Finance automation

Finance automation integrates RPA, machine learning, and AI to maximize the activities of the financial department. Advancing from manually fulfilled tasks to automation can help your finance department perform at perfection its core functions. Finance automation will streamline the processes and ensures that everything runs smoothly and error-free.

 

How can RPA help?

Automation is the future. The most successful companies are embracing and using automation to enhance human talent.

Finance automation helps free up finance executives to use their experience to make strategic decisions rather than being stuck in never-ending repetitive processes. The financial documents can be pre-populated with standard information, and financial operations can route automatically.

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What kind of processes can be automated?

Intelligent automation can replace low-value, time-intensive, and backwards-looking financial tasks. Your finance teams will be spending more time focusing on higher-value, forward-looking activities, which will become one of your company’s most important advantages.

 

Accounts payable

Account payable includes collecting, processing, and paying invoices. Most of the financial teams must go through each and every one of the invoices manually. They will try to understand the data and forward it to related systems for completion. 

With finance automation, this process can be completely automated, making it faster and error-free.

Account reconciliation

Account reconciliation is another low-level difficulty task for finance teams. 

RPA will allow automatic login for extracting relevant information from the system, cross-check balances with the bank statements and prepare reconciliation documents in a standardized format.

 

Financial planning

Preparing financial statements is a tedious task yet important in any finance department. It can be, at least, partially automated. 

Software robots can be programmed to generate standardized financial reports, consolidate and validate budgets, collect and clean data for analysis.

 

Source-to-Pay (S2P)

Also known as purchase-to-pay or procure-to-pay, source-to-pay is the process of selecting a supplier and completing all the payments in relation to the supplier.

S2P process is all about collecting invoice and payment information from multiple systems, like CRM, ERP, retailers, banks, that might be not equipped with simple integration methods. 

RPA can fill this integration void with robots specialized in connecting the different sources. 

 

Payroll administration

Automation is the key to simplify the entire process – identifying timesheet errors and omissions, checking reported working hours against schedule, calculating deductions, overalls, matching data across time-keeping systems.

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Key benefits of finance automation

  • Costs reduced by up to 70%
  • Faster and better processes
  • Manual errors reduced to 0
  • Visibility improved
  • Speedy approvals
  • Satisfied employees
  • Scalability

Is financial automation for your company?

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