Finance and accounting involve a high volume of transactional, repetitive, rule-based tasks that require unflagging accuracy. Robotic Process Automation (RPA) in finance and accounting streamlines operations such as invoicing and reconciliations to increase operational visibility, improve compliance, optimize efficiency, and ensure data accuracy.
Use Cases of RPA in Finance and Accounting
Accounts Receivables
Automate sales quotation generation, invoice distribution, customer credit monitoring, and follow-ups to ensure no cash gaps.
Accounts Payable
Let RPA bots handle vendor invoices processing, matching vendor’s invoices with the purchasing order, managing payment, and responding to vendor inquiries.
Account Reconciliations
Streamline bank reconciliations by letting bots handle tasks like downloading bank statements, validating balance and transactions, creating journal entries, and flagging exceptions.
Vendor/Client Onboarding
Ensure compliance by allowing bots to scan contracts and purchase orders for extracting key information to compare with information in ERP systems.
Expense Processing
Ensure accurate travel and expense processing by extracting information from the submitted invoices and comparing it with internal regulations before processing them.
Tax Reporting
: Let the bots automate weekly, monthly, and quarterly reporting by gathering data and calculating the tax payable. The bot can even submit reports to tax authority portals.
Day-to-Day Operations
RPA bots can also format data into a specific format, update ERP systems, send reports, update the general ledger, etc.
Planning And Forecasting
Get a superior financial forecast and have an accurate action plan by leveraging historic data, variance reports, and financial statements.
Benefits of RPA in Finance and Accounting
RPA bots can be scaled based on the fluctuating volume of data.
Improves efficiency and productivity by automating repetitive, rule-based transactional tasks.
Eliminates manual errors and creates error-free reports.
Faster implementation and minimum infrastructure cost due to the bot’s automation capabilities.
Seamlessly integrates with ERP and other supply chain systems.
Bridges the gap between processes by working with legacy systems.
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Let Nuummite Consulting Help
Nuummite Consulting is leading RPA implementation partner in the Middle East that can help businesses overcome the top three finance and accounting challenges:
- 2-way and 3-way reconciliations
- Accurate invoice processing by avoiding burnout
- Accurate and timely P&L reports
We work closely with our clients to optimize the existing process to effectively implement and deliver RPA projects that decrease manual errors, increase productivity, and ensure higher customer satisfaction.