finance teams, specifically Accounts Payable, spend on average 80% of their time manually gathering, processing, searching, verifying, consolidating, entering and reporting on data. This leaves only about 20% of their time to analyze data for better business decisions. 

Using Robotic Process Automation (RPA), finance teams can leverage its automation to process and complete routine tasks the same way a human would. This allows companies to accelerate business processes such as processing supplier invoices for payment. RPA can significantly reduce processing times and costs while giving finance staff more data and more time to focus important tasks. 

RPA in Accounts Payable can assist in streamlining the processing of supplier invoices a number of ways:

1. Electronically receive incoming invoices to eliminate paper and manual handling
2. Intelligently identify, extract and validate data from incoming supplier invoices
3. Systematically organize and classify supplier invoices for processing
4. Automatically match invoices against purchase orders and receipts
5. Automatically apply tolerance rules and apply variances on purchase order invoices
6. Automatically route Non-PO invoices to the correct approver
7. Automatically apply the correct GL coding to a supplier invoice
8. Automatically apply very specific business rules to any supplier invoice
9. Prevent incorrect, fraudulent or bad invoices or data from being processing
10. Flag and stop supplier invoices that are incorrect or contain bad data
11. Automatically escalate and notify responsible parties about any exceptions
12. Electronically feed invoice data to your financial system without the need for manual data entry

With RPA from Vision360 Enterprise, businesses now have the ability to manage AP processes from a centralized dashboard with minimal staff involvement. RPA provides the ability to identify potential risks, process bottlenecks and resolve problems without the need to consume a lot of resources. 

By optimizing Accounts Payable by utilizing RPA automation, you can reduce risk, improve efficiencies at levels that were previously not achievable, eliminating manual tasks and streamlining processes, while significantly reducing and controlling costs.

To learn more about RPA and our Vision360 Enterprise Accounts Payable Automation solution please contact us today, Contact Sales or call 603-437-1400.

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