Invoice Management
Check how Invoice Management can be automated easily using IntelliBuddies AI-Driven Unified RDA Platform!
Background
Payment processing in Finance departments could often turn chaotic, with invoices coming in from various sources and different formats such as paper invoices, PDF documents, images, emails, etc. Further, the volumes might fluctuate during peak seasons, creating hectic finance department schedules. This might lead to missing data, manual errors, and audit mismatches apart from repeated monotonous work that employees have to go through. An efficient accounts payable department is vital for helping your business manage its cashflow efficiently.
As your business scales up and the number of invoices you handle increases, you will need an efficient workflow for invoice processing. It would be best to use an automation solution to help make your accounts payable process more efficient and accurate.
The solution is to automate invoice processing from arrival to marking bill for payment in Quickbooks. It would involve automating several steps and tasks, as detailed below-
Typical Bill Processing Process
Invoice Processing with RDA Platform
Following is the high-level process with automation using RDA Platform-
Automated Bill Processing Solution
- Collect: Firstly, an intelligent buddy will collect all the invoices received through various mediums such as emails, couriers, web portals, and others.
- Extract: It will then extract data from any type and format of invoices using the state-of-the-art cognitive services provided by technology leaders.
- Validate: It will validate the invoices against your supporting documents, such as purchase orders and delivery receipts.
- Approval: Buddy will initiate a BPM workflow that will interact with various stakeholders and other buddies throughout the bill processing cycle.
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