As organizations seek to reduce costs and improve efficiency, paper-intensive processes such as accounts payable (AP) are prime candidates for RPA. Not only do these manual processes slow down productivity across the entire organization, long cycle times can result in late payment penalties and missed opportunities for negotiated payment discounts.
AP inefficiency can ultimately lead to bigger business problems associated with lack of visibility into corporate spending. CFOs and corporate controllers need visibility into AP practices to streamline cash management, simplify reconciliation, and produce more accurate financial statements.
While organizations have automated portions of the accounts payable process by receiving invoices electronically via electronic data interchange (EDI), typically many steps still require manual validation and approval, making them prone to human error.
Purchase orders start at various levels in a large organization, and require the approval of several authorities. A long chain of approvers slows down the payment process and drives up the costs of unprocessed invoices, resulting in the accumulation of late fees.
Manual AP processes can lead to bottlenecks in providing the insight finance needs to manage cash flow effectively. With many invoices outstanding and little visibility into their status, getting accurate information about accruals becomes tedious, time-consuming, and difficult.
Accounts payable is where money leaves the company, and it is often an area vulnerable to fraud. Catching and preventing fraud entails tight controls and constant vigilance, which may be difficult to achieve in manual AP departments.
Kryon RPA streamlines the invoice intake workflow by turning unstructured data from invoices into standard, structured formats that can be read by Kryon Robots. Our robots scan, extract, digitize and validate key invoice data prior to loading it directly into your invoicing platform. Invoices are then seamlessly routed to the correct individuals for coding or approval, according to your procedures. With Kryon RPA, your enterprise can do more with less, processing more invoices with less human intervention and less errors.
Kryon RPA provides a complete audit trail of all the invoicing steps you need for tracking and governance. This way, financial teams can easily identify system and approval bottlenecks, ensure SLAs and discounts have been met, and quickly answer vendor or auditor inquiries.
Submitting customer statements, paying vendors, reconciling balance sheets, and submitting sales and income tax reports are repetitive, time-consuming and require input from several people across the organization. Kryon RPA can play a pivotal role in streamlining financial statement closure by executing these tasks with incredible accuracy and speed, while minimizing the need for human intervention, so your employees can focus on more business-critical financial tasks.
Kryon RPA improves the accuracy of Accounts Payable operations by eliminating human error and manual invoice reprocessing, and producing financial statements with 100% precision.
Kryon RPA can be quickly scaled to manage spikes in your business. Additional processes can be easily automated with the Kryon Studio, and Kryon Robots can be instructed to address periodic peak scheduling – resulting in significant cost savings and efficiency.
Kryon RPA helps organizations meet compliance standards through incredibly accurate execution of processes – every time. Hundreds of rules can easily be embedded into processes – and modified upon need – to ensure consistent steps-sequencing and improved oversight.
Kryon’s RPA platform lets your organization stay in total control of accounts payable automation software, reclaim activities back to on-shore units or your shared services team, optimize team coordination, and protect data through the most advanced security features on the market.
A large insurance company was receiving 40-50 claims a day which needed to be evaluated and verified according to several factors before being approved for payment. Claims weren’t being processed fast enough.
Kryon Unattended Automation with Smart Scan helped the insurance company lower the time it takes to process claims and payments, and resulted in significant FTE savings.