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.
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.
Heatmap for Finance and Accounting processes
|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|
Automating repetitive tasks from the month end process lead to efficiency and remove bottlenecks.
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.
Increases in 3-way match automation rates bring direct savings to organizations wishing to enhance their purchasing.
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.
RPA reduces time spent on monitoring receivables and makes reminders for overdue payments automatic.
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.
Digital Workers are able to monitor the correctness and completeness of invoices.
This decreases errors and helps to invoice smaller items missed by manual processing. Improving the invoicing process provides more revenue from existing transactions.
Manual preparation of monthly management and authority reports is time-consuming and prone to errors.
Robots prepare management report packages saving you time and resources during month end. Prepare VAT declarations and monitor anomalies in VAT transactions with RPA.
External regulatory requirements are increasing all the time. Robots are very effective and efficient control performers.
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.