RPA For Automating Finance Processes

RPA technology is advancing swiftly, handling data more effectively while saving enormous amounts of money and time. Manual data processing is more prone to human error, especially when dealing with numbers, and finance department of a firm is all about numbers where there is no room for any error in its operations. The procedure of copy-pasting and manually entering the data in different applications and software is not only time-consuming but also very costly. Robotic Process Automation in Finance is a practical answer to these issues. RPA has long been used by many industries like Banking, Financial institutions, Retail, Hospitality, etc. for their accounting and finance operations.

RPA is now acknowledged as one of the most developing technologies that are capable of automating various end-to-end processes of finance and accounts.

Strategic Role of RPA in Finance

Finance departments need to move beyond routine data crunching and start participating in high-value, forward-thinking business decisions. Since no single software or application can do all the essential activities, managing a company's finances frequently necessitates a variety of software and applications. Because of the number of disparate systems involved, there are frequently a lot of tedious, repetitive manual tasks that can be best automated using RPA. You might not think of finance as the first application that comes to mind when you think about RPA. However, more than 80% of finance executives, according to Gartner, have already deployed or intend to implement RPA in Finance.

RPA Use Cases in Finance

• Procure to pay: By operating according to a predetermined set of rules, RPA modernizes vendor invoice allocation and collection responsibilities.
• Order to cash: Intelligent automation can make it possible to thoroughly analyze product orders, sales quotations, customer credits, bills, and payments.
• Record to report: It is easier for RPA to monitor daily transactions while keeping a complete audit trail, reconcile finances, and record journal entries automatically.
• Client on boarding: To make the client on boarding and KYC process trustworthy and efficient, RPA bots capture all essential customer information using technologies like optical character recognition.
• Intercompany reconciliation: RPA may eliminate all the stress associated with bank reconciliations for the accounts department by downloading statements, building a process for client accounts, confirming transactions, and reporting inconsistencies.
• Financial forecasting and planning: RPA in finance can be set up to analyze previously collected data, compile financial statements, and provide projections, freeing up the experienced labour to develop and implement plans.
• Automation of tax reporting: RPA in finance can automate manual processes such as data collection, report generation, determining the amount of tax due, and data reconciliation.
• Automation of accounts receivable and payable: By automating all manual operations, RPA can keep accounts receivable under control to maintain a solid financial position and minimal liquidity gaps. Additionally, all invoices and purchase orders may be compared, saving time and effort in accounts payable.

Benefits Reaped From Deploying RPA in Finance

• Quickens the on-boarding of new customers and boosts revenue and cash flow
• Lowers operating expenses
• Enhanced efficiency
• Doubles transaction processing capacity
• Automates manual processes and minimizes human involvement increasing process effectiveness
• Increases customer happiness index
• Increases data quality, builds client loyalty, and stabilizes industry standards

Wrap up

As businesses realize financial transformation, RPA's use in industries will only increase in the future. In the next three years, 79% of companies that have already deployed RPA will increase their investment, according to Deloitte's Global RPA Survey. According to Ernst & Young, RPA may assist financial services in realizing cost savings of 20%–60% of baseline FTE expenses

Providing RPA Services, ESS can help you gain upper hand by lowering expenses, improving accuracy, and completing your business procedures in less time so that finance and accounting professionals can able to devote more of their time to high-value, strategic, and advisory positions, assisting your organization in maintaining - competitiveness, innovation, and profitability.

Connect with us now to have a conversation with our RPA Specialists to understand the process in-depth.

You May Also Like : RPA Solutions For Financial Services–RPA Services Provider