V-Soft's Corporate Headquarters

101 Bullitt Lane, Suite #205
Louisville, KY 40222

TOLL FREE: 844.425.8425
FAX: 502.412.5869

Denver, Colorado

6400 South Fiddlers Green Circle Suite #1150
Greenwood Village, CO 80111

TOLL FREE: 844.425.8425

Chicago, Illinois

208 N. Green Street, #302, Chicago, IL 60607

TOLL FREE: 844.425.8425

Madison, Wisconsin

2810 Crossroads Drive, Ste. 4000
Madison, WI 53718

TOLL FREE: 844.425.8425

Atlanta, Georgia

1255 Peachtree Parkway Suite #4201
Cumming, GA 30041

TOLL FREE: 844.425.8425

Cincinnati, Ohio

Spectrum Office Tower 11260
Chester Road Suite 350
Cincinnati, OH 45246

Phone: 513.771.0050

Raritan, New Jersey

216 Route 206 Suite 22 Hillsborough Raritan, NJ 08844

Phone: 513.771.0050

Toronto, Canada

1 St. Clair Ave W Suite #902, Toronto, Ontario, M4V 1K6

Phone: 416.663.0900

Hyderabad, India

Incor 9, 3rd Floor, Kavuri Hills
Madhapur, Hyderabad – 500033 India

PHONE: 040-48482789

Noida, India

H-110 - Sector 63 ,
NOIDA , Gautham Budh Nagar ,
UP – 201301

Examples of RPA in Finance and Accounting

After adopting RPA in finance, what are the positive changes a company can expect? RPA can handle data, manage processes, save time, and minimizes errors.

Let’s take a look at some RPA use cases in finance and accounting to get a better idea of how well RPA can help your business grow well.

1. Accounts Payable

One of the most repetitive responsibilities for the accounting team is Accounts Payable (AP). Accounts payable require cross-checking the purchasing order with vendor invoices before processing payments, which is time-consuming. RPA can automate this cross-checking process. RPA can automatically review invoices with purchase orders, sends payment schedule reminders, and automatically distribute invoices to recipients.

2. Accounts Receivable

Another vital task processed by accounting teams is Accounts Receivable (AR) which directly deals with cash flow. A huge chunk of time is spent tracking payments and filling data and still, there is a chance for human error. RPA can automate tiresome, time-consuming tasks such as creating and sending invoices and enables automatic tracking of invoices, reducing late payments.

3. Accounts Reconciliations

Accounts Reconciliation is a crucial task that requires comparing internal account balances with external statements to ensure everything is accounted for. It requires collection and comparison of data, and it is time-consuming, prone to error, and needs approvals once finished. Implementing RPA solves the problem as it quickly compares records, scans for anomalies, and alerts human agents if any fraud is spotted, giving enough time to resolve issues.

4. Client Onboarding

The process of client onboarding is time-sensitive. Employees spend a lot of time across various systems collecting client information but deploying RPA can reduce this. RPA bots can collect information, create a detailed report and send it across to the manager responsible for the onboarding process. Every time a new customer relationship is formed, RPA bots transfer all the important information to the customer profile.

5. Financial Statements and Closing

Finance must prepare and update financial statements. These statements are essential for decision-making and manually handling such tasks is prone to error. RPA obtains accurate statements for financial closings so companies can finalize all financial statements and closings quickly.

6. Financial Planning and Forecasting

Accounting teams track every financial activity, inputting error-free data, and storing it so that leaders can plan for the future with the most accurate data. Adopting RPA allows bots to collect and store data and use historical data across departments for accurate financial forecasting and planning.

7. Travel and Expenses

Many companies require their employees to travel for different business purposes and employees expect reimbursement from the company on time. The accounting team compares receipts against the expense report to approve payouts. These tasks can be easily automated by deploying RPA.

RPA in Finance

Topics: Business Process Automation, Finance And Accounting, RPA in Finance and accounting

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