Why using software automation (RPA) to support your administrative and customer-facing functions will help you reduce the time and people required to run your business and lower operating cost. It will also improve accuracy, processed your data quicker and increase the availability of real-time data. Below are 12 RPA use cases in the finance industry.
For finance specifically and business, in general, the operational processes have clear predefined logic – which is great for automation. I’m referring to pretty much all the work our people do to keep the business operating.
Full transparency and resilience are paramount, and automation robots (RPA) love strict rules with no deviation. In particular, the remit of this work in Finance is predefined, and companies use people to follow these predefined rules to deliver the outcomes we require within the critical financial business unit. This type of work is time-consuming, repetitive, and sensitive – in short, not something people should be doing. People cannot perform repetitive tasks without error on an ongoing basis. Unfortunately, the bulk of what many people do is repetitive, even if driven by different rules. We find this type of work boring; make mistakes and are slow compared to computers and RPA.
It’s not something we should be doing. Our strength is in handling exceptions to the predefined rules, to think out of the box and deal with other people.
The fourth industrial revolution is upon us, and we no longer need people to manage our databases and process information in Financial Services. RPA (Software robots) are much better at it. They can use the same computers we do to log in to anything we can and be used to support our teams by working with them doing the same work, just better. In some cases, they can do all the work. RPA can use databases, make calculations, read emails, manipulate data on spreadsheets and much more. They are faster, more accurate and follow the rules with no deviation. Automating portions of your Finance function will result in more work delivered quicker, at a lower cost and with increased accuracy.
Robotic Process Automation is proven – and smart businesses are doing more, better and with less cost to the company.
Use cases for RPA in Finance
Financial Review Preparation
- Use robots to connect with multiple applications to automate the collection of required data and consolidate quickly, and whenever you like.
- Data cleansing, easily clean data, and reformat based on set business rules. Then upload as required or collate to an acceptable reporting format.
- Account Reconciliation at speed, secure, and without making errors – RPA is a perfect tool for reconciliations. Data validation/reformatting as required.
- Autonomously power through your figures at speed to identify the error and forward to the relevant team or workflow the bot to make changes.
- Create Journal Entries.
- Bank Reconciliations download data/copy or store/reconcile/report as required. Again, standardised rules the automation is capable of handling at speed with no deviation.
- Intercompany Reconciliation. Reconcile intercompany accounts, look for exceptions, report on exceptions
- Accounts Payable. manage the preapproval payment process for suppliers. Get everything ready for approval.
- Processes for paying different vendors.
- Financial Planning and Analysis with increased capacity, you can process masses of data. At the flick of a button, you can look at data from 5 years ago. Use more historical data to forecast, become more accurate.
- Operational Finance and Accounting pricing approvals, rebates, monthly sales, business cost
- Regulatory Compliance and Reporting ability to generate reports in real-time. Anything a robot touches it will report on. Benefit from additional governance and time-saving.
- Accounts Receivable: automate the management of late payments, approvals.
As you can see anything can be automated to a greater or lesser extent. Support your teams with RPA, automate the things they should have to do. Doing this will add tremendous value. Retain your staff, increase productivity, lower operating costs, and contribute more of your skill. A win-win – don’t get left behind and speak with us!
