RPA buzz is real! Most businesses are going digital, with 89% of them already embracing a "digital-first" strategy which heavily impacts the work landscape. Invoice processing is one of the key back-office operations that require a lot of manual effort. Each month, the accounts payable department processes thousands of invoices, often by manually entering data into the accounting system.
UiPath robots can mimic human actions, read accounts payable invoices, and enable more strategic accounts payable activities by automating the processes. By relying on manual processes, companies waste time obtaining, assigning, and approving invoices.
UiPath's Enterprise RPA Platform can automate invoice processing and eliminate manual effort. Invoice processing can be streamlined using UiPath's RPA technology, which greatly increases efficiency. Businesses can drive operational agility and achieve success by leveraging this technology.
Aberdeen Group research shows that processing invoices from receipt to payment approval takes companies on average 4.1 to 16.3 business days. With UiPath's RPA platform, this time effort can be reduced by 90% and the manual effort can be reduced by 10%.
Consequently, accounts payable is more efficient and labor costs are reduced. Digitization and automation have rapidly become a catalyst, as well as an enabler, of optimized business processes, making UiPath a practical solution for automating a manual process still heavily reliant on humans.
Invoice processing can be more efficient with robotic process automation (RPA). Here we discuss the challenges of manual invoice processing and how the UiPath platform can help automate the process.
Challenges of Manual Invoice Processing
The process begins when the invoice is received and ends when the payment is completed. The invoice can be in any format including paper, PDF, image, or email. Usually, invoices are scanned or manually entered into the company's accounting system.
The invoice should be entered to the proper cost centers and accounts on projects. After that, the invoice must be sent for approval. Invoice processing can be tedious, as abundant data must be copied manually from PDF to the accounting system, leaving room for errors.
What is UiPath’s Enterprise RPA Platform?
According to Gartner and Forrester, UiPath is the market leader providing RPA that helps more than 6000 customers adopt hyper-automation and digital transformation technology to transform their businesses.
With robotic process automation (RPA) and artificial intelligence (AI), it automates millions of daily tasks, improving efficiency, productivity, and employee satisfaction. To develop and implement the solution, UiPath is encouraging businesses to take an 'automation first' approach to managing and executing workflows.
With UiPath's Enterprise RPA Platform, you can automate tasks at every step of the automation lifecycle, from using AI to discover opportunities for task automation to measuring and reporting on performance.
It is designed for quick deployment, allowing businesses to see an ROI quickly and enjoy the benefits of automation immediately. As part of this, UiPath offers installation support, training, and we are one of UiPath's integrated partners to support businesses in RPA implementation.
Invoice Processing Automation with UiPath
UiPath Enterprise RPA can automate and streamline end-to-end invoice processing. The data will be updated accordingly to the respective system without the need for human intervention.
Businesses use it to automate processes like business workflows, back-office tasks, and so on. A UiPath application automates the process of collecting data from vendor invoices and transmitting it to a target system based on an interval defined by the user.
The AI can recognize the location of critical information that must be extracted from a document, even if the invoices are in different formats. Manually creating multiple layouts is no longer necessary.
Additionally, UiPath has trained the RPA bot to understand real-world documents. According to the specific needs and requirements of your accounts payable and expense compliance processes, it can automatically identify and extract a wide range of business values from receipts and invoices processed. Despite the 'noise,' the robot will still find the following information, such as the vendor name and the invoice number more accurately.
Invoice processing can be accessed directly in UiPath Studio. Thus, you can integrate AI seamlessly with other critical document processing features such as Taxonomy Manager and Validation Station. This makes it possible to validate extracted information using human intervention.
In addition to automating the end-to-end invoice process of accounts payables and expense management, you can easily forward the extracted data to your robots to enter it into the back-end systems with which you are familiar to automate them completely. In addition, these models are self-learning and will improve over some time as more users interact with them and businesses use them in their workflows.
As you can see, the implementation of UiPath RPA can simplify invoice processing. A little practice is required to adapt to automation changes to work efficiently and stay productive.
We at GTS encourage businesses to use UiPath for their finance transformation. As UiPath is a reliable RPA platform that offers greater results in terms of Finance operational automation. You don't need to automate the entire system right away. Start with invoice processing and automate other processes one by one to see if it is right for your business.
If you're interested in finding out how GTS can help you with the implementation of UiPath Enterprise RPA software. Get in touch with our team here and we will help you understand how RPA can transform your invoice processing.
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