Problem statement
- Organizations with high volume of AP transactions would require a dedicated finance team to record the invoices in ERP or legacy systems
- With high volume of invoices would create a backlog that impacts the company’s cashflow
Challenges
- Monitoring for new invoices
- Manual entries of data into internal systems error-rate, and lost documents is increasing
- Invoice should be entered in the correct accounts and cost centers on projects
- If an invoice has a price discrepancy, then it has to be sent to the finance manager for the final approval
- Data needs to be manually copied from a PDF or a paper receipt to the ERP portal
- Email notification
Resolution
- Monitoring a dedicated folder for any new invoice that is saved in PDF format
- Extracting key information from the invoice using iBot OCR
- Running 3-way matches to reconcile (invoice, LPO, delivery note GRN)
- Entering invoice information into the ERP system
- Sending confirmation email to finance team
- For exceptions, iBot will send approval requests to Finance manager to proceed
Results
- iBot managed to complete 50+ invoices daily without human intervention
