What is Invoice Automation?
Invoice Automation is a core process where the automation software scans the invoice and then converts that into an image or text-searchable documents. The different range on an invoice also can be defined into the software, in order that it remembers that from which range it should capture and register the info into the ERP systems.
In today’s competitive business environment, companies are feeling the warmth and searching for tactics to get their edge over rivals. Organizations worldwide are looking for technologies to streamline workflows so that a lot of work can be done in little time thereby saving time, space and money.
Every department is looking for the tasks that can be assigned to these technologies so that the manpower can be put to those tasks where humans have an advantage over robots and risks are high.
One such technology is Robotic Process Automation which is a technology which takes care of tasks that are defined by pre-determined rules, are repetitive in nature and have a standard operating procedure. When humans perform these tasks there are chances of errors, reduced speed and lower accuracy. Enter Robotic Process Automation and the tables turn much to the delight of organizations.
Why Use Robotic Process Automation for Invoice Automation?
Companies receives hundreds and thousands of invoices from the vendors for further processing. Your accounting department manually verifies every invoice’s information into the accounting systems and pushes for payment. The efficiency of this process depends on the amount of hours your team has during a day, and well, that’s limited.
Any errors or delays in processing their invoices can leave your vendor fuming. They might either delay the delivery of subsequent set of goods/services or generally leaves you, and also this process may take time and may be automated for faster and more efficient processing.
(Robotic Process Automation) have established invoice processing. These tasks, which won’t to consume longer and assets, can now be automated to be completed faster, more stable and cheaper results. This webcast will introduce attendees to leveraging Robotic Process Automation invoicing automation.
Benefits of Using Robotic Process Automation in Invoice Automation
The major reasons for invoice automation are:
1. Save Money by Avoiding Late Fees
2. Cut Down on irrelevant Costs
3. Increased focus on activities with higher value ad
4. Organize Invoice Processing with Your ERP, Etc
5. Reduce Humans Errors
A study Canon Business Process Services suggests that more than half of all invoice processing requires at least 76% manual input.
Current times increasing digitization and automation, these numbers competitors that are missing out for making their finance and accounting departments more efficient.
It is Time for Automation
After years of dependencies with manual processes, Accounts Payable needed the advantages of integrated document and data automation.
Businesses can streamline their invoice process with faster and quick process enhancement with the use of RPA in invoice automation process.