Intelligent automation & RPA in
Finance and Accounting

How to accelerate your finance transformation with RPA?

Robotic Process Automation (RPA) is estimated to have an automation potential of 44% in Finance and Accounting by reducing manual repetitive tasks. Use of AI can even further accelerate the automation potential. Robots are not only making the finance & accounting processes more efficient but also increase the quality and effectiveness. Our experience shows that robots are also one of the most effective ways to meet increasing compliance requirements at your organization.

E-book

Intelligent Automation & RPA in Finance

In this eBook we give 8 concrete examples of successful implementations where automation has been used to radically improve the efficiency and effectiveness of internal controls.

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Webinar

A Road Map for effective Intelligent Tax Automation

Join this webinar to hear our experts explore the unique challenges organizations are facing today and how tax process automation can be used to deliver faster accounting cycles and swifter decision making!

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Case study and a webinar

RPA as a service case study: Nasdaq

Nasdaq leaps forward with RPA by building a scalable infrastructure and an inclusive engagement model

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Heatmap for Finance and Accounting processes

Automation potential

High

Automation potential

Medium

Master data	Subledger maintenance	Payment handling	GL closing	Group accounting & Controlling	Reporting
Validation to the external sources	Change the payment plan	Clearing and processing the incoming payments	Extraction of source data from subledgers	Financial statement analysis	Management reporting package
VAT code validation	Exernal bank confirmations/ certificates	Clearing unassigned payments	Closing and opening the periods	Completeness check for incoming data	Archiving
Sanctions screening and KYC	Subledger vs. GL reconciliation	Handling of unassigned e-invoices	Collection of material for financial statements	Validity check for incoming data	Regulatory reporting
New master data item creation	Support for various loan application processes	Automated insurance payments to customers	Preparation of journal entry supporting documents	Intercompany reconciliation	GDPR information for clients
Review and closing of old bank accounts	Overdue reminders and dunning process	Intelligent payment analysis	Journal entry approval	VAT deviations	Reporting to the parent company
MIFID II and contract update & archiving	Account determination process	Payment batch processing or monitoring	Journal entry posting after approval	Outlier detection	Filling out statistics

Process examples

GL closing

Automating repetitive tasks from the month end process lead to efficiency and remove bottlenecks.

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Digital Workers can automate data transfer from sub-ledgers to the GL, preparing, approving and posting manual journal entries and analyzing the key financial data at month end for our clients.

Enhance purchasing

Increases in 3-way match automation rates bring direct savings to organizations wishing to enhance their purchasing.

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The automation rate of purchase invoice handling is often lower than necessary due to exceptions in transaction level data or incomplete master data. Intelligent automation can fix the underlying problems by validating and updating purchase invoice content.

Accounts receivables

RPA reduces time spent on monitoring receivables and makes reminders for overdue payments automatic.

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Digital workers collect data from legacy systems to monitor bad dept. Experience proves that automated monitoring reduces the total amount of bad dept resulting in increased working capital.

Invoicing accuracy

Digital Workers are able to monitor the correctness and completeness of invoices.

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This decreases errors and helps to invoice smaller items missed by manual processing. Improving the invoicing process provides more revenue from existing transactions.

Automated reporting

Manual preparation of monthly management and authority reports is time-consuming and prone to errors.

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Robots prepare management report packages saving you time and resources during month end. Prepare VAT declarations and monitor anomalies in VAT transactions with RPA.

RoboController

External regulatory requirements are increasing all the time. Robots are very effective and efficient control performers.

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Robots are in use preparing, approving and posting manual journal entries and analysing the key financial data at month end for our clients. Automating these repetitive tasks is an efficient process that removes bottlenecks from the month end process.

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Intelligent automation & RPA in Finance and Accounting

How to accelerate your finance transformation with RPA?

E-book