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

Automate - Evolve further

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