The Future of Finance: OCR and RPA Revolution in Accounts Payable Automation 💼🤖
The supplier invoice reconciliation process (AP) involves a seemingly never-ending list of tasks, and errors can incur significant costs. It’s a complex process involving many steps. Automating AP using Optical Character Recognition (OCR) and Robotic Process Automation (RPA) is the answer to the growing challenges faced by finance departments. It allows freeing up employees’ time to focus on more strategic tasks. With digital technology, they can improve decision-making, minimize risk, and predict future financial results.
According to Prophix’s 2023 Finance Leaders Survey, over 65% of financial leaders aim to automate half of their tasks by the end of 2023. However, they need the right tools. 📊📈
What Is AP Automation?
The AP automation process enables the Accounts Payable reconciliation team to process invoices digitally, utilizing OCR and RPA technology instead of manual input. This eliminates monotonous and time-consuming tasks associated with manual data entry, contributing to improved efficiency and error reduction.
Why Should You Automate Accounts Payable Reconciliation?
Automation of the Accounts Payable reconciliation process offers numerous benefits:
⏰ Time Savings: Eliminating manual invoice processing speeds up the entire process.
💪 Increased Efficiency: Shorter approval times and improved productivity.
✅ Enhanced Accuracy: Reduced errors, especially in payments.
📝 Compliance Implementation: Building robust audit trails.
🤔 Fewer Queries: No inquiries about payment status since the robot informs about all statuses upon completion.
Which AP Tasks Can Be Automated?
Automation can handle many tasks in supplier invoice reconciliation, resulting in savings of both time and cost:
💻 Data Entry: Automating data entry eliminates errors associated with manual data input.
🧾 Invoice Matching: Three-way invoice matching allows for quick and accurate invoice alignment with other documents.
📊 Invoice Coding: Automation enables setting rules that automatically add the correct code from the general ledger to each invoice.
✅ Approval: Automatic approval submissions to all necessary approvers expedite the process.
OCR and RPA technologies are revolutionizing how companies manage their finances. It’s not just about saving time and money but also achieving more efficient and accurate payment control and building better relationships with suppliers. This investment shapes the future of the company’s finances. 🚀💰
Learn more and schedule a free consultation to discuss automation possibilities for your company!