To put things into perspective, Robyn explains that processing multiple invoices demands industry leaders to understand how workers are completing a defined task within their organization. Such an approach enables decision makers to keep track of the invoice data extraction processes while allowing them the scope for rectification if need be. However, the opposite happens when employees carry out redundant tasks that hinder visibility into business processes. Robyn mentions that with automated AP processing in action, decision-makers of an organization are capable of obtaining a clear idea of the activities undertaken in a single data extraction process. This, in turn, helps the employees increase their efficiency in AP processing. The catch here lies in the high cost and labor associated with the integration of the automation processes with a client’s ERP system. And, this is where V3 strikes a chord. “For a fraction of the usual integration cost, V3 has empowered multiple organizations to integrate their systems with AP automation,” states Robyn.
V3 creates a bilateral connection between its holistic document management solution and client’s accounting software during the AP automation process, receiving invoices via email and extracting relevant data from them. In doing so, V3 effectively eliminates the requirement of rechecking invoices manually and thereby increases the invoice processing accuracy rate. Following this, V3 deploys a rules-based workflow for clients, which is enhanced with a security sync utility capable of matching invoice data against purchase orders. “The key to accuracy lies in understanding the current position of a client in the market. We outline a roadmap for their business processes in order to have a positive impact on their organization on the whole. Instead of eliminating job roles from the companies, we focus on adding more value-per-work with defined responsibilities for employees,” comments Robyn. V3 has succeeded in reducing almost 80 percent of the total costs associated with manual AP processing tasks for its clients.
For a fraction of the usual integration cost, V3 has empowered multiple organizations to integrate their systems with AP automation
A typical client onboarding process at V3 starts by assigning a business analyst or a product manager to a specific client and identifying their current business process. This is followed by the development of a Visio diagram. After the diagram has been approved, V3 creates a digitized version of these business processes, simultaneously assisting the client with the best practices for AP automation. The entire program is completed within eight to ten weeks. Scripting exemplary success stories throughout its journey, V3 has carved a niche in the oil and gas as well as the manufacturing industries. Robyn believes that V3’s success of achieving a 300 percent growth over the years through referrals from clients builds the foundation for a unique automation solution that seamlessly integrates with all accounting systems and provides an easy-to-use interface to its clients.
Currently, V3 is looking forward to incorporating Artificial Intelligence (AI) and Robotic Process Automation (RPA) into its AP data management solution. “We will continue to approach international companies in the market, with plans to expand our footprint in the next three years,” concludes Robyn.