The digital transformation revolution has changed the dynamics of how businesses operate. This revolution necessitated the banking, financial services, and insurance industries to alter their business strategies to drive digital transformation. Automation has taken center stage in this process. One such automation solution is Robotic Process Automation (RPA).
RPA is the fastest-growing automation solution with its innate automation ability to gather data and run applications, which usually are manually achieved. RPA is helping businesses automate tedious and repetitive tasks. Accounting and financial processes involve a large amount of data processing that is laborious and prone to human error, here is where organizations need automation to automate all these repetitive tasks with precision. RPA is the perfect solution to automate finance and accounting operations.
Challenges with Legacy Financial Systems
Legacy finance and accounting systems are costing businesses big time. These systems are often more expensive than RPA solutions and create a negative employee experience. Here are the main tasks that become serious challenges when using legacy finance systems.
- Gathering, capturing, storing, and retrieving data in different data formats
- Deriving meaningful insights from data and processes
- Creating error-free and consistent results
- Creating, updating, and managing new customer accounts
- Keeping up with changing policies, and compliance procedures by location
- Adhering to rules without disrupting operations
- Transferring knowledge and training new hires quickly
- Mapping out a customer-centric business approach
- Resolving customer inquiries quickly and effectively
Finance and Accounting Functions RPA Automates
There are a number of manual and tedious tasks that can be automated by RPA. Some of these tasks may be more time-consuming than others and each business is different. Review the below table to understand the breadth in which RPA can automate finance and accounting tasks.
A Step-by-Step RPA Implementation Process for Finance and Accounting
- List out Processes to Automate: Develop a strategy by listing the processes to be automated. Then prioritize them based on metrics like complexity and ROI and ROV.
- Assess Feasibility: Evaluate to what extent the process can be automated. As a part of this, perform process examination and technical feasibility. Learn in detail how to conduct a feasibility assesment.
- Restructure Processes: Based on the feasibility assessment, try to identify, reoptimize, and restructure the processes.
- Create User Stories: The user story describes the features of an application to be built from an end-user perspective. Based on this data, develop a process definition document with defined RPA workflows for the development team.
- Develop Processes: The development process is carried out based on RPA workflows. Each RPA tool has unique capabilities, so choose the right tool based on business needs.
- Test RPA Processes: Carry out test cases in all possible scenarios and forward them to the development team to fix them.
- Reconfirm and Deploy: Reconfirm the results of the testing process and then deploy the complete RPA solution.