Software robots working alongside humans is not an SF scenario. We have seen the many benefits of automation in numerous industries, especially those highly regulated, like finance and accounting. Robotic Processing Automation has become a requirement for all businesses, especially during the pandemic.
RPA can perform repetitive tasks of high volume. It allows employees to concentrate on more strategic tasks while also providing added value for their company. Software robots can work 24/7 and make no mistakes.
Cases of robotic process automation in finance and accounting
This list contains the most fundamental RPA cases in finance and accounting. It will help you gather empirical data to start (or improve) your RPA journey.
• Data management
Financial institutions and business finance departments must keep track of all personal information about their customers. It includes names and addresses. These can change over time.
Software robots can extract and process all data instead of manually processing it. It is a cost-effective option that also reduces the risk of making mistakes.
• Opening an account and activating a card
Account opening and card activation can be time-consuming in banking and finance. Customers may become impatient. Robotic process automation makes these tasks easier and faster. Automation benefits not only operational processes but also customer service. Also, it lowers stress levels for front-office workers.
• Invoice processing and accounts receivable
When creating or processing invoices, many details need to be considered. It is one of the most common tasks in accounting. Large companies have to deal with many invoices received from various suppliers or contractors. These invoices must be recorded in the financial records. Robotic process automation can automatically process invoices and fix any mismatches.
• Reconciliations of accounts
Software robots can download bank statements, link them with specific accounts and provide financial reports. Accounting professionals can find these tasks time-consuming as they have to extract and integrate the data manually or through legacy systems. RPA can collect data and determine if there are unusual operations.
• Complex reports and financial predictions
The creation of detailed forecasts in terms of investments, budgets and cost targets is a critical aspect of a company’s wellbeing. It will help to make strategic decisions. RPA is a useful tool in this regard.
Moreover, it is vital to monitor the company's revenue and profit performance. RPA is a tool for accounting to create these reports with zero errors.
Conclusion
Financial operations can be tedious and require attention to detail. Software robots may change this mode of operation. RPA may also enable employees to shift their focus to providing more value to customers. It will be a benefit to the entire company.
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