How RPA Changing the Finance and Accounting





One of the major resource-draining problems faced by today’s organizations are activities which are high in volume, time-intensive and repetitive. Employee surveys suggest these actives further hinder human resource’s learning curve as a huge part of their daily time is devoted to doing the same tasks every day.

Robotic Process Automation (RPA) solutions help automate these kinds of business processes using a rule-based software program that is generally quick to develop using workflow style development methodology. The RPA Companies can be consulted to identify the processes that require automation and the RPA Experts help develop the automation solution which will work with your existing IT infrastructure and does not need any complex system integration. 

Finance and Accounting processes are very critical and demand accuracy and time sensitivity in any organization. With multiple book closure activities like month-end, quarter-end, and financial year-end, the accounting team is always bogged by laborious and high accuracy demanding tasks.

How can RPA help in Finance and Accounting?

To employ Robotic Process Automation in Financial Services, Software Robots or simply called Bots may be deployed in multiple scenarios where laborious human intervention is expected thus enabling continuous monitoring and efficient workflow cycles. Below are some of the Accounting processes that can be addressed by a Bot efficiently, effectively and accurately.

Data extraction - Across various departments of the company, data from various sources are logged into journals. A Bot can gather and consolidate transactions and reconcile them in the ERP.

Vendor Invoice Processing - The Bot may be set up with a unique user account and email address to which the vendor can send invoices. The Bot can monitor the emails from vendors, extract the invoice attached, read the information, revert to the vendor for missing info if needed, enter the details into ERP or accounting system which is in place, trigger workflow for approvals. Also, the Bot may check periodically for invoices which meet the Payment Terms and thereby inform the Accounts Payable Team to proceed thereon.

Accounts Receivable - The Bot may send invoices to customers automatically after the sale. It can monitor unpaid customer payment and send periodic reminders. It can also check bank accounts for any incoming payments and notify the Accounts Receivable Team about the same.

Reconciliations and Reporting - The Bot may perform automatic reconciliation of Accounts Receivable and Accounts Payable with Bank accounts. Also, it can detect and inform of any missing reconciliation data. The Bot may respond to an email for any request to send reports on an ad-hoc basis in addition to sending scheduled reports.

Enabling financial close - Posting financial data from sources such as a spreadsheet to sub-ledgers can be managed by a Bot. This may be a tedious task but that which requires accuracy and efficiency.

RPA based solutions are faster, reliable, accurate and available on an ad-hoc or scheduled basis. Also, the Return on Investment (ROI) on RPA is quick and big, which is driving organisations of any size to reach out to RPA Vendors looking to leverage the benefits of Robotic Process Automation solutions.




1 comment:

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