Looking at the year gone by, there have been unprecedented difficulties that companies, banks, financial organizations all over the world have had to face. It has been a difficult year with the economic crisis and financial challenges during the Coronavirus that has brought down the sturdiest of companies economically.
This has ensued the need for a medium in the form of software, a tool, or a technology that will help them quickly recover from this loss. So, with an overview in the area of finance and accounting, the most promising move is Robotic Process Automation RPA implementation.
RPA has been an emerging technology and a very efficient one. Most people do not understand the entire spectrum of applications of RPA in finance and therefore limit its ability to accomplish only certain tasks.
This is certainly not the case. There is much that can be achieved by introducing RPA in Finance and accounting which we will delve into in this blog. So, read further
What is RPA in Finance and Accounting?
The department that manages financial operations in almost all organizations is often under the ever-mounting pressure in doing more in lesser time. In addition to this, there has to be maintained transparency in all the processes. There is no room for errors. The most minor of mistakes can turn into a substantial financial loss.
This evidently calls for Automation in finance and accounting. RPA robotic process automation helps move the operations and functioning from manual processes to an automated and more efficient one. The recurring and monotonous tasks like data entry, maintaining excel spreadsheets, etc. are remarkably taken over by RPA.
RPA is basically software robots lessening the burden of your workforce giving them an opportunity to focus on tasks that undeniably require human intervention. It streamlines processes and operations and frees up resources for value-added tasks thereby reducing costs and time.
Top 4 Use Cases of RPA in Finance
RPA use cases in finance will highlight how it miraculously reduces the silos in your business’ budget for various departments by handling them thus improving the financial health of the company.
The cash flow and financial closing is a crucial factor in maintaining equilibrium. It is important that the continuity between invoice generated and payment is made. With hundreds of transactions happening in a day, completing this task with 100% accuracy is fairly difficult and might require many employees.
RPA is capable of handling such high volume data. This ensures that absolutely no payment is left incomplete due to the untimely exchange of vendor invoices. There are regular follow-ups as soon as a service is provided or the delivery of products is complete.
Another section of any company especially one in production and manufacturing that has a heavy flow of journal entries and necessitates financial planning is the inventory and warehousing management department.
RPA shows remarkable performance when it comes to handling tasks like shipment tracking, expediting of orders, creating financial statements for the incoming and outgoing goods, updating logistics paperwork, integration with cloud-based ERP, etc.
RPA is capable of automating all the pre and post-payment processes. It not only validates the authenticity by monitoring and identifying any duplicate, fraudulent, or missing payments, but it also validates and registers the complete ones.
RPA can be used as a cloud solution. This makes the storage and data extraction extremely easy and secure. There is both validation and reconciliation of all the payments automatically.
RPA makes knowing your customers easy as there is auto retrieval of all data about your prospective customers. It filters out the most suitable ones and your employees have to only work with the creamy layer leading to higher productivity.
As your work becomes more compliant with regulations and policies, delivering what you promise is ensured. This makes your brand receive cognizance and credibility as there are never discrepancies of a single penny in your finance books.
RPA in Finance is extremely beneficial and laborious tasks like tax reporting, financial statement preparation, investments management, forecasting the financial stability of your organization, etc. are seamlessly completed by it.
There is no sacrifice in the quality of work rendered even though the time significantly reduced. If you are looking for a solution that would take away your nightmares of bank statements and act as 10 employees working 24*7 in the real world in a rule-based manner, then there is no better option than introducing RPA in finance and accounting in your business.
So, get ready to transform with robotic process automation accounting, today!