RPA in Finance : Why Robotic Process Automation (RPA) is must for your finance and accounts functions?
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RPA (Robotic Process Automation) is the most exciting among the emerging technologies that make business processes simpler, faster, and more cost-effective. Until recent times robotic applications were used mainly in industries and assembly lines where massive armatures and fabricators speeded up the manufacturing process for anything from heavy automobiles to minuscule components.
Today, software robots imitate ‘human actions’ to automate processes even in businesses and offices. These robots (bots) are trained to follow specific human actions and procedures to automate tedious and repetitive business processes.
Robotic Process Automation is the technology that is currently revolutionizing the operational aspects of businesses. RPA in Finance systems are based on Artificial Intelligence and use bots to ‘watch and learn’ humans perform a particular task. They are then programmed to replicate the task directly in the GUI (graphical user interface) of the application. RPA is a technology investment that delivers ROI from day one. It removes the tedium, repetition, and non-productive human processes in your business. Once the bots take over these operations, your manpower can focus on relevant business goals and yet be assured that operations are accurate and quick.
RPA in Finance is transforming accounting and auditing processes in a big way
Robotic Process Automation offers significant benefits in many areas for large and midsize companies. However, the most impressive use of RPA tools in finance and accounting practices.
Large companies, especially in the service sector, have automated core functions using Robotic process automation for finance and claim that the change brought about hefty savings in annual corporate expenditure.
For a relatively new technology, the impact that Robotic Process Automation in finance and accounting has on large businesses is phenomenal. RPA in Finance digitizes financial and accounting processes faster than ever imagined.
On the one hand, it enhances productivity, brings down costs and streamlines compliances; on the other, it frees up time to work on strategies that build and grow your business.
Perfect for operations linking transactional data from various sources, in finance, RPA is useful in invoice processing, accounts payable, claims processing, payroll input, updating personal information, travel and expenses accounts and more.
Depending on the specific requirement, RPA has gained traction in various ways in different organizations.
So much so, that an estimated 45% of activities performed by humans in companies can be automated through RPA. This in turn translates directly into better bottom lines.
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RPA in finance: How does it work?
Finance automation is not a new concept in business operations. While automation has streamlined and speeded up many office workflows, a lion’s share of financial functions has continued to be manual. With RPA the lack of efficient comprehensive solutions and the general misgiving about machines handling accounts have been done away with. Robotic financial accounting is monitored and controlled by human rules, configurations, and processes.
As a technology that uses innovation to cover new aspects of operations every day, RPA in finance is fast establishing its value as the most effective automation tool in finance and accounting. The benefits of RPA in finance are direct cost savings, enhanced productivity, and healthy employee morale.
Discover how Robotic Process Automation (RPA) enhances the efficiency of general ledger reconciliation processes by reading our focused analysis at General Ledger Reconciliation.
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Use cases of RPA in accounting and finance
Traditionally, businesses use varied technology tools and solutions for various finance and auditing functions. This inevitably leads to repetitive tasks involving the copying of data from one platform to the other as per requirement. Imagine what your company could achieve if the time and resources invested in such tedious, non-productive work could be channeled to newer goals! RPA in finance is all about that transformation.
Perfect for operations linking transactional data from various sources, robotics process automation in finance is your solution to consolidating human efforts in your business.
A customized accounts and finance automation platform can help your business scale new frontiers. Some areas where finance automation can make a notable difference in your company include:
Purchase Order Processing
This is one task where your staff can be replaced by bots configured with cognitive data capture tools. Your customized accounting automation platform can scan Purchase Orders for specific information, process them and route them through appropriate approval channels.
Invoice Processing
Take the challenge out of managing invoices from various sources in multiple formats. The ‘trained’ bots in your automated finance solution can do the job many times faster and without human error. RPA in finance can be designed even to detect and alert variations in data that may require human review.
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Basic Accounts Reconciliation
It is another series of to and fro journeys between various accounting sources that the RPA bots of your finance automation solution can handle with precision. Not only will you have accurate records for audits, but your staff will also be alerted to any misaligned detail in your accounts.
Financial Reporting
It takes on the importance it deserves with accounting automation taking on the mundane tasks of your finance department. With your accounting staff dedicating more time to accurate information and detailed reporting, better data insights will enable smarter business decisions.
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