Robotic Process Automation in Finance and Accounting: 10 Use Cases

Finance and Accounting involve long strings of numbers and repetitive, rule-based transactional processes. Upon successful implementation of RPA, financial institutions can accelerate these transactions while enjoying rpa use cases in finance and accounting increased efficiency and reliability of data with minimal errors. RPA streamlines the collection of vendor invoices and automatically assigns these to the workers based on a pre-established set of rules.

[/efn_note] is claimed to have used RPA software to automate inventory control processes. RPA can automate Bill of Material processing with OCR, and data extraction technologies based on deep-learning. In cases where legacy systems are not capable of storing complex limit orders, RPA bots can automate processing complex orders.

Planning and management accounting

Accounts receivable management is critical because it is directly related to cash flow. Accounting teams spend a significant amount of time filling in data and tracking payments within disparate systems. Blueprint enables employees to feel confident that the work they’re doing not only drives business value but also protects RPA bots from breaks and outages.

Introduce automation and transform your processes into smarter ones to help establish your scope, helping mitigate risk. By optimizing your office for data-driven decision making, you’ll be running smoothly, giving your team back time for the work that matters most. Gartner for Finance provides insights, advice and tools to help finance leaders make the right decisions to drive business results.

Common business processes and activities

Efficient onboarding and offboarding can reduce the burden on the HR staff and ensure continuity, especially in fast-growing or shrinking firms. In employee onboarding the bot can schedule introductory meetings to speed up orientation. RPA bots can reset a customer’s broadband network, or fix simple connection issues without a rep interacting with multiple windows. RPA bots can send a notification to the IT staff automatically when an IT outage is detected. Or they can put  all the support tickets in one location, enabling  the IT staff to access them easily.

This functionality helps reduce the amount of time spent on training new employees and also reduce the risk of future bot outages. With RPA, you can ensure that your payroll submissions are 100% accurate, on time, and fully compliant. RPA bots process payroll functions according to the rules, but if a change isn’t properly addressed or updated, then your organization is at risk. With Blueprint, you virtually eliminate that risk because you can connect dependencies to specific process steps. By automating repetitive and manual tasks, you can enhance efficiency, accuracy, compliance, risk mitigation, cost savings and employee satisfaction. RPA streamlines the approval and payment process of expense reports by comparing expenses to the company policy, tracking receipts, and creating necessary reports with the data.

Processes of RPA Use Case in Telecom Can Include:

There are workload automation (WLA) tools that can be scheduled to run regular diagnostics on the processes to notify users of possible failures. Bots can update accounting records,  prepare, and deliver invoices from the right email accounts to ensure data consistency between systems. Businesses need regular reports to inform managers and teams of their progress.

Robotic process automation is sometimes referred to as “digital FTEs” or “human proxies” as it can be used to handle routine, rule-based tasks, and basic operations and interact with systems as a human would. Auditing financial data is one of the critical functions in the accounting process. However, manually collecting data from disparate sources is time-consuming and labor-intensive. With RPA in the economic accounting space, fast-track the auditing process by accurately collecting all the information required from the multiple legacy systems and making decisions independently. In addition, as technology advances, economic value is expected to increase, providing proactive insights and root cause analysis. And Financial organizations looking to automate their business processes must have an in-house look at bot maintenance costs.

HIGH PERFORMANCE WITH INTELLIGENT AUTOMATION FOR FINANCE & ACCOUNTING

A customized solution like RPA as a Service (RPAaaS) enables customers to avoid confusing prices ahead in RPA adoption. RPA pricing model precisely eliminates the air of uncertainty and confusion and enables financial organizations to adopt RPA in accounting with no additional costs and holes in their pocket. As your organization scales its digital transformation, teams can accomplish more with less effort while minimizing the impact on existing systems and operations. While a lot of F&A organizations are now looking at intelligent automation for their finance functions, not everyone knows just what it can do to drive value. Some organizations bring RPA in to automate a few repetitive, high-volume tasks and leave it there. But with advances in AI and machine learning, intelligent automation has massive potential across the board.

• When RPA is combined with other techniques, it is sometimes called intelligent process automation.
• RPA distributes incoming invoices automatically to the appropriate recipient and can help prevent late payments by scheduling reminders.
• Most departments, including HR, customer service, and marketing, routinely need to update their ever-changing customer/personnel data.
• Finance and Accounting involve long strings of numbers and repetitive, rule-based transactional processes.
• Automate many tasks such as Assets creation in SAP, Posting of Assets in SAP, Approval in DMS, and Reporting.

The result is greater data integrity and consistent processes, while teams focus more of their skills on analytical work, strategic financial planning and other high-value goals. With SS&C Blue Prism intelligent automation, accounting and finance teams gain the power to focus on strategic business planning while delegating time-consuming tasks to digital workers. We’ll focus on three key benefits of introducing a digital workforce into your F&A systems. Make sure that the newest members of your finance and accounting team are up-to-speed on all your processes and that they aren’t exposing your organization to increased risk due to costly mistakes.

Saved costs

With Blueprint, you can optimize the accounts receivable process regardless of the source – structured or unstructured. With more optimized processes, your team will be able to maximize revenue, save employees valuable work time, and bill customers faster, and receive payments sooner. Even if your invoicing processes are already automated, Blueprint can easily ingest existing automations for further, critical optimization. Expense reporting is crucial for efficient bookkeeping and finance management. Robust RPA bots can aggregate data into expense reports, attach receipts to corresponding entries, verify existing expense logs, and flag policy violations or data discrepancies.

Utilize business automation to help you develop reports, conduct assessments, and perform credit checks. Streamline these processes, all while making sure you’re getting paid on time. By automating P2P, you’ll experience better supplier collaboration, employee satisfaction, productivity, profitability, and improved supplier relationships. Robots make the P2P cycle faster and more reliable, keeping suppliers happy and lowering your risk. The efficiency of the purchase-to-pay (P2P) process affects satisfaction rates, costs, and influences your company’s ability to achieve wider business goals. The wide-reaching nature of the process means there is a huge incentive for companies to optimize it.

Integration with existing systems

This leaves HR and payroll teams with more time to focus on higher-value tasks such as employee engagement and talent management. There is no question that accounts receivable is the perfect candidate for RPA – the process is repetitive, rules-based, requires consistency, accuracy, and adherence to a timeline. With RPA you can bill customers for your goods and services not only faster but in a way that is more reliable and efficient.