Cash Application for Invoice Data Processing Saves USD 500k per Year

Cash Application for Invoice Data Processing Saves USD 500k per Year

Quick Facts

Intetics developed an unattended RPA solution to leverage invoice data processing workflows

The Client reported sufficient ROI enhancements among other business benefits

Staffing received an opportunity to perform more sophisticated tasks due to the RPA adoption

Objective

The Client asked us to develop an automation solution for invoice data processing for US banks. It was aimed to rise-up the process cost-effectivity by USD 500K per year.

Challenge

Our client company is committed to delivering value to its clients by consulting on and implementing advanced operating models, charged by digital tools, including AI, RPA, IoT, and others. This, in turn, helps C-suite executives to drive better decisions. For one of its projects, the Client was helping enterprise management with an automation solution for their invoice data processing. The Client sought to solve the following challenges:

  • We had to perform an RPA suitability assessment to determine specific cash application processes that are well suited for automation;
  • Determine if any processes improvements or reallocation of resources can be made to drive accounting benefits;
  • Roll out the RPA within the Cash App developed.

Solution

The RPA suitability assessment showed a high-level automation score for four process areas: Data Intake, Data Cleansing, Data Processing and Data Loading. 

The general process, prior to its automation, included manual research of payments and invoices within company workbenches, matching the invoices to payments, and then applying cash. Within the process described, the Finance and Accounting department used to spend 60 – 75 minutes per each customer. The average amount of the latest is equal to 80 people.

The activities and exceptions of that process, defined by our team of 4 developers, 1 architect and 1 analyst, resumed the scope of the RPA project:

#1 Creation of Daily Unapplied Cash Report (for selected Customers) from AX

#2 Verify Backups match equal totals in Master Excel file (match the AX download data and the Excel data that was consolidated

#3 Consolidate Excel file in preparation for Research (paste all data into Master File)

  • Daily Unapplied Cash report
  • Copy backup from Portal into Excel master file
  • Open Invoice Enquiry data from AX

#4 Modify the data within Excel file to:

  • Match Invoice number and PO
  • Remove duplicates
  • Comply with 2-way match (PDF data and Excel data)
  • Find and input customer codes/branch

#5 Run Actual vs Estimate Report

#6 Create additional Research list (records without PO or Invoice)

Airupt Inc. has been very pleased with selecting Intetics Inc. as our vendor for developing process automation solutions. Their professionalism and vast expertise have been astonishing. The manager who led our project was also very patient and supportive. Their competence in RPA and ML at all is second to none.

Benefits and Results

Intetics developed an autonomous RPA that can handle complicated rules-based invoice data processes with some built-in decision making and deployed it to the live environment. We deployed this solution on Azure Cloud.

The RPA yielded strong returns within the Cash Receipt and Cash Application teams due to:

  • Improved productivity of the Accounting teams, reallocation of their staffing resources to more judgment-intensive tasks, upskilling talent;
  • Elimination of human input errors, easier regulatory compliance;
  • Faster processing due to the reduction of time spent earlier on manual time-consuming activities;
  • Achieving faster ROI by improving margins of the process cost.

Significant benefits calculated with the implementation of RPA within Cash Receipt and Cash Application teams:

  • Advantage Productivity Benefit is USD 0.48M
  • Accounting Benefits is USD 0.20M with high probability to increase the application of additional focused resources.

Case Study

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