Knowing how Automation and RPA can improve your Financial systems.
Automation is rapidly emerging as a highly relevant technology for finance and accounting operations.
Finance systems generally comprise capture and workflow technologies but require many manual tasks. Many of these are unique to departments, teams and agency functions. Much of the data entered comes from other systems and integration to every other system may not be included in current technology or automation landscape.
That’s where automation can help to create fully streamlined end-to-end automation for finance. Robotic process automation (RPA) can operate across your system and also work with third parties and legacy systems, adding speed and agility to business processes.
The mandate for digital transformation has never been stronger. RPA represents the next evolution of advanced financial process automation, giving pubic and private sector organisations the capability to automate in a non invasive and cost effective way - with minimal technical complexity and IT support.
Use cases for RPA/Automation in FInance and Accounting
Collecting actions through email/spreadsheets and posting entries into general ledger.
Processing intercompany/inter department transfers
Entry of creditors invoice data from PDFs and scanned email attachments and comparing to purchase orders and goods received information.
Collecting data from departmental project systems as part of the financial close process.
Collecting operational and financial plan data from agency sources, collating it, combining it and processing it offline before it is entered into a financial planning and analysis system and dashboard.
Checking if vendors are already listed in the vendor master file, and adding them if they are not in the file.
Financial close - Extracting data from bank statements into reconciliation management templates. Gathering journal entry details from emailed spreadsheets to prepopulate journal entries
Collecting and populating nonfinancial system metrics, PDFs/backup details and input for disclosure solutions.
Prepopulating SOX and other process assurance confirmations.
Comparing account balances and checking for duplicate invoices w
Intercompany transfer processes
Uploading bank account balances from bank systems to treasury systems
Distributing financial and dashboard reports to local finance personnel and department heads.