Vendor invoices shouldn’t come with added costs.
Processing vendor invoice can be a laborious and time-consuming process for the account payable department in an organization. It is estimated that a typical business pays an average of $13 to manually approval each invoice. This can add up over time when you consider that a small business can get close to 50 invoices a day. That means more than $160,000 a year spent on processing vendor invoices alone.
This is where intelligence based Robotic Process Automation (RPA) can help. To process an invoice, an employee needs to enter information from a paper or electronic vendor invoice like amounts, dates, terms and relevant entities into an accounts payable system.
When the process is automated using (RPA), an employee receives a vendor invoice via email sends the automation bot checks the attachments to verify it is a vendor invoice and extracts any information from them. The automation bot then checks logs on to the system and validates the vendor and then proceeds to enter the invoice data into the system. If it is a new vendor and does not exist in the system, the bot can be automated to add a new vendor record in the system and seek the necessary approvals prior to entering the invoice details into the system.
Similarly, if the vendor invoice is received in a printed format it can easily be scanned into an OCR device connected to the robotic process automation engine that can be automated using machine learning to recognize the unique characteristics on each invoice such as vendor name, logo, signature and invoice template to translate to a vendor number in the system.
Contact KEYVRIX to see a demonstration of how easy it is to automate vendor invoice processing using intelligence-based RPA.