Build mutually beneficial relationships with your vendors: Process their invoices on time and without errors with intelligent robotic process automation.
Timely payments are the foundation of quality delivery of goods/services from vendor-partners. Timely and error-free processing of vendor invoices depends on the efficiency of your accounting teams to process the large number of varied invoices that you might get.
Take the invoice processing flow, for example — you might receive hundreds of invoices from your vendors for the accounts department to process. Your accounting department manually verifies every invoice, updates information into the accounting systems and pushes for payment. The efficiency of this process depends solely on the number of hours your team has in a day, and well, that’s limited.
Any errors or delays in processing their invoices can leave your vendor fuming. They would either delay the delivery of the next set of goods/services or leave you altogether. Along with the time and cost of onboarding a new vendor, this can also have a negative impact on the company’s brand image and more importantly your company’s ability to manage cash flow. To say nothing of the money you could have saved as discounts for prompt payments.
When rule-based RPA is just not enough
Typically, accounting and finance professionals in the company receives the invoice, checks against the purchase order in a system, state of the goods supplied or work order in another and then the payables and approvals in yet another system. This process is prone to human errors and delays.
Invoice processing is a familiar turf for implementing RPA. In fact, invoice processing is probably the first process that can show tangible benefits whenever an organization takes on RPA for finance and accounting. However, with a rule-based invoice processing automation is ridden with problems such as moving between multiple systems, navigating multiple invoice formats etc., and can take the automation only halfway.
Intelligent automation is the silver bullet
What invoice processing needs is RPA with artificial intelligence, in other words, intelligent automation. This is exactly what JiffyRPA offers. We recently deployed JiffyRPA in the finance department of a leading professional services company. JiffyRPA’s cognitive abilities enabled them to process the invoice, reconcile information across multiple systems, do basic validations and then transfer the relevant information to the accounting system.
JIffyRPA’s field learning made sure that the bots learned automatically from every manual intervention so that the next time it encounters a similar invoice pattern, Jiffy can take care of it and doesn’t need human intervention. We were able to automate about 80% of the invoice processing and reduced processing time by 97%.