RPA for FPA: Vendor setup and verification
Introduction to RPA
Robotic process automation (RPA) is rapidly changing the way accounting and finance teams operate. RPA uses computer-coded, rules-based software robots to automate, or replicate, certain human tasks. This enables companies large and small to allocate human resources more efficiently, freeing staff from labor-intensive, repetitive, clerical tasks so they can spend their time focusing on strategic, proactive work that impacts the bottom line. RPA use cases in finance and accounting abound and are forecasted to grow significantly in the next few years.
Following is a detailed RPA use case for vendor setup and verification:
Your organization has set up an invoice portal, which streamlines e-invoicing and invoice processing but onboarding new vendors and data collection remain manual processes, dragging down overall efficiencies.
With RPA installed, a robot will automatically vet new vendors, conducting all necessary credit checks and onboarding-related tasks automatically, in less time, and error-free — all by interacting with your existing IT architecture with no complex integration or coding required.
Benefits of RPA for vendor setup and verification:
- Checks for and eliminates duplicate vendors
- Gathers required data from the vendor (and track progress) including:
- Basic master data information
- Sign Ethical Code of Conduct (or similar)
- VAT Registration details
- W9 Form
- Conducts ethical and sustainable manufacturing checks
- Performs credit checks
- Created records in one or more systems
- Auto-generates welcome email with key information including:
- Where to send invoices
- What information is required
- PO processes
- Incorporates custom checks and validations specific and critical to your organization
- A clean list of validated vendors synchronized across all legacy systems
- Vendors of solid financial standing that pose little or no risk to your organization
- Processes, modes of operation, and company principles that are clear and easy to understand and adhered to by all vendors