Any organization , be it Government, Public Sector, NGO, Private Enterprise or others will have to deal with invoices that need to be paid. Accounts Payable, most would believe, is a simple accounting function. However, this ‘simple’ function can become quite complex and overwhelming with the size of the operations.
As invoices are received as hardcopies or in electronic formats, an initial step would be to enter the invoice data into an accounting system. If manual then this is one process that can be automated using bots that would ‘read’ and do the entries. The electronic format of the invoice or the scanned hardcopy is also catalogued and stored in a filing repository and can have a ‘search and retrieval’ facility.
Next these invoices are verified and validated with the purchase orders and receipt notes(as applicable) apart from tax codes-rates and arithmetic calculations. The invoices ‘pass’ thro’ this process or get rejected or are sent back for correction and re-issue. Approval process and hierarchy apart there is also a queueing priority for payment and sometimes the need to deal with invoices in different languages or running into multiple pages with various line items descriptions.
Imagine if this Accounts Payable process has to deal with 100s of invoices every day. Tedium apart. the sheer inefficiency and propensity for inaccuracies is quite obvious!
At Algonox we have come to grips with such challenges and demonstrated increased ease of processing invoices using our cognitive automation platform (ACE) for end-to-end automation mimicking existing or re-engineered workflows. Across select industry sectors with differing business needs , ACE has blended well within the IT ecosystems of our customers giving the desired benefits efficiently and quickly.