Intelligent Document Processing for Accounts Receivable

It often takes days to process a single invoice. Unfortunately, most of that time is spent in inefficient manual AR processes like filing, copying, mailing, retrieving, and faxing documentation. IDP provides the ability to file and retrieve structured and unstructured data, enabling users to use their document management system better.

AR departments receive orders in many formats, including fax, phone, email, EDI, online purchases, even remittances. Integrating Accounts Receivable IDP with ERP systems like SAP or Oracle allows accurate invoice processing, including data extraction, indexing, source monitoring, and easy document tracking.

Outstanding AR payments are a recurring issue in B2B. Manual processing adds delays and errors, leaving portions of monthly revenue unavailable. RPA gives you accurate data to keep track of DSO, automatically send invoices at set times, automate reminders and collections, and provide digital payment options for more manageable payments.

Creating invoices and sending payment requests can be time-consuming and costly due to errors and delays. IDP and RPA makes onboarding new customers and invoicing easy. Invoices can be batch-created with templates based on company data, automatically delivered on set dates, and payments reconciled with accounting systems.

Improperly executed invoice errors can lead to the loss of revenue and other adverse effects. Automation eliminates most, if not all, manual mistakes associated with data entry. Intelligent automation also manages accounts receivable, preventing revenue shortfalls and bad debts.

Managers of finance departments must trust their data to assess where bottlenecks and inefficiencies exist and how productive individual teams are. Adding IDP into the reporting workflow makes accurate metric collection easier. Software bots route-target information to the managers and automatically alert stakeholders based on set rules.