Automate Microsoft Great Plains Account Payable with a bot!
They are typically required to data-enter Invoices into a system, upload scanned documents, reconcile them with internal records and finally approve for processing payment. However, upon introducing a robot to the AP workow, their focus will change to the following:
- Run the AP robot
- Negotiate better terms and discounts with Vendors
- Handle communication of exceptions, typos or inaccurate charges
- Analyze current & historical data to provide accurate forecasts
- Spend more time with family
We believe that AP robots should be built to precisely match the company’s internal processes and controls since it involves nearly all of a company’s payments outside of payroll.
How does an AP robot work?
Everything starts with an Invoice. Once the bot recognized a vendor sent invoice (either email or scanned PDF upload), the following data is computed using internal records
- What the company had ordered
- What the company has received
- The proper unit costs, calculations, totals, terms, etc.
Then the Invoice is checked against company records for the following reasons:
- Prevent paying a fraudulent invoice
- Prevent paying an inaccurate invoice
- Prevent paying a vendor invoice twice
- Be certain that all vendor invoices are accounted for
If all checks out, the bot proceeds to enter the invoice details into the ERP/Accounting system. Usually the bot has to read details like Due Date, payment terms, line items, PO numbers, amount, etc. from a PDF. Each vendor has its own format, beyond that, new formats might appear in the future, or existing formats can change anytime. The robot is thoroughly pre-trained to handle all possible variations.
Then a three-way match is performed for the following documents:
- Vendor Invoice (PDF sent by the Vendor, requesting payment)
- Receiving Report (Documentation showing quantity of goods/services received)
- Purchase Order (Quantity and Cost of items ordered by the company)
The three-way match involves comparing the following information:
- The description, quantity, cost, and terms on the company's purchase order.
- The description and quantity of goods shown on the receiving report.
- The description, quantity, cost, terms, and math on the vendor invoice.
If any of the above items do not reconcile, the Invoice along with all accompanying details will be agged for human review. The robot will compile the necessary documents in one place, for a seamless review process.
Lastly, the bot will present the Invoice for a final human approval before it can be entered into the payment system. The bot can work with any existing approval/processing systems that are currently setup.
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