RPA Use Cases
Financial Operation
1. New Customer Setup
2. New Vendor Setup
3. PO & AP Processing
4. Manual Journal Entries
5. Consolidated Cash Position
6. Regulatory and External Reporting
Commercial/ Order to Cash
1. Sales Order Processing
2. Invoice Validation & Creation
3. Claims Processing
Manufacturing/ Inventory
1. Parts Order Management
2. Forecast Planning
3. Returns Process Management
RPA in Accounts Payable
Accounts payable is the amount of money a business owes to its suppliers. Any errors due to non-validation of invoices could lead to loss of revenue/profit & cash flow.
Errors in an accounts payable system can also mean errors in financial reporting and damage in relationship with the vendor.
Challenges in Accounts Payable
Businesses face several challenges and issues in their accounts payable processes. Following are some of them:
Manual Routing for Approval
Manual Data Entry
Improper system could lead lack outstanding liabilities
Missing Invoice
Discrepancies and Errors
Use Cases for Accounts Payable Automation
- Invoice data entry
Automating invoice processing will help you convert the invoice data into a machine-readable format and update all relevant fields in the accounting system. It saves time entering data manually into the plan and ensures data accuracy.
- Invoice approvals
Automating invoice approval and PO matching: If you can eliminate human intervention from the process altogether, then the need for people reviewing invoices or looking up purchase orders when they arrive will be eliminated there by bringing efficiency and accuracy. It can be made more efficient by routing for approval based on threshold making it robust and fool proof.
- Payment execution
Implementing RPA in Payment execution can save time and money by reducing manual processing steps and eliminating the late fees and finance charges, eventually improving the cash flow. Accounts payable automation also provides businesses with one source to select any payment option, making it easy to pay electronically and reducing the risks and costs of every payment.
Conclusion
Automating accounts payable processes can bring order to your practices bringing efficiency and good cash flow. It can reduce errors, eliminate unnecessary delays, and allow you to concentrate on building business relationships with vendors.
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