RAPID: Accounts Payable Automated

 In April 2020 when Solutioneers RPAaaS launched, we undertook a campaign to speak to as many small to medium sized South African businesses as possible and have spoken to over 100 medium sized business owners to-date.  Our question was:

“What process could be automated that would release significant efficiency gains for your business?”

The use case that rose to the top as the most mundane, repeatable and painful process was the accounts payable process – so we responded to the market and built RAPID.

In many cases we identified, the accounts payable process, or creditors process, was labour intensive, highly manual and error prone. Often being done by qualified accountants frustrated with the monotony, and who could be redirected to more value adding work. Conversely, we also found that unqualified staff doing the work required additional oversight by a manager, essentially two people doing the job of one.

We used our own Solutioneers Lean Consulting Product Design and Development methodology to design, develop and within 4 months from the initial concept, we deployed our first RAPID Bot for a customer late in 2020. RAPID monitors the email inbox where invoices are received, and then opens the invoices using Artificial Intelligence (AI) and Machine Learning (ML) technology to check, and match the invoices to the PO, reconcile and load the invoice into the ERP system for payment – either manually or through the creation of a batch file. RAPID performs month end processing, and will compare your invoices in the ERP system to the statement received via email to produce your creditor reconciliations for payment.

RAPID is configurable and can also download invoices from portals and compare invoices to delivery notes if necessary, as well as be scheduled to run daily or weekly.

RAPID delivers the following Benefits

  • Fast
  • Accurate
  • Rules based
  • Action logging
  • Uses your templates and is configurable
  • Frees up resources to do more value adding work
  • No system integration necessary
  • Hosted service
  • Billing is based on consumption, pay only for the time you use
  • Globally acclaimed UiPath technology

A standard RAPID deployment typically takes 6 weeks, and is priced flexibly based on the number of suppliers and pages processed with no minimum contractual term.  RAPID is an RPAaaS product that uses UiPath technology, hosted by Torch Solutioneers ™, which means it does not come with the high cost of licensing and infrastructure usually associated with RPA.

RAPID is the first of many FinOps automation products from Torch Solutioneers™ and we are already gathering market data on what to build next. If you would like to drop us a suggestion once we have built the Bot we will be sure to give you a demo.

Book a free consultation with Solutioneers™ today if you would like to discuss how you could use RPA to the benefit of your organisation.