Every business needs its supply chain process optimized to keep deliverables on time and customers happy. But it takes a lot of office work to keep track of the materials and services needed for your company to do its best. Repetitive tasks that need to be done quickly at a very high level of accuracy are prime candidates for automation. WonderBotz can help you make the switch to digital workers in your accounts receivable department. Ones who never take sick days, get distracted, or lose an invoice.
Key areas to automate in the Procure-to-Pay process
Each step in the procure-to-pay protocol involves significant amounts of data. While each industry’s supply needs vary, the data needed to work with suppliers is largely the same. WonderBotz has introduced hundreds of companies to the technology needed to overcome this barrier to scale. We have developed intelligent automation solutions for each of the key areas of the P2P process.
- Supplier onboarding – Beyond what you buy from them and why you need it, there is a lot of information to be logged for each supplier. Contact and billing details, tax or W-9 information, insurance certificates, or license information all must be kept up to date and secure.
- Invoice receipt and processing – Each supplier has their own template for their invoices and a preferred way of submitting them. Some come through a billing platform, email, physical mail, or unstructured documents that can be hard to read. Each must be processed and entered into your system.
- Accurate and timely remittance – Each invoice must be verified and then paid. Verification can require email confirmations, verbal check ins, or searching the office for the signature on the purchase order. These cross departmental verification processes are a huge bottleneck for people, but done the robot way take no time at all.
- Supplier Relationship tracking – How many open orders do we have with this supplier? How many have been delivered? What is the total we owe them? How long do we have to pay each invoice? All of these questions have a deep impact on monthly cashflow and the ability to negotiate rates with suppliers.
- Monthly Reporting – This task can take hours for human office staff to pull, coordinate, and present the data needed to close monthly books. Tasks that ReportBotz can complete in moments.
How Automation Can Help
Speed, accuracy, and security are the main challenges facing every accounts payable department. As companies scale, the volume of data to be processed by accounting departments grows dramatically. This can cause ballooning departments and costs, or overworked staff who are prone to make mistakes.
Automating any of the components of the procure-to-pay process can be a help, but where companies see real ROI is designing end-to-end automation workflows. Digital transformation allows all the steps in the process to be handled by a digital worker. Performing tasks the robot way removes time waiting for an email response, searching for papers, or double-checking columns on multiple Excel sheets.
P2P Automation can
- Improve data accuracy and transparency
- Increase speed of invoice processing
- Ensure data security
- Significantly decrease accounting costs
Here are some Procure-to-Pay solutions to get you started
Getting Started with WonderBotz
Welcome to WonderBotz, your Hyperautomation partner. We are committed to increasing business efficiency, company morale, and innovation through the use of automation. Automating repetitive computer-based tasks frees your human staff to be more creative, take better care of your customers, and get more done.
We work with the best in brand software solutions to bring you the latest technologies on the market. Our team of RPA developers, Software architects, and business consultants are standing by to provide any help you need to make your Automation goals a reality. Whether you choose to purchase RPA tools one at a time or build out your full Automation CoE, we can find the right solutions to fit your specific business needs.
Our newest offering simplifies the RPA process by creating an all-in-one Managed Service. Based on your business needs we can build you the perfect RPA Tool Kit. With consumption-based pricing (pay for only what you use) we can finally make top-of-the-line RPA tools available to organizations of all sizes.
Additional Resources
Frequently asked questions
Procure-to-pay (P2P) is an accounting process that manages orders and payments to approved suppliers. The activities that make up the procure-to-pay process range from identifying the initial need for procurement of goods or services to the final steps of approving invoices and paying suppliers.
P2P processes keep your supply chain humming and your accounts payable department up to date. Automating your procure-to-pay processes can prepare your business to scale by eliminating manual processes, increasing accuracy, and lowering costs.
