The demand for efficient and reliable Accounts Payable
Most of invoices are delivered as paper, fax documents or PDF attachments. Only a few of them are alike, that's why handling these manually is annoying and exhausting. Is it from a known vendor? Is the document supported by internal ERP system? It takes lots of time from AP staff to find out the correct answers.
Transferring data from different formats to your company’s standard format takes lots of human work. This boring task is very slow and errors are likely to be made. What at first looks like a flow of straightforward AP operations turns out to be a complicated and ineffective process. Improving it brings your company not only financial but also organizational benefit.
Inconsistency & lack of confirmation
The manual operations are likely to bring inconsistency. For example: “Is there a bill for the PO? Is the price in the bill the same with other ones?”. Also, confirmation likes: “Have we had all of the required documents for processing payment?”
Automation for structured data
There is one financial challenge to be overcome to achieve
Accounts Payable Automation,
and three essential steps need to be taken. ROI is the financial challenge — For analyzing a large-scale investment for software,
the AP area is not big enough.
Three essential steps are:
the AP area is not big enough.
Robots build by software is the key to avoid human labor from AP.
Disorganized data must be under a strong, easy to be maintained structure.
Automation for a flow of structured data between staffs, suppliers, and third parties which supports analytics and making decision.
With above 3 steps, AP processes will be bring to the next level. Your company's ERP system will be integrated structured data from automation operations. In addition, new features, like login and payment reviews via mobile, will be available. It sets a solid infrastructure for your organization to expand automation to other business processes which helps to minimize costs, increase performance and have better compliance.
Accounts Payable on Hyper Automation
Automation for collecting and storing data
Embracing power of OCR technology, we are able to get 95%+ accuracy for character recognization. It doesn't matter if the information is on paper, PDF files or emails, data can be collected easily. Actions when modifying documents are also stored in logs which helps audit process a lot.
Flexible workflow with rules for automation
Our solution takes care of the complex business logic of P2P operations with flexible workflow. With rules, it opens up a whole new way for customizing your automated workflow. Building a new workflow becomes so easy and fun just like playing with lego bricks. It has never been easier thanks to drag and drop without code.
Confirmation and resolution for exceptions
Confirmation actions in AP is based on rules so that it can be approved automatically following predefined conditions in workflow. This helps to limits mistakes made by human.If there's data which does not meet the criteria required for automated workflow, exceptions will be raised for reviewing rules and detecting fraud.
Compliance and Governance
The HyperAutomation solution has been built with governance and compliance from the ground up, for example: organization accounts and roles. Moreover, there are logs for all actions in the automated workflow, this reduce the cost for compliance auditing.
Flexible & Adaptive
The HyperAutomation AP solution make sure your system is flexible and adaptive. It's simple to make modification for transaction volumes, procurement or unification without affecting efficiency or accuracy. There's also performance monitoring in real time and tools for analyzing data for better decision making.