Automated Accounts Payable
Challenge
A growing healthcare business was grappling with the challenges of an expanding Accounts Payable process. As the company acquired new facilities, the central office's workload for managing Accounts Payable increased significantly. The process, heavily dependent on manual labor, had reached its limit with just one employee responsible for entering and reviewing bills. The client was on the verge of hiring an additional full-time employee to handle the escalating volume of bills, presenting both a financial and operational burden.
Approach
In response, RTB-AI crafted a custom email sorter leveraging AI to sift through emails and categorize them effectively. Upon receiving an email, the system automatically sends an API call to a Large Language Model (LLM) that interprets the email's content and classifies it accurately. For those classified as invoices, the system labels them accordingly and employs Optical Character Recognition (OCR) to transcribe attachments, extracting key fields such as vendor details, amounts, and due dates. These are then seamlessly transferred to the client's accounting software.
Leveraging historical data, the AI further enhances efficiency by coding the invoices in the accounting system, aligning them with appropriate General Ledger (GL) accounts and expense categories. This advanced level of automation culminates in a queue for a quick accuracy review, after which the invoices can be posted. This entire process significantly reduces manual intervention, turning what was once a task-heavy operation into a streamlined and precise workflow.
Impact
The implementation of RTB-AI's automated Accounts Payable solution achieved remarkable results in an impressively short timeframe. Within just two weeks, a functional first version was delivered to the client, followed by an additional two weeks of fine-tuning and adjustments. This rapid development cycle, culminating in a fully operational system in under four weeks, gave the client the confidence that an additional Accounts Payable team member was no longer necessary.
This technological advancement significantly shifted the role of the existing Accounts Payable staff. With the automation taking over the time-consuming task of data entry, they were able to reallocate their focus to auditing and reviewing bills. This not only aligned more closely with their core competencies but also added greater value to the company's financial operations. The swift and efficient completion of this project by RTB-AI not only saved costs on additional staffing but also enhanced the overall productivity and strategic focus of the Accounts Payable department.
