Automation in financial and banking
The future is already here. According to the Agile Finance Revealed report from the American Institute of CPAs (AICPA), innovative financial leaders are much more likely than traditional leaders to implement corporate performance management and new technologies such as robotic process automation.
Example of processes
Closure of the general ledger
Automation of repetitive tasks at the end of the month leads to increased productivity and removal of bottlenecks. For our clients, at the end of the month, digital employees can automate the transfer of data from auxiliary books to the general ledger, the preparation, approval and accounting of manual accounting records and the analysis of key financial data.
Streamlined purchasing process
The clear increase in automation rates of the so-called “3-way matching” technique brings direct savings to organizations that want to improve their purchasing process. The degree of automation in handling purchase invoices is often lower than it should be due to exceptions in transaction-level data or incomplete basic data. Intelligent automation can solve basic problems by checking and updating the content of a purchase invoice.
RPA reduces the time spent on debt monitoring and automates reminders for overdue payments.
Digital workers collect data from older systems to monitor bad debts. Experience shows that automated monitoring reduces the total amount of bad debts, resulting in increased working capital.
Accuracy of invoicing
Digital workers are able to monitor the correctness and completeness of invoices.
This reduces errors and helps to invoice smaller items that are missed during manual processing. Improving the invoicing process ensures higher revenues from existing transactions.
Manual preparation of monthly management and management reports is time-consuming and prone to errors.
At the end of the month, the robots prepare report packages, saving time and resources. They prepare VAT returns and monitor anomalies in VAT transactions using RPA
External regulatory requirements are constantly increasing. Robots control very effectively and efficiently.
The works prepare, approve and publish manual accounting records and analyze at the end of the month key financial data of our clients. Automation of these repetitive tasks is an efficient process that removes bottlenecks during the month’s settlement.