Resources > Case Study > 1> [Vistra x AFusion] Automate Account Payables Invoice Automation (APIA) With RPA
[Vistra x AFusion] Automate Account Payables Invoice Automation (APIA) With RPA
Client background
Vistra is a global business services company. In Vietnam, it provides a comprehensive range of professional services including market entry consulting, investment licensing, company formation, representative office registration, as well as corporate secretarial compliance, management reporting, tax and payroll services… With rapid growth, the workload of the financial services department, especially the Account Payables team, is increasing. Every day, the team has to process a large number of invoices from different suppliers, including both e-invoices and scanned invoices.
Due to the complexity and increased volume of work in processing accounts payable (AP). Vistra is looking for an intelligent automation solution to improve work efficiency, minimize errors and ensure compliance with the company’s operating procedures as well as accounting standards. After a thorough research and evaluation process, Vistra has selected AFusion to partner with to implement the solution. With its experience and expertise, AFusion is committed to providing Account Payables Invoice Automation Vistra (APIA) solutions with an optimal solution that meets the requirements and expectations of customers.
Problems - Accounts Payable Process (AP)
Vistra faced major challenges in managing its accounts payable process:
- High workload creates overload for the current team:
Employees are always under great pressure to handle the workload, especially the time of debt payment (weekly), and month-end reports with very short deadlines. The increasing number of invoices and documents, along with periodic financial reports, makes the current staff always overloaded. This not only affects work efficiency but also causes a lot of stress and reduces focus on higher value-added work.
Repetitive, time-consuming tasks
Another difficult problem is having to perform repetitive tasks on a daily basis, such as data entry, data reconciliation, and transaction recording. These tasks not only take a lot of manual work time but are also boring, leading to reduced work efficiency and increased risk of errors and mistakes.
High probability of errors
Although accountants work hard, processing large amounts of data in a short period of time still poses a lot of potential risks of errors. These errors, even the smallest ones, can have a major impact on financial reports as well as the company’s business decisions.
Cooperation goal
Build a comprehensive Account Payables Invoice Automation Vistra solution to streamline accounts payable processes. Specifically, the goal is to automate data extraction from electronic invoices, and scanned/pdf invoices…, classify, compare with related documents, handle discrepancies, and enter data into the enterprise management software system – ERP or accounting software. This automation solution needs to be flexible to handle a variety of invoices for both PO and Non-PO cases.
The role of AFusion
AFusion’s RPA solution, Account Payables Invoice Automation Vistra, leverages Intelligent Document Processing (IDP) technology to optimize the debt accounting process. This debt automation solution utilizes the power of modern programming languages like C#, VB.NET, and JavaScript to build intelligent RPA robots.
In addition, AFusion integrates large language models (LLM) to enhance the ability to process and analyze invoice data. Thanks to that, the accounts payable process will be automated to the highest possible level (end to end), from extracting information on invoices, classifying, comparing to entering data into the enterprise management software system – ERP or accounting software, contributing to increasing work efficiency many times over and minimizing errors from manual work processes.
Solution from AFusion
To solve the problems in debt accounting, AFusion offers RPA solutions for Account Payables Invoice Automation Vistra. To optimize the invoice processing process and improve operational efficiency, the company will deploy a comprehensive automation solution. Specifically:
Extract invoice information using IDP
AFusion uses IDP technology including large language models (LLM) to extract information from different types of invoices, including electronic invoices and scanned invoices. Extract important information such as invoice code/number, issue date, supplier information, item, quantity, unit price, total amount, tax, etc. This helps eliminate manual data entry, minimize errors, and increase processing speed.
Classify invoice types and perform corresponding logic
Based on the extracted information, the Account Payables Invoice Automation Vistra system classifies invoices into different groups and applies the corresponding processing logic to each type. For purchase invoices, the system will check according to the purchase order; for service invoices, the system will check the contract terms;…
Apply Web Automation workflow
After classification and checking, the system automatically enters invoice information into the accounting system through workflow automation tools (RPA). This process ensures that customer data is updated accurately in real time and quickly.
Automatic email notification if there are any errors
AFusion always ensures that issues are detected and resolved promptly. AFusion’s system is configured to automatically send email notifications to the person in charge if any errors are detected during invoice processing, such as mismatched information, invalid invoices, or errors in data entry.
Key outcomes
With the debt automation solution from AFusion, Vistra has seen a clear positive change right after implementing process automation, especially in optimizing the accounting debt processing process:
- Process automation: With its Account Payables Invoice Automation Vistra solution, AFusion has successfully automated accounts payable, streamlining the entire invoice processing process from collecting and extracting information to entering data into the ERP/accounting system. This automation has completely eliminated repetitive manual work.
- Outstanding productivity: With the ability to process more than 2000 invoices per month/1 robot, RPA Bot helps to significantly increase work productivity, reduce processing time, and free up employees for higher value-added work.
- High Accuracy: AFusion’s RPA solution, Account Payables Invoice Automation Vistra, ensures high accuracy in invoice processing by minimizing errors through the application of intelligent algorithms and strict controls.
- Flexible and scalable: RPA solutions are designed with high flexibility, allowing for easy expansion and customization to meet new business requirements. AFusion can quickly add new processing logic to meet changes in processes or systems.
- Efficient maintenance: AFusion builds a strict robot maintenance and monitoring process, ensuring that the robot always operates stably and efficiently. Thanks to that, we can minimize risks and maintain process continuity.
Conclusion
To improve efficiency and accuracy in managing accounts payable, receivable, reporting, and payroll systems, accounting/finance departments should consider implementing Account Payables Invoice Automation with RPA. With the ability to automate repetitive processes, RPA will help reduce errors, save time, and save costs. The end result is an optimized and efficient process.
AFusion provides comprehensive RPA solutions with experience and knowledge in the accounting and finance industry to tailor to each business’s current needs and processes. Contact us for advice and support!
Next Post
