Finance and accounting are two of many functions in a company undergoing digital transformation. Robotic Process Automation as part of Intelligent automation through a Digital Workforce not only improves the productivity and efficiency of finance professionals but also increases accuracy and cash flow.
Processing data in spreadsheets takes up a lot of time today. Many of a professional's daily tasks involve reconciliations, creating reports, and chasing approvals. These tasks can be automated and simplified by digital workers, who act and analyze similarly to humans. Digital Workers can free finance professionals from the mundane work of managing finances and allow them to concentrate on strategic activities that will improve company performance.
Finance and accounting automation can automate a variety of functions. The automation possibilities in this department are virtually limitless, whether you build a Digital Workforce or use pre-built bots or Digital Workers from top Robotic Process Automation marketplaces.
Accounts payable and receivable automation
Accounts payable and receivable are the two functions of finance that have the most significant impact on cash flow.
To support the human counterparts' workload, add a digital workforce to improve cash flow management and make critical decisions quickly.
Perks for accounts payable intelligent automation
Intelligent automation technology is changing how accounts payable functions work in many ways.
Increased efficiency: Employees are free to concentrate on strategic initiatives, while the Digital Workforce handles the tasks 24 hours a day.
Invoicing accuracy: Business invoicing is highly susceptible to errors like missing or incorrect information. Automating invoicing can avoid many of the mistakes that are common with manual invoicing.
Access to real-time updates and visibility: Once the process has been automated, digital invoices can be accessed quickly and shared throughout the company. This real-time collaboration allows for greater transparency, accuracy, and faster response times to customer queries.
Intelligent automation enhances receivables.
Automating the accounts receivable function is similar to accounts payable. It reaps many benefits.
Payment processing costs are lower - Payment processing can be expensive and time-consuming. RPA automates many activities, including building ledgers, allocating funds across accounts, and reviewing payments. This can reduce the high cost associated with payment processing.
Invoices created quickly with intelligent automation - Invoices can be generated almost instantly and sent according to predefined schedules, improving your chances of being paid on time.
Resource utilization - Intelligent automation reduces time and maximizes the use of your precious resources. Employees can concentrate on the essential work and increase workplace productivity through time saved.
Collections accuracy and billing: A single error in accounts receivables, even a small one, can have serious consequences. Intelligent automation ensures that every invoice and payment is processed correctly.
Intelligent automation using Digital Workers alongside human workers can make accounting and finance more efficient and less stressful. Employees can concentrate on more productive analytical work while reducing cycle times and costs for the business.
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