An employee, on an average 8,000 invoices a year. This means that companies must hire at least three additional accounts payable executives just to handle manual invoice processing. This might just be the beginning of stress on the accounts team.

The finance department has to manually screen and process 1000s of invoices every month. Reconciliation processes are extensive and expecting error free activities is challenging.

As part of the reconciliation process, the finance department has to manually process thousands of transaction-based invoices every month. For the remittance entry of invoices, they reconcile every invoice with the respective sale and payment made by vendors, dealers.

In a retail sector, the number of touch points increases phenomenally.

We help improve the financial auditing compliance with an automated invoice reconciliation system

We are able to extract and manage data from invoices that have highly complex and unique structure, along with handling basic sets of invoices as you scale.

Why do you need Mindful Automation with your finance process:

Simplify Business Payments:

Making payments at scale is expensive and challenging. Our AP automation can automate your vendor transactions and customer invoice management helping you to reduce the tedious manual tasks within the accounts payable process. You can empower your accounts payable department with customized approval workflows and simple bulk processing that scales with your needs, whether you are paying 100 invoices or 10,000.

Automate manual Process:

Automate manual, redundant processes that eat into your resources time and keeps them away from the more important tasks. With Mindful you reduce the errors that are prone to the same kind of human error that caused issues in the first place. Depending on the company, they end up outsourcing this discovery to consulting firms or outsourcing their entire auditing process to payment networks. Neither of these are at all ideal. We help you handle these audits in-house without all of the daunting manual effort.

Simplify Audits:

Allow financial teams to focus on their important, strategic projects rather than becoming bogged down by repetitive tasks. By implementing both types of automation, your team can become dramatically more scalable and specialize in areas that make a significant impact while improving your audit trail for compliance.

Eliminate Human Errors:

On top of that, inconsistencies due to human error can further worsen these issues. By simplifying bill payments, automating data entry, and creating streamlined AP workflows with our solutions.

Summary:

Our automated invoice reconciliation solution utilizing custom developed RPA workflows operates 24×7 enabling higher productivity, better process control, rapid invoice processing and improved turnaround time across the finance department. Enabling client’s manual end-to-end invoice processing has now been transformed into a well-defined, automated and rule-based process for error-free invoice reconciliation.