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Accounts Payable With RPA

by sol-admin
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Most of the accounting departments in different organizations still rely on manual employee intervention and paper invoices to process payments. Time and cost savings are two of the main drivers for accounts payable automation. Most of the AP departments struggle with high paper usage, high transaction costs, and cycle times. Apart from time and cost, here are some major challenges in manual AP processing that are driving the shift to RPA in accounts payable:

  • Manual routing of invoices for approval
  • Manual data entry
  • Paper format of invoices
  • Lack of clarity into outstanding liabilities
  • Lost or missing invoices
  • The high number of discrepancies

This is where RPA in accounts payable can help your business enhance work efficiency and reduce costs. The useful role of RPA in accounts payable is to eliminate all repetitive, time consuming, and low-value tasks such as data entry from employees and allow them to focus on other higher-value tasks.

RPA technology can make the processes simpler for accounts payable professionals, which leads to many benefits. Some of these are the following:

  • Scalability
  • Cost savings
  • Error removal
  • Better compliance
  • Improved supplier relations
  • Faster account reconciliation
  • Enhanced customer experience
  • Smooth financial closing and reporting
  • Streamlined capturing and matching of supplier invoice data

Many of the organizations are just beginning to realize the benefits of RPA technology in accounts payable, but there is a clear trend of growing interest in exploring and implementing this technology. Improved compliance, productivity, accuracy, and reduced costs are the major benefits of why RPA implementation continues to exceed expectations.


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