The money that a company owes to its suppliers for the goods and services received comes under the category of accounts payable. Until you have a payment due for an order, it is seen as a liability in the books of accounts and is dependant on the bill amount.
Accounts payable processes are complex, repetitive, and time-consuming processes demanding great involvement from employees. Some organizations, therefore, depend on outsourcing to BPOs to have their finance processes transacted. RPA can be an excellent fit for automating the accounts payable processes.
Now let us have a look at some of the key points that clearly explain how Robotic Process Automation (RPA) can act as a vital part of a company’s operational success.
The accounts payable departments rely heavily on tools such as spreadsheets or legacy systems that need to be augmented with complex processes. However, these processes are susceptible to human error as the information is being transferred from one source to another. We, humans, tend to commit mistakes when we are bored.
Robotic Process Automation can smoothly carry out these time-consuming processes. This will also ensure that the chances of human errors are minimized and so are for financial losses. These bots have no interest in making money for themselves. And so, they are unlikely to get involved in any fraud or sign off anything fraudulent.
RPA can deliver intuitive user features such as point-and-click configuration options that businesses can later modify without needing to bring in IT resources. Apart from that, cloud-based accounts payable automation adds more to flexibility. The upgrades and fixes are pushed to the solution in regular instances.
Sometimes an organization has complex invoice processes where the invoice has to undergo numerous approvals and checks before it is fully signed off, and the payment is done to the supplier. There are high chances of inefficiencies in this process when done manually. Let us say an invoice gets misplaced from someone’s desk and this unnecessarily slows down the process.
However, RPA can manage this effectively, manage this invoice approval workflow, and remove the inefficiencies that exist. You can set the default deadlines for when the invoices should be approved by RPA.
Enterprises have to understand RPA is not just limited to a single task. It can be implemented on multiple processes such as account receivable, financial close, financial planning and analysis, tax and much more.
You can get your work done 24 * 7 round the year, as RPA are bots and they don’t get tired. You can take advantage of them to increase productivity to the extent that traditional work fails to reach.
The arrival of RPA has helped the financial industries automate the most complex processes seamlessly, efficiently, and, most importantly, with 100% accuracy. In short, the boring and repetitive tasks can be performed by the bots, and this frees up the staff to focus on improving their financial institution’s growth.