Why You Should Automate Your Accounts Payable Process Using AI, Robotic Process Automation and Business Process Management?

Not every business has the luxury of doing the right thing in the right way the first time. For most businesses, things become more complicated when it comes to their accounts payable process. It can be difficult to find ways to increase an accounting department’s efficiency and decrease costs. This is where AI, RPA and BPM come in. A growing number of companies are adopting automated processes to save time and money. By automating your accounts payable process, you will be able to reduce the number of human errors, free up your financial team, and make your company more efficient. This article will help you understand the benefits of automating your accounts payable process with AI, RPA, and BPM.

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Why should you automate your accounts payable process?

Accounting is one of the most important departments of any organization. Accounting is the process of recording, organizing, and analyzing financial transactions. Accounts payable (AP) processes are the backbone of any organization because they directly impact cash flow and ultimately the company's bottom line. AP processes are extremely important to the company's success. According to Goldman Sachs, businesses pay an average of $16-$22 to process invoices manually. Automation can reduce the cost of processing by 80%. Combining?RPA, AI and BPM can automate many manual tasks and eliminate most?of?the?delays?in?payments?and?human?error. This could be applied in multiple areas such as:

• Understanding and parsing various?types?of?invoices?(email, physical,?scan)
• Classification and sorting of invoices.
• Checking for duplicate invoices
• Detecting invoice discrepancies.
• Validation and synchronizing with ERPs.
• Routing invoices to different approval scenarios
• Integrating with different systems used across the organization.
• Generating real-time dashboards and reports for analysis.

How to automate your accounts payable process?

The manual AP process includes lots of steps. This includes PO generation, invoice attachment to relevant PO, invoice review, and data entry to ERP. All of this could be automated using a combination of AI, RPA and BPM. RPA can automate repetitive steps in the AP process. Together with AI this allows for more intelligent automation. This type of automation is ideal for organizations with ever-changing invoices, unique purchase orders, and changing data entry rules. Supported by powerful BPM, all organization departments and systems are kept in sync and smooth operations are ensured.?

The?process?begins?by?mapping?your?current?manual?AP?processes?to EcoDocs'?AI-powered workflow engine. It's highly customizable so you can map each process exactly to your workflow engine, letting you do things the familiar way, but smarter more efficiently. It also integrates with all other systems within the company to ensure a steady and smooth flow of data?between departments.

What are the benefits of automating your AP process?

• Reduced human errors.
• Avoid invoice discrepancies.
• Significant cost savings
• Better turnaround time
• Optimized cash flow
• Process transparency
• Easier compliance and process control
• Integrations with all systems
• Improved?vendor?relationships

Conclusion: AI is here, and it's time to take advantage of it.

Artificial intelligence is becoming more and more prevalent in today’s society. It is used in almost every industry and is predicted to make life easier for many people. By using AI, companies are able to make their businesses more efficient and competitive. Robotic process automation (RPA) and business process management (BPM) alone could not solve the problem before, but AI is here, and it’s time to take advantage of it.