Automating Finance and Accounting Processes
- Posted by: David Watters
- Category: Best Practices
Robotic Process Automation is estimated to have an automation potential of 44% in Finance and Accounting by reducing manual repetitive tasks.
Use of AI can even further accelerate the automation potential. Robots are not only making the finance & accounting processes more efficient but also increase the quality and effectiveness. Our experience shows that robotic process automation is also one of the most effective ways to meet increasing compliance requirements at your organisation.
Automating repetitive tasks from the month-end process leads to efficiencies and removes bottlenecks. We can automate data transfer from sub-ledgers to the GL, preparing, approving and posting manual journal entries and analysing the key financial data at month-end for our clients.
Increases in 3-way match automation rates bringing direct savings to organisations wishing to enhance their purchasing. The automation rate of purchase invoice handling is often lower than necessary due to exceptions in transaction-level data or incomplete master data. We can fix the underlying problems by validating and updating purchase invoice content.
Process Automation reduces time spent on monitoring receivables and makes reminders for overdue payments automatic. Digital workers collect data from legacy systems to monitor bad debt. Experience proves that automated monitoring reduces the total amount of bad debt resulting in increased working capital.
Digital Workers are able to monitor the correctness and completeness of invoices. This decreases errors and helps to invoice smaller items missed by manual processing. Improving the invoicing process provides more revenue from existing transactions.
Manual preparation of monthly management and authority reports is time-consuming and prone to errors. Robots prepare management report packages saving you time and resources during month-end. Prepare tax declarations and monitor anomalies in tax transactions with digital workers.
External regulatory requirements are increasing all the time. Digital workers are very effective and efficient control performers. Digital workers are in use preparing, approving and posting manual journal entries and analysing the key financial data at month-end for our clients. Automating these repetitive tasks is an efficient process that removes bottlenecks from the month-end process.
What other Finance and Accounting processes would be suitable for automation?
HIGH Automation Potential
MEDIUM Automation Potential
Ready to get started and bring hours back to your business? Contact us today!