Eliminate manual work and increase efficiency in Finance and Accounting
It is indeed an ongoing trend and many organizations seem to adapt to it. The reference is being done for the automation of the Accounting and Financial operations. The benefits of it are numerous. For instance, the efficiency of operations, transparent processes, lower processing cost and indeed optimized cash flow. Since the transaction volumes are going up, alongside with the business growth, there is a constant ever-mounting pressure to do more with less. That’s why many start-ups, SMEs and large corporations are looking for ways to eliminate the remaining manual work and spike the benefits of automation across finance and accounting processes.
RPA is here to aid business growth
The new emerging solution, Robotic process automation (RPA) takes care of to an extent the automation in finance. Evidence of the market trends reveals that for many organizations, it has a significant impact on transforming financial processes in procure-to-pay, scan-to-pay, order-to-cash, and record-to-report. Market reports mention 80% more time efficiency, leaving the accounting and finance department more room to makes the company grow.
Klippa OCR (Optical Character Recognition) is an RPA. It mimics human interaction between the departments of finance and accounting. It can fill gaps in automation and streamline unique processes that exist outside of your core systems and would imply humans doing cognitive tasks. As for the workflow, all the processes are deployed by intelligent software robots. This reduces costs and frees up resources(such as time, money, etc) to be reallocated to more value-adding tasks.
Klippa’s OCR automates any incoming flow of invoices and receipts, acting the same way as RPA, making human intervention as little as possible. It basically extracts all the significant information from any document you request. If you were to combine this with a solution for financial process automation (Klippa Invoice Processing), it provides the most comprehensive solution for automation across your finance and accounting processes.
Account payables automation with RPA in ERP
When shopping for an ERP you should always choose one that is already out and commercially used for many years. Because if you are using a custom or uncommon ERP can make it difficult to find the right automation solutions to support invoice processing and AP (Account Payables) automation. Klippa managed to provide RPA solutions based on the OCR with many ERPs. What makes an integration like that favorable? Integration for AP, to put it simply, means connectors that are easy to deploy and flexible to modify against any system — even the most uncommon and customer ERP systems — lowering support costs, without you having to jump back and forth within 2 or 3 different software and helping you solve challenges unique to your business.
With a Portal Integration, get Streamlined e-Invoicing.
E-Invoicing is another buzzword that has been gaining fame in the past few years. E-Invoicing consists of both AP (Accounts Payable) but also AR (Accounts Receivable). While it promises advances in AP and AR automation, what it usually does is delivering a multiplication of networks and standards which has inherent the need to manually transfer files between multiple portals and your ERP. It does indeed promise that it will free up resources but instead it just creates different hurdles. If we were to automate this part of E-Invoicing we would be talking with a single system that employs AI algorithms, pulling together all the information you might need from all the possible portals, eliminating manual updates but of course, creates errors and updates.
Increased Efficiency and Confidence of Financial Close
One very strong point that Klippa likes to address the usage of RPA is the automation of all the aggregate information across the enterprise. All that volume of information can now be streamlined and managed. Traditionally, this process would trigger hundreds of tasks in between each step of the financial close(would that be month, quarter or year-end). Owning such power helps to have a much more clear overview of the controls, fewer days needed to close and overall control of the high cost of the financial resources that are occupied during the end period of closing.
Process Incoming Purchase Orders Faster and match them with the Invoice – Klippa
Klippa has combined Intelligent Capturing and workflow order automation. Via AI algorithms and robots we managed to reach out to systems to validate prices or update inventory or CRM systems, and report back at you in an automated way about the processing of incoming purchase orders — one of the most manual processes organizations face today. Being able to recognize all information with our OCR Engine allows us, to provide you with matching the Purchase order and the AR invoice. Allow me to briefly name the benefits that you can harvest.
- Faster purchase order processing – due to algorithms being executed in less than seconds
- Fewer errors
- Lower costs, due to economies of scale.
- Improved customer service, therefore, enhanced customer experience.
Redefine Automation Possibilities With a Handy Tool
Step into the digitization era and transform common but also, unique financial processes with a combination of Klippa Invoice Processing and Klippa OCR. These AI robotic process automation solutions are both handled by a single vendor, Klippa. Test the limits of your process performance and improve all your current processes with access to the most comprehensive tool and solution suitable for your finance and accounting problems. If not Klippa, then who?
Schedule a demonstration below to see for yourself. It usually lasts 30-minutes and it has no strings attached!