How robotic process automation (RPA) could be used in finance and accounting?
Robotic process automation activates software robots to automate business processes such as transactions, data manipulations, triggering required responses and more.
RPA bots are user-friendly as they only access UI without interfering with the underlying programs.
You receive system integration level efficiency with no investment involved.
Why is RPA required in finance and accounting tasks?
Finance and accounting are primary departments which could be automated with the help of RPA bots. Such departments tasks are high in volume, manual and usually low in complexity level.
So, what’s the real advantage of RPA?
CFOs are always on a lookout to find out ways which could facilitate their accounting and finance departments. Not just reducing the workforce dependability but RPAs boosts productivity.
Replace human work steps with bots for manual tasks and put them to work for more constructive sort of tasks.
How is RPA helping accounts payable?
RPA is dependent on BPM (business process management) so it can’t do wonders alone. They both if tag along can increase the efficiency of accounts payable (AP). RPA bots will operate 24/7 and gives nonstop services whereas BPM is effective for handling exceptions.
This duo is redefining accounts payable. See how:
Procure to pay gaps – Use BPM for handling the intake of vendor invoices. Later, auto-assign them to workers through bots. With bots in place, you don’t have to check vendor invoices and payments manually. Supplier invoices, portal queries, price comparisons etc. are some of the automation gaps in this area.
Order to cash gaps – validate sales orders, analyze sales quotes etc. could be done through bots. BPM’s can facilitate in monitoring customer credit. Create and distribute customer invoices through bots. Supplier pricing comparisons, order exception processing etc. are some gaps which are required to be filled with RPA.
Record to report gaps – financial close, reporting process, accounting data extraction, and management like gaps could be filled with RPA bots and BPM. You don’t need to report and keep records manually, humans no longer have to invest their efforts into hard and manual tasks.
Where should you start from?
One size fits all approach won’t work here. There are many RPA tools out there but first get an objective and expert opinion. Do learn the symphony and then go for the automation. It would be better to hire the service but do plan the areas of high impact.