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.