Not every business has the luxury of doing the right thing in the right way the first time. For most businesses, things become more complicated when it comes to their accounts payable process. It can be difficult to find ways to increase an accounting department’s efficiency and decrease costs. This is where AI, RPA and BPM come in. A growing number of companies are adopting automated processes to save time and money. By automating your accounts payable process, you will be able to reduce the number of human errors, free up your financial team, and make your company more efficient. This article will help you understand the benefits of automating your accounts payable process with AI, RPA, and BPM.
Why should you automate your accounts payable process?
Accounting is one of the most important departments of any organization. Accounting is the process of recording, organizing, and analyzing financial transactions. Accounts payable (AP) processes are the backbone of any organization because they directly impact cash flow and ultimately the company’s bottom line. AP processes are extremely important to the company’s success. According to Goldman Sachs, businesses pay an average of $16-$22 to process invoices manually. Automation can reduce the cost of processing by 80%. Combining RPA, AI and BPM can automate many manual tasks and eliminate most of the delays in payments and human error. This could be applied in multiple areas such as:
- Understanding and parsing various types of invoices (email, physical, scan)
- Classification and sorting of invoices
- Checking for duplicate invoices
- Detecting invoice discrepancies.
- Validation and synchronizing with ERPs.
- Routing invoices to different approval scenarios
- Integrating with different systems used across the organization.
- Generating real-time dashboards and reports for analysis.
How to automate your accounts payable process?
If you’re still managing accounts payable manually, you’re familiar with the extensive workload that comes with it. The process involves various steps like creating purchase orders, attaching invoices to relevant POs, reviewing invoices, and entering data into your company’s ERP. However, the good news is that with a combination of artificial intelligence (AI), robotic process automation (RPA), and business process management (BPM), these processes can now be automated.
RPA assists by automating repetitive tasks in the AP process while AI brings intelligent automation. This type of automation is valuable for organizations with varying invoice formats, unique POs, and frequently changing data entry rules. With the proper implementation of powerful BPM, all company departments and systems can be aligned and synchronized for seamless operations.
To get started, it’s essential to map out your current manual AP process and then utilize an AI-powered workflow engine like EcoDocs to automate it. The AI-powered workflow engine is incredibly customizable, allowing you to map out each process to match your company’s requirements. It integrates with all other business systems, ensuring a steady and smooth flow of data between different departments. This results in a more efficient and smarter method of managing your accounts payable processes.
What are the benefits of automating your AP process?
- Reduced human errors.
- Avoid invoice discrepancies.
- Significant cost savings
- Better turnaround time
- Optimized cash flow
- Process transparency
- Easier compliance and process control
- Integrations with all systems
- Improved vendor relationships
AI is here, and it’s time to take advantage of it.
As our reliance on technology grows, so does the use of artificial intelligence (AI) in contemporary society. From healthcare to finance, the emergence of AI is transforming the way we live and work, promising unparalleled levels of efficiency and productivity. Rather than replacing human jobs, AI is enabling companies to streamline operations and stay ahead of their competition. The combination of robotic process automation (RPA) and business process management (BPM) alone was inadequate, but with AI’s advanced capabilities, we now have the opportunity to harness its potential and unlock a world of unlimited possibilities.
