Why do we Need Accounts Payable Automation?
Tasks like invoice processing and vendor payment management are time-consuming and prone to errors, especially if the work involves manual intervention. From manual entry and reconciliation to data loss and duplication, manual data processing in AP has increased costs and productivity loss.
The ideal solution to this problem is robotic process automation(RPA). RPA cuts down the company’s costs and helps with the adaptability, flexibility, and high configuration of workflows throughout the organization.
Because RPA technology requires little-to-no human intervention, it can also improve data quality in your business processes by eliminating manual human error. Therefore, RPA can offer companies a way to automate manual tasks and improve accuracy on a large scale.
7 Benefits of RPA in Accounts Payable
The invoice processing landscape is ripe for transformation to a more efficient and streamlined approach. Robotic process automation (RPA) offers great potential to achieve this transformation by automating manual and repetitive tasks. Below are some of the benefits offered by RPA to provide efficiency for business professionals in account payable:
- Streamlined invoicing process
In accounts payable processes that use a manual coding method, data from supplier invoices are entered into the system by data entry staff. RPA can quickly execute the tasks of replicating the data from an invoice, matching that information with other data sets stored in a database, and generating reports and alerts.
2. Error removal
When using an AP system, the manual capture and entry of data is time-consuming and can result in errors. The ability of RPA software to identify and process-specific data without error makes it a suitable choice for such tasks.
3. Scalability
RPA software robots can respond quickly to fluctuations in workload and, therefore, can be easily implemented in different departments and locales.
4. Cost savings
By implementing an RPA solution to handle multiple invoice data entries, organizations can realize significant savings by accelerating the invoice lifecycle and taking advantage of early payment discounts from suppliers.
5. Enhance customer experience
RPA implementation ensures the 24/7 availability of accounting services. Accounts payable automation also allows companies to enhance customer service and gain a competitive advantage in the marketplace.
6. Better compliance
Manual AP processing often places a burden on the staff member who creates purchase orders, and that person may be the only one who confirms receipt of goods, creating delays in the process. A company that implements robotic process automation can send an automated alert to the requisitioner if a purchase order is missing. Doing so can prevent delays in the process and maintain the constant workflow of the operations.
7. Faster account reconciliation
Implementing the RPA in accounts payable can help integrate tong and unmanageable processes involving multiple workers’ inputs. The process can be accessible and effective as the software bots can automate the data transfer and troubleshoot the inaccuracies.
Conclusion
As organizations begin to evaluate the benefits of robotic process automation (RPA) technology in accounts payable, many companies find that RPA effectively addresses payment processing challenges.
At Maruti Techlabs, we understand that not every business is an exact match for automation. Therefore, we help you with the best automation opportunities for your organization by developing a scalable program that suits your business needs.
Get in touch with our RPA technology experts and harvest the power of automation for business today!
