Process automation in Accounting and Finance

RPA bots become the mainstay of continuous accounting for strategic business processes

Overview

A STRATEGICALLY FOCUSSED FINANCE DEPARTMENT IS DRIVEN BY AUTOMATION

The accounting processes for businesses have undergone massive overhauls with the gradual shift to technology from paper based systems. Technology has brought in capabilities and solutions which helps the finance and accounting department better serve the needs of the modern corporations. Today, technology has gone a step ahead with software bots which can automate manual tasks, manage workflows and complete tasks without human intervention, greatly enhancing financial control and efficiency. Corporations are progressively implementing latest process automation techniques and bringing in process optimization alongside accuracy and speed.

Why RPA for Accounting Processes?

The world of accounting and book keeping is seen to be full of processes which are considered immutable. But, the truth is that they have been initiated during the era of manual processing, and today with technology, we have more control and flexibility over the tasks and timelines.

Time

Utilize precious human capital for higher value work rather than time-consuming manual work.

Productivity

Focus on areas such as big data analytics, compliance and fraud monitoring and detection.

Intelligence

Accurate data, analysis and visibility of all necessary and relevant financial information.

83% of companies who have significant data quality and consistency issues estimate that they can close books three or more days sooner if all errors are eliminated.

RPA BOTs run as allocated resources on local servers and have minimal impact on underlying infrastructure, RPA tools can operate as an extension of existing management systems.

Top RPA software are compliant with various industry regulations, ensuring your data is stored, processed and utilized as per compliance requirements.

34% of those surveyed by Finance Digest, noted that CFOs and their finance teams are still under-valued in the business.

Process Automation in Finance

There are many activities which can bring higher efficiency to processes. RPA technology is built with the aim to understand how humans perform tasks, in order to learn how to speed up and enhance performance.

Complex software bots can be implemented to minimize core accounting activities for the finance team and in turn focus on strategic objectives.

Financial processes which should be automated -

  • Bank, and operational reconciliations
  • Account reconciliations
  • Cost allocations
  • Amortization
  • Journal entry creation
  • Variance analysis
  • Controls verification

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Continuous accounting is an essential discipline for finance and accounting teams to transform their functioning and innovate with the changing times

Start off by building an automation bot which will reconcile your books with Zero errors!