Automate Accounts Payable. It's Simple, Easy, Fast, and Efficient.

Automate Accounts Payable. It's Simple, Easy, Fast, and Efficient.

Automating Accounts Payable (A/P) processes can reduce errors, save time and money, and help eliminate the disconnect between finance and operations. Here are five ways you can use automation to improve your A/P process.

1. Automate Data Entry

Data entry is one of the most time-consuming tasks in Accounts Payable. You'll save time and money by automating data entry tasks such as invoice scanning. Scanning documents into the system eliminates the need to manually copy and paste information from paper documents into the system. This process also ensures that all your data is in one place and accessible to everyone in the organization.

2. Use Automated Workflows

Workflows are automated processes that move invoices through different departments for different reasons. For example, a workflow can automatically route invoices based on their amount, date, or vendor. This allows employees to focus on the exceptions rather than being bogged down by routine tasks. It also helps eliminate any possibility of human error, as the system checks every step in the workflow.

3. Automate Invoice Approval Workflows

Invoices need to be reviewed and approved by multiple departments, such as Accounting and Purchasing, before they can be paid. This is time-consuming because each department has to review and comment on each invoice before moving it to the next step in the workflow. By automating these approval processes, you can reduce these bottlenecks, speed up the payment process and save time and money. Approval workflows can be based on factors such as invoice amount, vendor name, or department code associated with the invoice.

4. Automate Posting

Posting matches an invoice to a purchase order to create a payable transaction. This task is time-consuming because employees must perform multiple searches for each invoice. Moreover, the corresponding purchase order number may be in Oracle e-Business, Oracle Procurement, Oracle Order Management, and Oracle Financials. You can save time and prevent errors by automating searching for purchase orders in other systems and then posting the numbers to your A/P system.

5. Use an Effective Reporting System

Effective reporting is critical to maintaining a smooth running Accounts Payable process. Reporting allows you to measure performance and identify areas for improvement. This is especially true regarding sensitive payments, where knowing how much money is going out of the company could help you control your cash flow and protect your company from fraud or theft. Using reports to monitor trends in your payable processes will help you make smarter financial decisions that will ultimately save your company time and money.

How do you get started with Robotic Process Automation (RPA)?

Automation has reduced costs and improved accuracy. However, automation is only effective when it's used consistently and correctly. You should know a few things to get the most out of robotic process automation.

Robotic process automation can streamline your process, speed up your work, and reduce the need for manual labor. To get started with robotic process automation, you should first learn about it and how it works. After that, you can begin creating a plan for your organization.

Understanding RPA

If you need to learn what robotic process automation is, it's time to find out. Start with some simple internet searches. Learn about robotic process automation and what it can do for your business.

After you've done some initial research:

  1. Look for robotics professionals who can discuss robotic process automation further with you.
  2. Ask them about robotic process automation, how it works, and how it can help your organization.
  3. Ask them about the pros and cons of using robotic process automation.

You want to ensure that robotic process automation is right for your business and that you understand how it works.

Creating a plan 

Once you understand robotic process automation better, you should create a plan for your organization. This can be simple and simple. Start by making a list of all the processes in your organization. For each process, think about how robotic process automation can improve that process. Also, note any techniques that may be difficult or impossible to automate using robotic process automation. At this point, only try to identify strategies that may be good candidates for robotic process automation. Trying to identify every possible process that could be automated is optional at this stage.

Once you have a list of possible processes, figure out what needs to happen next. Start by figuring out which processes could be automated first. After that, determine which methods will be easiest to automate and which strategies will benefit your organization most if automated. Remember that some functions may provide more benefits than others, so prioritize the benefits rather than the processes themselves. After that, determine which techniques would require a small workforce if automated and which would save the most money. Sometimes saving money is only occasionally good because it may mean laying off even more employees if you're already operating at total capacity. In this case, remember that reducing costs isn't always a good thing. Instead, look at ways to increase productivity so that you aren't forced to lay off workers due to increased cost-savings due to robotic process automation

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Published On:

January 9, 2024

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