Automating Invoice Processing to Increase Payment Speed by 75%
An automated payment processing solution helped an automotive company streamline invoice workflows, reduce errors, and process payments 75% faster.
At a Glance
The client needed to replace a fragmented, manual payment process with a centralized system that could automate invoice and payment processing.
Industry
Automotive
Function
Finance Automation
Solution
ACH Payment Automation
Engagement
Robotic Process Automation
The Client
The client is a US-based used car selling company with a nationwide buyer network. Its platform provides sellers with instant offers for their cars using price prediction algorithms and real-time bids from a network of licensed buyers.
The Challenges
Replacing a Fragmented Payment Process
The client was using a third-party application to process monthly payments to multiple vendors. Invoices and payment information had to be entered separately across systems, creating a fragmented finance workflow.
Manual Invoice Processing
Invoices had to be generated through a third-party application and then updated separately in the client's system.
Disconnected Finance Systems
Frequent movement between the third-party application and in-house system created a loosely coupled finance ecosystem.
Repeated Data Entry
The finance team repeatedly entered and managed payment and invoice information.
Payment Reconciliation Issues
Reassociating payment data with individual payment transactions became challenging.
Error-Prone Workflow
Manual entries increased the possibility of errors and payment rejections.
Low Process Efficiency
The overall payment process was time-consuming, labor-intensive, and cluttered.
Simplify Your Payment Processing Workflow
Automate invoice and payment processes, reduce manual work, and create a more centralized finance ecosystem.
The Solution
A Centralized ACH Payment System
Maruti Techlabs migrated the client's manual payment process to ACH and developed a system that automatically generated NACHA-compliant files for payment processing.
Moved the client's payment process from manual third-party processing to the ACH payment system.
Moved the client's payment process from manual third-party processing to the ACH payment system.
The Journey
Manual to Automated Payments
Business Outcomes
Automated Payments for Faster, More Accurate Processing
75% Faster Processing
Automation made payment processing 75% faster.
Centralized Finance Platform
The company brought payment and invoice processing into a centralized system.
Reduced Payment Errors
Automation reduced errors associated with manual payment entries.
Eliminated Manual Records
The team eliminated manual payment record-keeping.
Lower Third-Party Costs
Removing the third-party payment application reduced associated costs.
Standardized Records
Payment and invoice records were maintained in a standardized format.
Conclusion
The automated payment solution streamlined the client's finance operations and reduced the manual effort involved in processing invoices and payments.
Tech Stack
Automate Your Finance Operations
Replace manual payment workflows with centralized automation that improves processing speed, accuracy, and efficiency.
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Frequently Asked Questions
Automation can connect invoice processing and payment generation within a single workflow, reducing repetitive data entry and the need to move information between separate systems. In this project, the automated process generated the required ACH file whenever an invoice was processed or a payment was made.
ACH enables electronic movement of funds between bank accounts. In an automated workflow, payment information can be converted into the required ACH file format and sent to the bank for processing.
ACH transactions must follow NACHA rules. The solution generated NACHA-compliant files for each payment, helping standardize the information required for ACH processing.
A centralized automated workflow can reduce duplicate data entry and keep invoice and payment information within a connected system. This makes it easier to maintain standardized records and associate payment information with transactions.
Removing a separate payment application can reduce the need to move information between systems and eliminate associated third-party costs. It can also simplify the overall finance workflow by bringing payment processing into the client's existing ecosystem.