Achieve 100% automation in finance and accounting processes through intelligent automation
The journal voucher (JV) is among the foundational documents of any finance and accounting (F&A) operation. However large or small the enterprise, the journal voucher serves as evidence to auditors and therefore need to be maintained diligently and accurately.
Yet, journal voucher processing is also the most tedious and error-prone in F&A departments worldwide. The sheer scale of journal vouchers each organization has to maintain makes it labor-intensive and slow. Even with modern ERP and financial management systems, the need for human intervention hasn’t reduced.
It doesn’t have to be that way anymore. Intelligent Robotic Process Automation now enables a 100% automation of journal voucher processing. This means that without any human intervention, intelligent RPA can process journal vouchers — showing a TAT improvement from 1 hour to 5 minutes per voucher.
JiffyRPA – extending the range of automation
This is what Jiffy did for a large European automobile manufacturer. They came to us at a situation where their earlier automation was not enough to handle the volume and variety. They were also using handwritten claim forms which added to the burden of the accounting personnel.
JiffyRPA was able to automate 100% of the journal voucher processing and this enabled them to process over 6000 JVs in a day from the 1000 they were processing manually. The biggest benefit was in the cash processing where 100% payment were automatically cleared for the right invoices and volume handling grew by 600%.
The handwritten claims were also processed using JiffyRPA’s cognitive OCR capabilities and 80% of supporting documentation were verified automatically. The client was also better compliant to the audits and significant cost savings were achieved. The solution was such a huge hit that it was rolled out to 40 countries where the client has presence.