Automating the invoicing process

Meeting payment deadlines are a critical part of ensuring positive supplier relationships. It also ensures that your business can remain operational. Isn’t it time to simplify the way your business handles invoice processing?
Any staff member in the accounting department of a company pays tons of invoices every month. Each invoice is due within 30 days. Every person on the team spends about 16 hours a week processing invoices to try to meet payment deadlines. The process starts by receiving invoices electronically through a web portal. It is completed as soon as the payment has been made.
To do this, the accounts payable team must validate each invoice. In most cases they apply more than 30 controls to check that important information is there. This includes a valid tax number, business details and payment details. They also need to ensure that the name on the invoice matches the name on the existing database. Another important check is that all calculations have been done correctly.

Processing all those invoices was taking up valuable time, and many companies often find themselves paying many invoices late, which meant incurring extra fees.

Using RPA for invoicing

With a robotic process automation tool, the process was made much simpler for the company. The same Excel spreadsheet used to manually record invoices status can guide a bot to perform the same controls watch as the Automate bot runs through these checks, it goes through each control quickly checking between the invoicing software. Then it updates the Excel file if there are no errors. If there are errors, automate emails to the appropriate team so they can act.

By using this system, businesses will not only pay their invoices on time, but every person on the finance team got back 16 hours per week to spend on more valuable tasks. How could your company benefit from automating its invoicing?

If you’re ready to take the next step on your digital journey, get in touch and we’ll develop a strategy that will turn your dreams into a reality.