Today’s technology is constantly evolving, and we are now seeing the use of robots and robotic process automation in document management. This involves the capturing of existing process steps for the purpose of automating activities.
“Bots” also are finding their way into accounts payable automation, which ultimately helps companies reduce their costs. One reason is because of the reduction of errors. A study by the Investment Company Institute found that human error costs the average multinational corporation an estimated $62.4 million a year.
By their very nature, the bots create a system for your accounts payables workflow. For example, let’s say a person within your organization orders a product. They are not required to use a purchase order, so you are unaware of their action. The invoice is emailed directly to the purchaser, who forgets to pay. A month passes, and you receive a statement for the unpaid invoice. This is the first that you knew of the purchase. Sound familiar?
The solution is to use a bot, such as invoice processing software, to gain better knowledge of the processes within your company and to make your life much easier. Gone are the days of the paper invoice, which has a high chance of getting lost anyways.
Instead, use bots to handle invoice data entry, invoice routing and overseeing of timelines. That will cut down the time you and other approvers spend on the process itself. Those reasons are why it makes sense to use robotic automation for your AP approval process.
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