Case Study: Import/Export Company Automates Finance and Accounting Processes with RPA
Challenge/Opportunity
Client’s Finance and Accounting team spent many hours on administrating time-consuming and manual processes to generate Purchase Orders (P.O) and Invoices in their ERP system as well as email-based and manual approval processes and communications with vendors and customers. These manual processes were also hard to learn and use for new hires within the department and were prone to human errors and omissions.
Optimum’s Involvement
Optimum’s team of certified RPA developers optimized and automated the P.O and Invoice generation and approval processes utilizing Robotic Process Automation (RPA). This RPA solution mimics the accounting team’s tasks and interactions with the ERP system and performs all the required steps and processes to automatically generate P.Os and Invoices, obtain approval, and also handle changes and cancellations.
Results
The P.O and Invoice generation and approval process is streamlined and automated saving many administrative hours for the Accounting and Finance team members and reducing the chance of errors and omissions in the process. This RPA-based automation has resulted in increased efficiency and productivity of the Accounting and Finance department and improved internal and vendor/customer collaboration.
The client, a leading importer and marketer of high quality tires, provides services to wholesale tire dealers in over 55 countries. The company is focused on providing quality services and products to its customers and believes in investing heavily in their staff to ensure that each staff member is fully versed on how the business flows and how they can contribute to the company’s commitment to quality and efficiency. The company has grown over 220% in the last 5 years and continues to grow with offices globally!
Client’s Finance and Accounting team spent many hours on administrating time-consuming and manual processes to generate Purchase Orders (P.O) and Invoices in their ERP system as well as email-based and manual approval processes and communications with vendors and customers. These manual processes were also hard to learn and use for new hires within the department and were prone to human errors and omissions.
Robotic Process Automation (RPA) Solution, Fast and Accurate
The Accounting and Finance team had documented the step-by-step procedures on how to generate, modify, and cancel P.Os and Invoices in a word document and everyone in the team was following those steps and procedures to complete the tasks on daily-basis. The documented procedures were overwhelming and required a lot of manual steps and time-consuming tasks to get the job done. The Accounting and Finance team was looking for an optimized and automated solution to increase the speed and accuracy of the tasks and remove the manual and time-consuming steps.
Optimum’s team of certified RPA developers analyzed the procedures and provided recommendations for optimization of the process as well as data entry templates to be used to standardize the process and data intake. We then automated the entire P.O and Invoice generation, approval, and modification/cancellation processes using Nintex’s RPA solution. This RPA solution utilizes the standard data intake templates in excel, follows all the tasks and steps in the procedures, and interacts with the company’s ERP system to generate, approve, and modify the P.Os and Invoices. The RPA solution also provides alerts and notifications to the Accounting and Finance team in case of data errors or variations in the process.
Project Outcome
The P.O and Invoice generation and approval process is streamlined and automated saving many administrative hours for the Accounting and Finance team members and reducing the chance of errors and omissions in the process. This RPA-based automation has resulted in increased efficiency and productivity of the Accounting and Finance department and improved internal and vendor/customer collaboration.
About Optimum
Optimum is a modern Software Consulting firm, designing and building results-driven, customized solutions that brings the power of Modern Software Solutions, Process Automation and Optimization, BI and Cloud, and Systems Integration to organizations to increase efficiency, reduce operational costs, and drive digital transformation.
As a certified Nintex partner, we specialize in developing RPA and Process Automation Solutions that enable our clients to rapidly automate their business processes, connect their systems and data, and optimize their team efficiency and business outcomes.
Contact Us to speak with one of our certified RPA and Process Automation experts and schedule a free discovery session.