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Robot for AP

What is AP Robot?
Accounts payable robots are used by bookkeepers/accountants to automate AP invoicing tasks. Most commonly automated workflows are are invoice processing, PO matching, and payment reconciliation.
Traditional accounts payable teams are burdened by overhead, manual data entry, and inefficiencies across the entire AP cycle. Robots allow teams to scale without adding more staff, gain better visibility into their financial data, and achieve one-day financial close.
Robots have built in PDF parsers that use advanced text detection(OCR) and logical scanning(rule based) to read supplier invoices automatically and routes them to the correct approvers. Once invoices are approved, the robot sends the extracted invoice data to an integrated ERP system, and archives invoices. All steps can be recorded for audit-trials.
Why are AP Robots better than AP automation software?

Table 2
AP Software
Automates partial workflow
Does the AP process from start to finish. End-to-end automation!
Limited PDF/Image processing
Handles any PDF/Image that is human readable
Fixed & rigid rules
Mimic any human process regardless of complexity of rules
Uses API
Uses keyboard, mouse and screen of a computer (just like a human)
Doesn’t work with ERPs without API
Works with any ERP system since it uses human friendly interface
Requires changing process
Keep your process intact
Standardized, off-the-shelf tools
Fully customizable to your workflow
Charge per user
Unlimited users. Grow without additional cost.
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1. Remove humans from 85% of the AP workflow
A business can process invoices quicker when a robot does it. The bot will match the invoice to the P.O. and send it to the appropriate AP departments. It will read and extract all required fields from PDF documents or images.
These people can then authorize, deny, or halt payment for further investigation. The robot also records each step in the approval process for later review. Therefore, if any question should arise on an invoice, you can see in the system exactly who approved it and when.
2. Radically reduce errors
Manual processes typically produce a few errors, like duplicate payments or late payments. These mistakes can increase processing costs and create unnecessary extra work; not to mention poor reputation.
Unfortunate errors mean the client overpays or underpays, both of which are not good.
AP robots eliminates data entry by extracting data from an electronic invoice automatically. Paper invoices can be captured using a scanner. Then the robot will simply read the picture to identify the amount, date and other relevant items.

3. Enables Early Payment Discounts
Many vendors offer a discount if you pay an invoice early. Automating the AP process enables a business to seize more opportunities to take advantage of early payment discounts.
The computer is always watching the clock. Robots can track these early-payment allowances to optimize cash flow. In fact, savings can amount to hundreds of dollars a year for each vendor. Multiply that savings by all the vendors and the number will surprise you.
Paying invoices on time also secures goodwill with vendors. They are more likely to give you better prices or credit, when they know you always pay in a timely fashion.

4. Fraud and Dispute Management
With unprecedented visibility and reporting capabilities, robots give AP staff the ability to significantly reduce fraud and secure its finances. The robot can flag duplicate or fraudulent invoices immediately.
E-invoicing allows cash to be transferred securely to the creditor online. This, in turn, creates a traceable record of the transaction. Much like a digital audit trail. The business owner (or accountant) can recall those payments on a universal dashboard to ensure everything is legitimate.
An AP robot not only prevents fraud, but it also protects a business against honest mistakes made in manual data entry and invoice management. You don’t have to worry about typos, lost invoices, or forgotten paperwork ever again.
Additionally, disputes about payment are quickly settled. Robots can track and record every transaction in great detail.
5. Cash Flow Projections
When a payment is paper-based, it’s not always easy to determine what the cash flow looks like. The data must be manually entered into a spreadsheet and then reporting is generated from there. The entire process is slow and labor-intensive. By the time you access the data, it is already outdated.
AP robot keeps track of cash flow in real-time and helps to:
Compare cash in against cash out
Monitor all spending
Preempt any emerging cash flow problems
Robots can easily push this information to a dashboard monitoring the state of business. It’s your chance to flag upcoming issues and better structure cash flow. With a robot working for you, can rest at ease and have answers to the most pressing questions.

PO Matching
2-way and 3-way matching
Configure rules for purchase order policies
Highly visual exception and reconciliation
Configure Personalized PO Policies
Purchase order processes that work for you and save time. All invoices go through customized OCR, advanced data extraction, and approval workflows before submitting for payment.
Robot will use rules to determine if an invoice is PO-backed and if it should go through the matching process
Rules can be based on supplier or bill amount or other criteria
If an invoice has a purchase order, the PO bill coding data will be pre-populated by the robot

Robot’s Matching Engine
Built for 2-way and 3-way matching, AP robot provides the flexibility you need to eliminate hours of manual matching process. The robot will provide auto-match logs and flag items with discrepancies that require human review.
Matches headers, SKUs, and line line items
Aligns currencies, units of measure, and more
Supports multiple POs against one invoice and vice versa

Tolerance Ranges for the Robot
Want even less work? Rather than manually reviewing all mismatches between invoices, purchase orders, and receiving reports, you can create tolerance thresholds based on amounts or percentages, so an invoice is still considered “matched” if it falls within the threshold.
Design rules for freight, delivery, taxes, and discounts
Reduce the amount of exceptions that require further investigation
Improve first-time match rates to cut costs
(2019) PO Matching - Product Page 4
(2019) PO Matching - Product Page 5

Easily Handle Exceptions
Exception are bound to occur when certain unexpected scenarios occur in the real world. Robots have equipped with a user-friendly portal so humans can get them resolved quickly.
Clear highlights of exceptions, where they occur, and steps to resolve them
Configure exception approval rules, so humans approve or reject directly via email without logging in to bot portal
If the exception exceeds the threshold, AP bot can dispute the bill or the PO can be updated in the ERP system

Frictionless Approval Cycle

(2019) PO Matching - Product Page 6

Sync with ERP system
AP Robot performs the entire workflow just like a human on top of the ERP system. Therefore, all information and files are recorded into your ERP system (eg. NetSutie, QuickBooks, SAP, Sage, GP, Dynamics etc.)

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