Automated Invoice Processing
Get Work Done Faster, with Less Errors, at a Fraction of the Cost
Robotic Process Automation (RPA) helps large organizations lower costs, increase speed, and reduce errors. Advoqt implements RPA solutions that can automate processes in various industries, including healthcare, retail, and financial services. A common problem our clients bring to our attention is the complexity of their invoicing and accounting processes (AP and AR).
Advoqt helps clients use RPA to transforms invoice processing by automating manual activities such as reading invoices, archiving files, and entering data in accounting and payment systems.
Software robots can learn from humans and make decisions based on rules and prior learning. When the robot is unable to continue a process, or it detects an error, it can prompt a human to validate the result and correct any mistakes. The automated invoice process works in the following manner:
1.Read document: The software robot ingests the file from a shared folder or an electronic mailbox. It then reads the entire file and sends information to a decision tree where the robot will then decide which sequence of events must be applied to the invoice.
2.Classify document: Based on predetermined rules, the robot determines the type of file. If the file is an invoice, the robot will flag it as such and prepare to process the invoice based on the invoice processing rules and sequences. If the file is not an invoice, the robot will determine the appropriate process which may include notifying a user that the file format was not recognized as an invoice.
3.Process invoice: Once the document is classified as an invoice and the rules for processing are identified, the robot will then extract data from the document and store it in memory, a file, or a database. The robot then simulates typing into the accounting software in a human-like manner but at a much faster speed. The robot can be programmed to delete the stored data or keep it in permanent storage for quality assurance and auditing purposes. Once the data is entered in the accounting software, the robot cross-references the data input with the data it initially detected on the invoice and reports the status of the processing and the accuracy confidence level; it then archives the file.
4.Validate invoice processing: Based on the status and confidence report, a user can act as a supervisor to validate the results of the automated process. As the user validates and corrects the results, the robot learns from the user’s input and adds additional rules to avoid the same mistake in the future. For example, if the invoice contained the numeric character “1” and the robot detected the letter “l”; the user would correct the robot’s input from a letter to a number, and the robot would learn how to identify the character correctly in future automated jobs. The validation step is key in improving accuracy of the automation model and maximizes the value that the organization gets from automation.
Enabling RPA to handle any processes will improve your organization’s workflow and allow for superior scalability and flexibility within the enterprise. Software robots are easy to train and integrate seamlessly into most systems. In addition to human validation, RPA can be enhanced with integrated cognitive services and deep learning services to increase the speed at which a robot learns from its mistakes.
To learn more about how Advoqt can help you implement ML in your organization please visit our website at www.Advoqt.com or call (617) 600-8161.
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