If you work in Finance or Accounts Payable you’ll already be aware of the manual processes involved in keeping on top of your payments and receivables. Data entry, validation and reconciliation tasks can easily take up a large proportion of your day. The consequences of lagging behind can cause payments to slow down, a large number of invoice exceptions and telephone enquiries from suppliers requesting frequent payment updates. In turn, this can cause your AP department to be reactive with issues, rather than proactively communicating with suppliers about common invoice issues faced.
47% of AP Professionals consider manual data entry & inefficient processes biggest challenge
New RPA or robotic process automation technology can now be utilised to act as key support for your Finance team. These new type of digital workers can be programmed to perform common Finance tasks, based on your business rules. This support is available via RPA As A Service, no need for software investment. Digital workers can be set up and deployed quickly via a monthly subscription, offering a low-cost solution which can be accessed by businesses of all sizes.
Finance Process Automation
What finance tasks can digital workers perform?
- Copy and paste activities between internal and external systems e.g. Excel and Sage or Xero. These repetitive tasks often require logins and outs of multiple systems, frequent application window switching and manual re-keying of data, often referred to as “swivel chair” activities. Imagine an employee reading data off one computer screen and re-keying it on another.
- Account Reconciliation – The process of statement and account reconciliation can involve a large amount of manual processing to check and compare your organisations accounting records with the transactions in your bank statement. RPA as a service provides fully automated account reconciliation using our validation/verification robots. Our RPA Finance robots can automatically make checks across multiple systems and save your organisation valuable time and money.
- Client Onboarding – Getting your clients, customers and suppliers onboard involves many checks. Know your customer checks e.g. Address, Identification, Company Registration, Bank Account Details can all take time. Automate your client onboarding processes using our intelligent RoboCloud Service. Our robots can perform many simple tasks including external checks, working across multiple systems to provide the information you need to get your clients and suppliers onboard quickly and efficiently.
- Month End Processes – Our RoboCloud RPA Finance Service can help perform the legwork to check account and statement transactions to ensure your financial month-end processes run smoothly. Let our robots perform these tedious finance data checking tasks, to allow you to focus your efforts on making any necessary financial adjustments to accounts to correct differing transactions.
To find out more about our RPA Finance Services or arrange a demo, call our team now 0800 046 8086 or contact us