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AR (Accounts Receivable) workflow


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AR bot image.png
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Customer billing: Robot extracts customer details from CRM or other sources. It can create custom invoices by determining the line-items for each customer in ERP system and send them via email. Send text/robocall reminders for aging invoices. The robot can also respond to customer requests for a copy of the invoice.
Cash application: This process is also called ‘cash posting’, ‘cash receipts’, ‘payment application’, etc. The robot can read check images, ACH deposits, Wire receipts and credit card transactions to apply payments from customers toward their open invoices. It can apply complex rules and logic for refunds, partial-payments, credit memos, etc. The robot will flag any discrepancies for human review.
Lockbox: The robot will extract check details from the lockbox provided by the bank to perform cash application process mentioned above.
Reconciliation: Perform reconciliation on deposits and report on any uncleared items or missing transactions. Especially useful in high volume credit card transactions from POS or e-commerce portals.
Journal Entries: Depending on which method of accounting (cash/accrual) is used, the robot will record receivables and account for bad debt. The robot can also use ASC 606 standards to compute and enter deferred revenue entries.

Benefits:

Eliminate 92% (average) of manual AR work in the department
Free up 3-8 hours of AR personnel’s time each day
Facilitate company growth without hiring new people
Guarantee accuracy and prevent time waste during month-end-close
Spend time on analytical work such as forecasting, instead of bookkeeping
Automated and accurate reconciliation
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AP (Accounts Payable) workflow

85% of AP personnel time is spent doing data entry and performing reconciliation. Please allow a robot to help you.
What can an AP robot do?
Monitor ‘accounts payable inbox’ for Vendor invoices or scanned uploads
Extract invoice details (dates, amounts, line items, terms, etc.) from any PDF Invoice template using OCR technology
Use business rules to figure out GL codes, taxes and any fields that cannot be read from the vendor Invoice
Perform three-way matching: Vendor Invoice, Purchase Order (POs), Receipts (Inventory)
Apply splits, create Journal Entries, reconcile payments with the bank account
Flag discrepancies, duplicates and other issues for human review

Note: The AP robot will not pay the invoice on your behalf. It will simply submit its output towards the desired final approval/validation steps in place.

Benefits:

Happier employees
Scale AP team without additional headcount
Prevent paying duplicate, inaccurate or fraudulent invoices
Spend time negotiating better terms and discounts with Vendors
Deliver better forecasts and cash analysis
Brag about your cutting edge robot

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Reconciliation workflow


The curse of manual reconciliation:
By far, manual reconciliation is the least efficient and most cost-demanding process in the accounting cycle. According to a survey by EY, up to 59% of a financial department’s resources are spent on managing transaction-intensive processes. And around 95% of this effort is wasted on transactions that already match, rather than problem entries that actually require attention.
What can a reconciliation robot do?
The robot will log into your accounting system and perform the following reconciliations:
Bulk deposits: Multiple checks deposited together might show up as one transaction. Wire and ACH transactions can correspond to payment of multiple invoices. A reconciliation bot can handle this.
Processing fees: Credit card payments often incur 2.9% processing fees which makes the internal invoice amounts different than line items in the bank deposits. A reconciliation bot can sort this out.
Third party processors such as Stripe, PayPal, Square, Amazon, Shopify, etc., send bulk deposits after subtracting fees, refunds, and other charges. Without a bot, reconciliation under such circumstances is often bypassed in favor of one large adjusting journal entry at the end of the month.
Partial payments: Customers don’t always pay invoices in full or on time. Historic, open invoices are paid first, requiring a ‘cash application’ process to be done before any bank reconciliation is performed. Add credit memos to the mix ... and the complexity goes up a notch. A reconciliation bot would smooth this entire situation over.
Lockbox: Banks offer lockbox services for handling large volumes of checks. Scanned images of checks are supplied in a PDF that requires someone to manually apply each transaction towards an open invoice. A reconciliation bot can automate this entire process.
One-to-Many & Many-to-Many Matches: One transaction in the bank feed can correspond to multiple transactions internally, and vice versa. Without a reconciliation robot, this means that reconciliation will involve finding a group of transactions that match the total amount.
Others: Transactions might not clear on the expected date, descriptions or memo fields may not line up, two or more transactions might look exactly the same, and the list goes on and on

Benefits:


■ Get fully-automated, 100% accurate, daily reconciliations
■ Reduce the manual effort it currently takes to perform reconciliations
■ Realize unlimited scalability; a bot can handle endless transactions
■ Eliminate write-offs of unexplained differences
■ Improve financial statement accuracy
■ Allow your employees more time to do meaningful tasks
■ Enhance process visibility and audit trails
■ Happier employees

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