5 use cases for RPA in finance & accounting

If you need to help with automating finance and accounting related activities in your organization, then approach RPA experts at Perfomatix. Since RPA reduces the transactional data processing, accountants can focus on delivering valued financial analysis https://globalcloudteam.com/ to the end users. We can use RPA to automate invoice processing, receiving, verifying and paying invoices. For any business to thrive in the competitive market, it’s vital to manage and monitor the whole financial process of your business.

Quickly ingest data from pending paper-form invoices with intelligent document processing and integrate the data with core systems to achieve a single source of truth. Collate these data points from the core systems by using RPA and create consolidated invoice reports to estimate outgoings on a periodic basis. Leverage real-time visual reporting tools, such as TruBI, to visualize the data for Spend Analytics and Vendor Rating, and arrive at important decisions in the CFO office. Auto-extract, auto-classify, and auto-validate data from an invoice or utility bill with intelligent document processing. Use human-in-the-loop verification only for checking the exception occurrences or below threshold level confidence level, which are clearly auto-marked for verification. Companies automating this process have experienced an average effort reduction by 85% and improvement in TAT by 10x times.

Invoicing accuracy

With RPA, you can easily prepare invoices, keep track of their status, and hasten the speed of payment because you negate the risk of forgetting anything. Financial modellin software is a powerful tool that helps to make informed business decisions based on data. This is because there are software solutions that can work straight out of the box and begin providing ROI almost immediately. The sooner a customer receives an invoice, the sooner they can pay, which can greatly reduce any late payments.

Cash management is a critical component of the accounts receivable process. Applying the correct payments to the correct accounts and invoices is a complex process that includes numerous opportunities for error. Due to its scalability, there is no limit to the number of processes that RPA can manage. Usually, the processes for automation are definable and rule-based, making reporting, accounts payable, clients feedback capture, and so on. RPA can also complement other technologies for automation and integration. IT teams can sometimes use low-code/no-code platforms to create lightweight automations that are implemented as code.

What are the Benefits of RPA in Finance and Accounting?

First, the RPA bot captures users’ on-screen actions like clicks and entries when performing accounting tasks. The multiyear engagement proves OTAKOYI’s dedication to the work as they continue to be effective, smart, and skilled. As a partner, they’re responsive and available, delivering on each task assigned to them. The team at OTAKOYI integrates seamlessly with internal resources and has become a valuable partner in determining best practices. Their user experience design skills have helped define meaningful user journeys. OTAKOYI’s team is focused and able to handle a wide variety of different projects.

AI-powered software robots can be trained to scan orders for critical data, make the respective inputs in the system, and establish approval requests. With the limited physical communication and the overwhelming penetration of digital channels, financial organizations face tremendous numbers of incoming calls to their support centers. For instance, bots can address routine requests, while more sophisticated queries will be transferred to appropriate human specialists. The deployment of RPA in finance and banking basically relies on existing applications and doesn’t require substantial changes to the infrastructure.

Robotic process automation (RPA) use cases in accounting

Auto-extract data from bank statements and financial statements by using intelligent document processing. Automatically compare this data with different company records including excel files and ERP systems by using RPA. Validate this data by using pre-defined business rules and algorithms. Use this data for auto-generating reports for internal and external compliance procedures. Book invoice amount in miscellaneous accounts for one-time customers by using intelligent document processing and tag them as “miscellaneous accounts category”.

• Finally, once the correct data is identified, a bot can programmatically correct the data issue across all impacted systems.
• These processes can be time-consuming, error-prone, and resource-intensive.
• Auditing should undergo automation at a slower pace so you can assess its effectiveness and adapt as needed, but its effect can be impressive.
• It expedites Procure-to-Pay and Record-to-Report processing as well as reduces Days Sales Outstanding figures through Order-to-Cash automation.
• Upon successful implementation of RPA, financial institutions can accelerate these transactions while enjoying increased efficiency and reliability of data with minimal errors.
• Eliminate the billing errors that frustrate customers and delay payments and reduce days sales outstanding by automating sales order entry, billing, and cash application.

A McKinsey report confirms, by estimating a global automation potential of 43% for finance and accounting. Relatedly, UiPath specifies an automation rate of 80% for common processes like accounts receivable or accounts payable. According to McKinsey & Company, roughly 42% of finance operations can be fully automated. Functions such as business development, risk management, treasury, revenue management, general accounting, audit, and more can be managed by robotic process automation. The future of RPA in banking is only going to continue to grow as organisations realise financial transformation. According to Deloitte’s Global RPA Survey, 78% of businesses that have already implemented RPA will continue to grow their investment over the next three years.

Need dedicated team?

You can use RPA to automate ICR, providing accurate financial statements by balancing accounts. This process involves time-consuming data entry, extraction, and cross-checking. RPA bots can gather transactional data, approve matching docs, and flag discrepancies.