Manually doing accounts payable processing is one of the most tedious jobs for accountants. Here, the concerned persons need to ensure that all the outstanding invoices from diverse departments are processed and paid.
As a results manual accounts processing is not the best option today. It doesn’t do any good for your business, keeps your resources busy, and restricts the overall growth of your business.
Challenges in Accounts Payable Processing
According to a research sending invoices for approval manually and entering the data manually are the two biggest challenges that companies face.
Few common challenges in manual account payable processing are below listed:
- Accounts payable processing is a very tedious process.
- Human beings performing too many processes at a time make way for human errors which could prove to be detrimental.
- As it is time consuming and lots of errors are occurring leading to direct loss of business for the company.
- It is a manual process which requires more human resources, this is a waste of available resource on the same task.
- Due to manual account payable process company is not getting sufficient profit.
Automating Accounts Payable Processing
As above mentioned with various challenges. This is when intelligent automation tools like Automation Anywhere come to your rescue and help you out by automating the entire process.
Accounts payable automation with Automation Anywhere helps businesses process invoices from the supplier’s end without actually requiring any human intervention.
Automation anywhere accomplishes all the operations at a faster speed with zero errors and 80% reduced costs. Equipped with advanced technologies like artificial intelligence, chatbots, ready bots, and machine learning, the tool is able to improve the turnaround time from hours to minutes.
Here are a few benefits of RPA:
- No coding needed
- Exercise full control over the tool
- Top notch security and compliance
- Easy to scale
- Generate reports and insights
Business Impacts of RPA:
Automating the accounts payable processing has major significance on the business. As reducing costs are becoming a common focus of most business strategies, that RPA will become important to business strategies.
- Invoices from the provider’s end are approved very quickly & are error free.
- Since the approvals come in quickly, the payments are all made on time, in an organized fashion.
- The RPA module provides insights & complete clarity on the online process so that the providers can easily trace the operations and payments online.
- As RPA enables faster solution which will help improve business relationship with providers.
All of these factors together contribute to better cash management. This would mean that there are no errors in the balance sheet at the end of the year and the whole process is carried out smoothly.
This makes sense as to why implementing an RPA is the need of the hour and the sure path to success! What are your views on this? Let us know in the comments below.
“Milind Bibodi is a consultant at Systems Plus. The content of this blog is personal & for information purposes only, and is subject to change. Reader discretion is advised”