Every enterprise accounting and finance department across the globe is overloaded with tasks due to the lack of trained resources, increased transactional volumes, repetitive manual tasks, diverse input sources, etc. And, adding new employees will never rule out the problem since the training and remuneration will increase rapidly.
The smarter move is to fill the productivity gaps in this sector with the power of automation and Robotic Process Automation (RPA). RPA has existed as the fast-growing technology across the finance sector, disrupting all the human processes such as order-to-cash, record-to-report, and procure-to-pay.
It also eliminates all data entry issues to offer complete accuracy and reduce the processing time at a minimum cost when compared to manual processes. It also allows enterprises to benefit from a quick implementation and increased ROI.
Financial institutes all over the globe are still struggling to get rid of manual processes and boost their output drastically and seamlessly. In most countries, the tax legalities are challenging to be handled effectively by humans. In such a scenario, RPA can allow these teams to spend less time on complex tasks and focus on developing strategic goals.
In this blog, we have discussed the role of Automation and Robotic Process Automation (RPA) in enhancing business operations in the finance and accounting industry.
How RPA & Automation can change the finance & accounting sector?
Here are the major ways in which RPA & Automation can disrupt these sectors with RPA Consulting companies.
Downloading Tax Return files
It is common for an enterprise to spend a huge time on collaboration to access the accounts and download the tax return files or slips to carry out the reconciliation later. This task can be time-consuming and could result in errors in the operations.
Account Payable Automation
AP Automation offers modernization to all the accounts received or payable processes utilizing RPA and electronic systems for an accurate delivery mechanism of invoices.
Invoice Process Automation
Automation of invoice processing optimizes invoice data extraction, information population in the account payable system, and invoice data processing effectively saves time and money.
Month-end closing automation platforms make the process easy by handling month-end tasks expediently since the software handles all the complex calculations in a single click.
Automated Reconciliation efficiently increases all the accounting processes by seamlessly verifying all bank statements against transaction records.
Process Payment slips in ERP
Businesses automate not just the downloading bills, receipts, or collections but also processing in the management platform such as SAP by eliminating the need to deploy the FTE to overlook the activity.
Updated Varied Certificates
Many companies need to keep certificates updated, and for that, they need to control and access multiple websites. With automation, businesses can leave these activities with a robot, executing the tasks with it.
Registration & Validation of Suppliers
For few customers, the volume of new supplier requests is higher and hence it is challenging to move with the registration process every time when they add new customers. Hence, by automating the task, teams can save the registration time and perform constant audits on these suppliers for their tax frameworks easier and regularly. As a result of this, time will be saved by the employees which can also boost the performance.
Popular benefits of Automation & RPA in the Financial sector:
Financial automation reduces all the tedious procedures and frees humans from the heavy workload. Here are the major benefits of automation and RPA in this industry:
Even organizations with top financial teams struggle and come up with massive errors since they rely on multiple things which are human control. Minor challenges, frequently changing policies, or various suppliers makes it complex in maintaining data accuracy. By leveraging automation, enterprises can be confident and remain error-free making the process accurate.
Shifting from the manual process to the automated one can help the finance team to simplify their existing operations. An automatic and reliable one should replace any legacy system that is time-consuming for financial teams.
Whether it is about budget approval or significant reimbursement claims, automated approval systems can be an added advantage. One can also eliminate all email threads required to check each ticket’s status.
360 Degree Visibility
When all the systems are integrated, financial teams can get complete and 360-degree of all finances. It helps to understand the proper logic behind all fluctuating financial reports allowing employees to make quicker decisions.
Currently, organizations have built in their individual automated fraud detection systems to tackle such threats proactively. Most of these mechanisms are based on RPA techniques allowing banks to monitor and eliminate fraud activities before they turn out manageable.
Automated notifications and alerts can be generated to relevant parties involved to trigger a chain of events to ensure timely recovery. Such advanced technology, coupled with predictive analytics and machine learning platforms, can analyze all existing data and keep track of all previous threats to establish a robust defense mechanism for all fraudulent activities.
Handling the daily flow of investments and expenses across an organization needs a lot of technical know-how, pressure-handling capabilities, and mental abilities. Bookkeeping and other financial responsibilities involve complicated math. Accountants need to remain on top of floating exchange rates, government regulations, changing international financial markets, and certain strategic executive decisions.
Hence, automation and RPA are the new way for the finance sector to operate, allowing people to redefine their focus on high-value activities for themselves and paving way for the digital revolution. Being one of the IT Consulting Companies, we implement them for our businesses.