AP automation using OCR and RPA: The future of finance 💼🤖.

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! Author: Monika Serafin, Service Delivery Manager  

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Dyrektor finansowy

CFO in the era of digital transformation

The key role of the CFO in the era of digital transformation 🤝🚀 Digital transformation is unfolding in financial companies of almost every size, and one thing is becoming clear: the CFO must play a key role in the strategy to automate and standardize key processes across the organization. Research shows that as many as 87% of surveyed CFOs cite standardization, centralization and automation of processes as a major goal of digital transformation. However, integrating digital tools is still a challenge, as 42% of finance leaders lack digital finance transformation 💼⏰. How to effectively automate accounting and finance processes? CFOs need to approach this with a holistic approach. It is important to integrate different technologies and use artificial intelligence for forecasting and simulation 🤖. In addition, the use of cloud capabilities allows for standardization and continuous innovation in the organization’s operations ☁️. Implementing these changes enables CFOs to succeed in a dynamic and demanding business environment. But how to reap the benefits of automating accounting and finance functions? Here are some tips: 1️⃣ Employee opposition – automation should not be seen as a threat, and employees and managers must be convinced of the rationale for automation and its benefits. 2️⃣ Connect every step of the process – automation runs along the relevant process chains. Tasks at the end of the process can only be automated if the right initial task is done at the beginning 🔄. 3️⃣ Holistic approach to technology – a comprehensive and integrated approach to the development, implementation and management of technology in an organization. Automation of financial processes is not just a trend, but the future that will bring greater efficiency and competitiveness to organizations. The CFO must lead the organization into digital transformation by focusing on automation, standardization and integration of technology, while keeping employees engaged. This forward-thinking approach will bring efficiency and competitive advantage in a dynamic business world💪📈. Contact by website or Monika Serafin to discuss how we can help you automate your company’s accounting and financial processes 💬 Author: Joanna Sioła, Customer Experience Specialist

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