Invoice Processing Using Robotic Process Automation
Authors:-M. Tech. Scholar Srishti Kaushik, Asst. Prof. Sushil Sharma
Abstract- This paper describes our recent effort to develop an automatic application to transform invoice processing in Finance operations. As a prime example of the technology’s potential for driving efficiency, Robotic Process Automation (RPA) can be applied to a number of finance and accounting operations, invoice processing. RPA Data Bot can automate data input, error reconciliation, and some of the decision-making required by finance staff when processing invoices. At the same time, automation is able to limit errors in such processes and reduce the need for manual exception handling. UiPath’s RPA Data Bot are able to constantly monitor a dedicated folder where invoices are saved by employees (or other Data Bot) in PDF format. Once robots detect the presence of an invoice in the folder, they begin to extract information from the document. Using intelligent Optical Character Recognition i.e., FOTT and natural language processing capabilities, Data Bot are able to read out the information that is visible on the invoice. After robots extract the key information from each invoice, they use their credentials to open the company’s database or enterprise resource planning system, if not already open. The robots then start processing the invoices one-by-one by transferring over the relevant invoice information. During this whole process, the Data Bot are also running background activities such as monitoring the dedicated invoice folder or its email address, performing basic checks to see if the company’s database is open, and verifying whether vendor information (e.g. VAT number) on the invoice matches what is already in the database.
