T-Impact work with ambitious organisations seeking to drive change and achieve rapid ROI through digital transformation and some finance teams are already leveraging this technology. Speak with one of our experts to learn how companies throughout the UK are using robotics and AI to transform their approach to finance, from accounts payable through to customer invoicing, ensuring higher levels of efficiency and compliance whilst drastically reducing costs.
Setting up accounts payable and customer invoicing has always involved a great deal of administration, which has traditionally been a manual process performed by bookkeepers and junior staff.
This often leads to data entry errors and consequently control reports are required to mitigate the risks.
For accounts receivable, timely collection of revenue is essential. To this end, customers need to receive regular reminders as well as being able to easily determine the net amount owed to pay businesses on time and ensure they can maintain positive cash flow.
Robotic Process Automation can automate every aspect of this process. It can open and scan supplier invoice emails, extracting key details such as VAT, the amount due and supplier information from digital or paper-based texts or scanned images before checking if the supplier exists in the finance system. If they don’t exist, then the record can be added automatically using extracted data. On the other hand, if the supplier exists, the robot can confirm the invoice with the person responsible and add it to the payments schedule.
For the communication aspect of accounts receivable, robotics can automate this entire process by setting a component trigger on the automation platform, such as a sale being closed in a Customer Relationship Management system or a timesheet raised on a professional service automation platform. The robot can then be activated to detect and verify that the timesheet information is accurate and complete, before sending out the invoice for internal approval and producing the final invoice for distribution.
After the invoice has been sent, the robot can verify whether or not it has been paid and send automatic reminders for those that haven’t. If the invoice is still unpaid, the robot can act on collection treatment plans and issue the appropriate action, whether that is further reminders, internal escalation or outsourcing to credit agencies.
Arguably the main benefit for companies using robotic process automation within their finance function is the complete and total elimination of data entry errors which means that businesses can ensure greater accuracy in their accounting and finance reporting. And as robotics can work almost three times as fast as the human workforce, the speed of invoicing processing improves greatly which means that companies can have a better handle on cash flow as they know exactly what payments are coming in and out. Finally, by eliminating manual, repetitive and tedious work from daily schedules, the business not only saves money but also empowers their staff members as they are able to focus on more creative, strategic and customer orientated tasks that drive real value into the business rather than deal with lengthy administration.
To learn about our robotics subscription model or for more information on how our robots can help transform your finance department, speak with one of our experts today.