The new faster turn around time achieved -70 sec per invoice
Accounting Sector
Accounts Payable Automation
Managing the accounts payable department is an overwhelming task. AP process shouldn’t be cumbersome, inefficient and costly. Instead, AP processes should be automated, interesting and rewarding.
AP automation allows organizations to eliminate paper, reduces the amount of manual work, costs and time it takes to process an invoice, and increases efficiency and employee satisfaction.
OATS, as one of the major player in the accounting outsourcing market, wanted to automate the accounts payable process with the objective of process improvement, increased efficiency and faster turnaround time.
Key Objectives
FASTER INVOICE PROCESSING
LESS MANUAL DATA ENTRY EFFORTS
BETTER UTILIZATION OF MANPOWER & RESOURCES
IMPROVED ACCURACY AND EFFICIENCY
What We're Working On
ACCOUNTS PAYABLE PROCESS
Under the Broad Requirement of Invoice Data Extraction and ERP integration. OATS would like to achieve the below -
- Integration with ZOHO to receive Invoices using API
- Invoice Data Extraction
- Maker-Checker workflow
- Curated Feedback sent to ZOHO
Our Proposed Solution
Goal
Goal
Streamline and automating the Accounts Payable Process
Solution
Solution
Customized solution as per requirements
Implementation
Implementation
Implemented the Accounts Payable Automation using Deepstract AI-Based Platform
API Integration
API Integration
Integrated with Zoho platform using Deepstract AI Engine
RPA Process Automation
RPA Process Automation
Posted the data entries into SAP using RPA
Key Achievements
Improved Efficiency and accuracy
Improved the efficiency, earlier processing 40-50 invoices per day and nowupto 140 invoice per day
Faster turnaround-time
Three way matching
Easily able to match the invoices with Good Receive Note (GRN) and Purchase Orders (POs)
No manual data entry
errors
Reduced data entry errors and faster processing of invoices
Process automation with less manual intevention
Able to capture the required data using OCR technology, backed with AI principles with very less manual intervention
Proper utilization of manpower and resources
Earlier they need to recruit employees on contract for one of the business process requirement, which is now completely managed by in-house people only