RPA In Finance and Accounting
It’s a given fact that the Finance and Accounting (F&A) function is heavily reliant on an enormous amount of routine high-volume transactional processes that are highly manual, time-sensitive and mundane in nature. CFOs across industries are exploring ways to facilitate faster operations and boost efficiency in their Finance & Accounting processes. RPA has helped the CFOs in reimagining the F&A function by facilitating optimized operations through increased efficiency and reduced costs. It has helped companies automate the operational general accounting, receivables and payables management, financial risk management, regulatory compliance, etc. seamlessly, efficiently and more importantly with 100% accuracy.
RPA can be used in improving the efficiency of Accounts Receivable (AR) processing by automating tasks such as credit approvals, customer master file maintenance, order processing, AR cash receipts processing and sending late notices via email.
RPA and AI can be helpful in improving the efficiency of the Accounts Payable (AP) workflow processes by automating tasks that such as vendor setup and maintenance, payment preparations and approvals, payment processing and updating journal entries.
RPA solutions can help in automating not only manual invoice processing activities like downloading attachments, maintaining spreadsheets and updating data, but also in decision making, making accounting entries, updating vendor records and payment processing.
Bank / Account Reconciliation
RPA can be used to automate the Account / Bank reconciliation processes, including downloading of bank statements, creating and saving text files, reconciliation of balance and transactions and making journal entries to handle discrepancies.
Financial Planning and Analysis
RPA and AI help accountants in acquisition, reconciliation, and verification of data required for analysis and planning, allowing them to concentrate on translating that data into insight.
RPA can used to automate day-to-day operational F&A work such as posting journal entries, downloading of data, pricing reviews, calculation of commissions, updating legacy systems, creating and storing files, etc.
Applications of RPA