Accounts Receivable Bot Streamlines Efficiency to 95.5% with 175K in Annual Savings
Expertise Delivered
Industry
Our client,
Maruti Techlabs’ client, a leading US based used car selling company, that offers a nationwide modern car selling service. The client facilitates sellers with an instant offer for their car(s) by asking a few questions about its condition using real-time bids from an extensive network of licensed buyers.
Challenge
The client’s finance department deals with a huge volume of transactions on a daily basis. These are digital transactions, cash transactions and even cheque transactions. Oftentimes transactions are not settled due to title transfer issues or buyers are unable to pick up vehicle(s) in time or payment amount is not matching with invoice amount, which results in generating credit memos. In this case, a credit memo is generated against a previous invoice and details pertaining to the memo and invoice are entered into Sage Intacct manually by the finance team. The team processes close to 2000 transactions on a daily basis, out of which ~8% are settled using credit memo, which leads to more manual work.
The repetitive nature of manually assessing and extracting invoice number, credit memo number and the adjusted amount, was proving to be a tedious task. It took 5 hours in total for two FTEs in the accounting team to be done with the day’s credit based transactions, as they needed to manually scroll through each account and invoices.
Solution
Being a decade long client, the automation experts at Maruti Techlabs knew the processes inside out, and suggested automating the AR process as a pilot to pave the way for additional process automation in the Finance department.
One unattended bot from UiPath was configured and setup in 7 weeks to perform the following tasks -
- Bot scans through new data in Master CSV for matching credit memos with invoices
- Bot logs into Sage Intacct
- Bot navigates to Accounts Receivables button and clicks on it
- Bot searches for Invoice Number
- Bot proceeds to click on Apply Payment
- The amount received is entered from the CSV file in the ‘Available Invoices and Debit Memos’ section
- Bot searches for the Credit Memo number, and enters the amount received in the relevant row in the ‘Available Credits’ section
- Bot checks if ‘Amount available to apply’ is 0
- Process is repeated for all credit memos in the Master CSV
- A success/failure message is updated within the Master CSV against each credit memo
Experience the ultimate efficiency boost with RPA automation
of credit based transactions automated
Process efficiency increased
Annual Cost Savings
ROI
Faster payments and improved TAT
Our Development Process
We follow Agile, Lean, & DevOps best practices to create a superior prototype that brings your users’ ideas to fruition through collaboration & rapid execution. Our top priority is quick reaction time & accessibility.
We really want to be your extended team, so apart from the regular meetings, you can be sure that each of our team members is one phone call, email, or message away.
