In three years time, RPA will have successfully automated up to 41% of back-office processes for finance teams. Where will you be?
If from tomorrow, your IT infrastructure and team capacity had 10x the efficiency through software automation, what would you do next?
Finance teams attract RPA more than any other function in an enterprise, empowering organisations to digitise high-volume, repetitive tasks with intelligent operational process automation for the back-office.
Benefits include guaranteed processing accuracy that simply doesn’t exist with human capital alone, and the freeing up of team members and leaders to focus on higher value tasks and analytical thinking, reducing costs and adding both resilience and standardisation across your financial processes. If you’re looking to add capacity to your workforce with back-office RPA, here are some of our most popular use cases in finance and accounting.
Order to Cash
The financial arm of customer sales can be handled intelligently by software robots, including tackling the sales order process, management of customer master data, and creating intelligent reports and credit analysis. Throughout, your business has a consistent audit trail for every transaction, keeping you effortlessly compliant with internal and external governance. Scale up for busy periods of time, or ensure business continuity even when you’re experiencing a shortage of staff.
Procure to Pay
From the process of ordering and receiving goods and services, through to paying for your purchase or product in full, RPA can work behind the scenes to allow for touchless accounts payable. Create pre-designed workflows for the PO Process, handle vendor master data in a consistent and streamlined way, and match purchase orders to both invoice information and inspection information so that every payment is error-free, and any duplicate payments are flagged and actioned immediately.
Record to Report
Automate the close of month for your business, including financial consolidations and financial statements, alongside all general ledger functions. Process journal entries, intercompany accounting, reconciliations, inventory and expenses, all with improved operational efficiency, and while intelligently managing cross-team capacity. Robots can also create reports in real time and distribute based on various segments, from geography and inventory, to performance or network integration.
Why stop there? The business benefits of RPA in Finance and Accounting are almost limitless
- Looking for a way to automate financial claims processing, from onboarding and verification, to payment?
- Want to utilise robots for your financial planning and analysis, complete with intelligent reporting?
- Interested in adding RPA to your tax services, gathering and validating data and calculating adjustments?
- Keen to find a way to manage invoices more efficiently, utilising robots to ingest and action invoicing?
Whatever your business goals, RPA could be the competitive edge you’re looking for to help you to invest in the future. Get in touch to schedule a call with one of our back-office financial process automation experts.