Automated Invoice Reconciliation System Streamlines Account Payable Process for Home Appliances Manufacturer

Home Appliance Manufacturing

Industry

$10 - $50 Billion

REVENUE

At a Glance

Reconciliation is time-consuming, as the finance department requires detailed information about credit and debit transactions. Streamlining accounts payable and reconciliation are key areas where RPA technology can help. Read on to learn how Emtec Digital automated a home appliance manufacturer's manual invoice reconciliation process and transformed their F&A operations.

About the Customer

Our client is a leading home appliances manufacturer, in the business of manufacturing large domestic appliances to cater to a global market.

Business Need

To increase their digital footprint and maximize productivity, the client sought to modernize their billing reconciliation process. They were looking for a partner who could build an optimal automation solution for their invoice reconciliation process involving multiple enterprise systems.

Challenges

The finance department manually processed thousands of transaction-based invoices every month, and this was a highly time-consuming process.

The team involved in the process performed repetitive tasks, as invoices had to be validated several times.

Due to high human intervention, the process was prone to errors, leading to huge backlogs.

This resulted in low productivity and decreased cash flow into the system due to the high volume of invoices present in transition.

Our Solution

While searching for a suitable partner, the client heard about Emtec Digital's experience in this field. As a leading digital transformation services provider, our team of experts connected with the client and discussed their challenges.

Emtec Digital's intelligent automation team suggested Robotic Process Automation (RPA) technology as the best solution for process transformation to increase productivity and eliminate non-value-adding manual processes.

This was the solution we proposed to the client:

Development and deployment of an end-to-end process automation program for invoice processing

Enabling bots to recognize invoice formats and extract data using OCR capabilities

Enabling bots to access the internal portals of the company such as ERP to generate and reconcile invoices created across the system in multiple formats

Enabling bots to generate additional entries, if needed, as per the invoice, into the web portal

Validating the legitimacy of email content based on pre-defined policies

Enabling bots to process invoices received from different geographic locations

A Valuable Difference

Data accuracy through RPA enabled employees to focus on high-value activities.

The client experienced a huge reduction in turnaround time as they witnessed a reduction in manual work and human errors.

Unique Differentiators

Invoice Matching: The payment details are extracted from the invoice and matched against the purchase order in the ERP system. The invoice status is then marked as fully / partially paid /advance payment.

Automated Transactions: All the transactions are completed within a limited timeframe through acceptable variance.

Multimode Invoice Acceptance: Irrespective of invoice file type, i.e., Excel sheet, PDF, email, or image, the data is intelligently mapped through Optical Character Recognition (OCR) module with associated fields in the ERP system.

Policies for Invoice Clearance: Bots validate the legitimacy of the invoice content based on pre-defined policies and stop processing if something unusual is detected.