Accounts Payable (A/P) Automation with RPA
Executing finance and accounting processes, specifically accounts payable (A/P), poses a significant pain point for many businesses across various industries. Even in today’s technologically advanced business world, many accounting departments still rely on manual employee involvement and paper invoices in order to process payments. At the same time, many other companies depend on outsourcing to BPOs in order to have their finance processes transacted.
A/P processes are repetitive, time-consuming and typically require high levels of involvement from employees. As such, robotic process automation (RPA) is an excellent fit for the automation of A/P processes. But even so, recent research by Basware and MasterCard indicates only 20% of companies use automation software internally to alleviate their accounts payable headaches. While RPA isn’t a one-size-fits-all solution for all companies, the technology has the ability to help companies streamline their financial tasks in order create enhanced efficiency and operational control.
With this in mind, let’s consider the benefits – and challenges – of implementing a RPA solution to automate financial tasks, as well as the role BPOs can play in this process.