Case Study Video: AP Automation Solution
Accounting and finance departments are challenged with repetitive, mundane tasks when it comes to invoices, payroll, and reporting on a daily basis. In this video, we review an AP Automation solution for our real estate client featuring UiPath.
Accounting and finance departments were the first to embrace the automation wave and see Robotic Process Automation (RPA) as a tool to automate their time-consuming, labor-intensive processes and reporting. With extremely repetitive, manual back-office tasks processing thousands of invoices from various account holders, accounting and finance functions are a prime candidate for an automation solution. From invoice capturing, invoice processing, transaction posting, and financial reporting, RPA eliminates the possibility of human error and frees up time for human workers to focus on strategic processes.
Chief Financial Officers and accounting departments face three core challenges:
RPA provides CFOs with a foundation to overcome these challenges. By digitizing finance and accounting operations, improving the timeliness, accuracy, and integrity of their financial operations, and eliminating repetitive swivel chair-type activities of the financial staff. One of the highest areas for RPA return-on-investment is automating accounts payable invoice processing.
The following demonstrates a successful AP automation solution for a Smartbridge client using UiPath. The client is a global real estate investment, development, and management firm that painfully processes IT invoices manually, spending 600 hours on 1,200 invoices per year.
The answer was to use UiPath to automatically extract the data from the incoming invoices using AI Machine Learning and push it into their AP platform.
In a nutshell, the automation bot reads the line descriptions of the invoices to identify the business unit and cost center for each vendor, utilizing UiPath, OCR, and Document Understanding. The invoices are then pushed into the AP platform for posting and approval.
Machines can process much faster, cheaper, and of a much higher quality. With RPA, the likelihood of human errors has been greatly diminished.
In fact, with the manual process now eliminated, this automation is saving our client approximately 540 hours per year. This represents a 90% time-savings ROI and freed up staff to work on more important business activities.
What does it take to make such a significant impact? Watch the AP Automation case study video below to see how we did it.
UiPath is a powerful platform with its underlying special capabilities such as Document Understanding and AI Machine Learning. It can be used to automate any processes a company may have, simple, or complex.
AP Automation is one of the many, high-impact use cases every company can boldly automate. It is a proven concept and solution along with other accounting functions. To learn more about RPA use cases for accounting and finance functions, view RPA for Accounting & Finance.
Keep Reading: Real Estate Firm’s AP Automation Case Study
Watch: this CIO’s RPA Implementation Best Practices & Interview
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