The huge volumes and complexity of the invoices often received in paper and scanned create bottlenecks in the Finance processes.
Especially exhaustive is extracting data from the invoices and inputting it into the system.
In this process, automation is highly needed to increase productivity and ensure the business meets key objectives like:
- Payments made on time to promote good vendor relationships but also to prevent unnecessary payment before the due date
- Early payment discounts are not missed – having agreements for receiving discounts in case of an early payment
- No duplicate invoices and payments – double payments can cause loses
- Less time and people invested in the processing
- Minimal error rate
- Invoice matches the orders
The challenges that we overcome are related to the various formats of the documents and the channels of receiving them. A streamlined and automated process now is feasible with RPA, ML and AI. They allow us to keep high extraction rates from documents with different formats and content. Companies will no longer need to try to adapt document templates and involve manpower rather than to have an autonomous workflow taking care of most of the financial documents.
Ready to automate your financial processes?
Talk to our F&A automation experts to learn how you can get started.
