Case Study - Accounts Payable
VAT Reconciliation
Problem
Clients were receiving thousands of invoices in a month from various airlines through e-mails.
Each individual e-mail had to be analysed processed separately to identify tax credits and also reconcile with Vendor Summary Statements before initiating payment.
Performance of this activity was critical from a Tax perspective and had financial implications of unclaimed VAT credits.
The process was manual, requiring a team of people for processing the invoices to enable timely accounting of VAT credits and reconciliation with the Travel Management Companies.
Solution
VirtualPro developed a BOT in few weeks which performed all the activities, from e-mail processing to Reconciliation.
The critical aspect in implementation were,
-Data extraction from different Input forms like E-mail, pdf etc
-Different formats of invoices
-Variations on which tax components of the invoice line should be considered for Tax Credits.
Intelligent algorithms were developed to extraction data from unstructured and semi structured Invoices and e-mails
Benefits
More than 150,000 Invoices processed with VAT Financial Impact of more than ~INR 10 Million
3X
Productivity Improvement
99%
Quality
100%
Timely VAT Credits
