Late payments are truly a pain in the neck for most businesses, especially smaller ones. Nothing good comes out of customers who delay payments. The debts keep piling up, the businesses have to waste a considerable amount of their time chasing after the debtors, and it keeps messing up the cash-flow forecasts.
Every organization dreams of getting paid quickly, and on time. However, even sending the invoices to such customers doesn’t necessarily guarantee that they’ll pay on time. This is a plague most organization are cursed with, however, something latest in the tech has come up with a corrective– payment automation software.
If your business is also struggling with delayed payments that are hogging your team’s time, you need to get tactical and start looking into automated payments with RPA. Not only will RPA ensure timely payments but will also help you deal with various other credit control problems.
Let’s dive into it and learn how RPA can streamline your payments:
What is payment automation?
Automated payment is an RPA solution that integrates into businesses’ account payables and account receivables and restructures the entire process to make it run more smoothly and error-free as ever.
Automating payments with robotics allow businesses to create invoices, handles bills, collect recurring and one-time payments, send payment reminders, calculates taxes before payment, manage automated clearing house, keep tabs on wire payments, virtual cards, etc.
However, automating the payment alone won’t provide a definite solution, it is necessary that organizations take a structured approach to implementing RPA so that the business can benefit from the upgraded process and experience ease in debt collection.
Automating The Payment Process With RPA
Businesses are always on a lookout for processes that will save their time, remove complications, and boost efficiency. Lately, many organizations were noted to have employed RPA for their invoice processing and the number seems to be increasing every day.
Pretty soon, invoicing with RPA will take over globally.
Let’s see why automating invoicing strategy with RPA is being loved by organizations across the world:
Eradication of errors
Invoices made by hand has a high chance of human errors, especially because of its monotonous and demanding nature. An employee creating hundreds of invoices in a day is certain to slip and mess up somewhere. Minute as these mistakes are, they can cost an organization heavily.
RPA, on the other hand, eradicates the possibilities of errors completely by making accurate calculations and mining for specific information only, just as it has been programmed.
RPA tools are highly ascendable. A conglomerate can develop an RPA invoicing system once and then use the same process across different departments and ventures with little to no cost.
Manual invoicing requires an extensive number of tasks to be done by humans. Employees had to reconcile with other teams and ensure certain details before finalizing the invoice and sending it forth. Robotic process automation of invoicing saves all that trouble by extracting information from the database itself and creating invoices within minutes in real-time.
A number of organizations outsource invoice entry and often has middle party involved for a number of responsibilities associated with it. Using RPA for invoicing takes care of all those tasks singlehandedly, and not only removes the bothersome task of maintaining communication but also saves an organization from lots of expenditure.
Clean and Quick Account Closure
With the end of every month, comes the painstaking task of closing the accounts. A lot of employees, departments, and even third parties have to come onboard to make sure the accounts are closed with complete data and without any errors. Regardless to say, the end of the month is the busiest with lots of people working overtime.
With RPA taking care of invoice entry, the process of account closure is carried out quickly and cleanly. Instead of all the human intervention, RPA ensures there are no discrepancies in the invoices, all the data has been entered into the books, and all the data across different channels has been processed and integrated into the accounts. By the end of it all, the only thing that is left for the employee responsible for the account closure is to press a button.
Good Relations with The Suppliers
Every manufacturing and distribution business know the importance of suppliers. Especially the suppliers who deliver rare goods and in the best prices possible. Having a frictional relation with the suppliers can create difficulties. Unfortunately, one of the most common reasons behind some heated relation with the suppliers is a delay in payments, and it happens a lot when invoices are not generated on time or when it is overflowing with errors.
On the other end, RPA speedily generates invoices, eliminating the risk of delays, and the chances of things going wrong. There is a countless number of cases where the invoices are generated twice because of lack of a common platform and miscommunications.
RPA generates invoices on a system which is shared by the finance department and the procurement team. The same system can be extended to the supplier and as a result, quick invoices can be seen by all the three parties, crosschecked, and paid quickly.
Living in the 21st century, it’s about time that companies and organizations ditch the papers, files, and even manual input of data on the computer and start relying on robotic automation process for payments. A digital solution will not only save you hours but will also streamline and upgrade your payments system and manage the cash standing more accurately. Even tax time would be fun with everything up and ready to file.
Since the process of automation is always upgrading and advancing, there won’t ever be a time when your organization would be left behind as the competitor scale ahead.
Omnisys Solutions has a well-developed practice in RPA, which supports both data analytics initiatives as well as carry out automation driven initiatives. With a focus on business value, Omnisys leverages RPA to deliver tangible dollar benefits to its customers.