Robotic Processing Automation is revolutionizing how companies function with its ability to automate manual tasks. Some of its many capabilities involve being able to upload countless payments automatically or sending automatic email notifications once an order is completed. Its use of bots can typically replicate any redundant business processes.
Now more than ever, companies are deploying RPA as the switch to automation is surging across industries. According to TechCrunch, RPA is the fastest growing enterprise software, where the market is growing at a rate of roughly 60% per year and will only continue to grow until intelligent automation solutions are readily available and accessible.
RPA software market is projected to reach roughly $6.5 billion in 2025, according to a recent Forrester study. This number is not shocking considering how companies need to automate to stay competitive. Up to 50% of companies’ current tasks are considered manual and outdated, meaning that automatizing certain work processes could mean businesses gain back more time and save on costs. This shift will become more necessary as companies reorganize and make room for more hybrid or remote workers.
RPA-powered solutions are only the beginning. Many tech companies are predicting the eventual shift to intelligent automation (IA) via machine learning (ML) and artificial intelligence (AI). When deployed, these tools can fast track companies into having real-time forecasting and analytics-driven decision-making.
For Accounts Receivables processing, RPA is a welcome solution to fixing the tedious parts of traditional AR processing. For one, traditional AR processing is predominantly more time-consuming and inefficient since payments must be manually collected, checked over by a team member, and manually matched to an existing outstanding debt. RPA cuts out these tasks when built into the heart of an automation solution where payments and remit information is automatically uploaded, matched to accounts and settles invoices with minimal exceptions.
Now, with this technology, companies have radically altered how they process AR where teams can work simultaneously within one system to track exceptions and coordinate the settlement process. Instead of waiting for a colleague to finish a task, RPA-powered solutions notify whoever is next on the approval process via email. The settlement process runs smoothly with these RPA built-in features so no extra emailing or nagging is needed!
This collaborative element is not the only feature companies can utilize in an automated AR Settlement solution. Frequently found in best-in class, embedded solutions such as SK Global Software’s AReSettlement solution, there are four key features that businesses are using to significantly streamline their AR processing.
Customizable Matching Rules – Completes payments faster than ever
Payments can now be processed with the matching rules built into an automated AR settlement solution. These matching rules allow companies to set custom rules for matching funds to invoices to ensure the highest level of automatic settlement while minimizing exceptions. This feature intuitively learns a business’ behavior, so it gets better with matching funds to invoices with each batch job.
Intelligent Grid Systems – Easily highlight errors
An automated AR Settlement application typically has a grid system, such as SK Global Software’s Payment Application Workbench, where unresolved invoices, duplicates, or other errors are highlighted in one centralized location. Businesses save significant time with this feature since they can identify exceptions more quickly and can eliminate burdensome tasks involved with error finding.
Businesses who don’t utilize an RPA-powered solution are faced with less cash on hand and more downtime due to the wait times typically associated with error identification and correction in a traditional AR system. Not only will businesses who switch to RPA cut out these problems, but they will find that automated AR processing becomes more accurate in finding errors over time due to the intuitive matching and field mapping capabilities.
Standardization of the AR settlement process – Increases customer satisfaction
By creating standardized processes, redundant tasks and inefficient work can be eliminated. Built-in, autonomous work processes can reduce the time it takes to process transactions and can decrease the average days sales outstanding (DSO). This translates to better cash flow management and quicker turnaround for billing customers. These features speed up the settlement process, which has increased overall customer satisfaction for businesses. Now with these RPA-powered features, businesses can invest time focusing on the customer!
Multi-Company and Multi-Account Capacity – Eases scalability concerns
Typically, with traditional AR systems, having multiple bank accounts and companies is tedious. These outdated systems have limited functionalities and capabilities, which inhibit growing businesses. With an RPA-powered AR system, businesses don’t have to worry about whether their software can handle one more company or more customer transactions. Instead, these solutions are built to be flexible and scalable in nature. An unlimited number of transactions or invoices can be processed in these automated AR solutions while costs per invoice or transaction processed dramatically go down.
AReSettlement with SK Global Software
Now is the time for businesses to switch from traditional to an RPA-powered AR solution. Businesses who are looking to improve productivity, cut costs, and scale their operations should seriously consider the advantages of an automated AR processing solution, like SK Global Software’s AReSettlement. This best-in-class, embedded solution in Microsoft Dynamics F&O is configurable to any team’s needs and gives your team visibility and control over your AR processing.
Close to 68% of businesses are going to invest in automated solutions like this one in the next couple of years. Don’t wait to catch up to your competition and instead, invest in a sustainable solution like ours. Our consultants with over 20 years of treasury format experience will help your business save money and build a solution that works for your team’s needs. To learn more about our AReSettlement solution, email email@example.com to schedule a demo with us today.