Taking on Labor-Intensive Finance and Accounting Manual Processes with RPA
The Finance and Accounting industry involves a plethora of transactional processes that are mundane, repetitive, and time-sensitive. One of the challenges for their workforce is to perform these tasks without any error, as even a minor mistake leads to substantial losses.
So, what these types of institutions lookout for is an automation tool that not only accelerates the process but also ensures 100% accuracy.
The arrival of Robotic Process Automation (RPA) has helped financial companies automate the most complex operational accounting, transactional data management, accounts receivables, billings, collections etc. seamlessly, efficiently and more importantly with 100% accuracy.
In short, the complete mundane and repetitive tasks can be performed by the robotics software and this frees up the staff with quality time to focus on improving their financial institution's growth.
According to a latest Financial Services RPA survey 2017 by PwC many financial institutions have started to rollout software 'bots.' The study also discloses that 11% of respondents consider themselves 'leading,' meaning they have adopted RPA widely across the enterprise, and another 19% are heading in that direction.
Some of the areas RPA is used in the financial services include:
- Risk management
- Compliance improvement
- Change and complexity accommodation
- Payables/receivables management, etc.
Let's dive deep into a discussion on how RPA can automate account payable/receivable processes involving long human hours.
Accounts payable automation using RPA
Accounts Payable is one of the most common and critical day-to-day processes performed in financial institutions. As this process is repetitive, time consuming and involves a lot of human hours, freeing up the staff to focus on business improvement is a real challenge. However, robotics software implementation will transform the complex processes to simple, fast and enhanced ones.
Implementing RPA in AP ' the challenge and solution
A primary challenge feared by most finance leaders is the inefficiency of RPA to deal with non-standard invoices and unstructured data. However, this is the most repetitive process performed within most finance companies and most leaders prefer investing in RPA to mitigate this challenge.
Well, leaders can heave a sigh of relief as RPA has further evolved. As of late, it can deal with non-standard invoices and unstructured data of customers without any hardship. RPA enabled with optical character recognition and approval/exception abilities can automate the complex AP process fast, efficiently and accurately.
Also, the ability to infuse Artificial Intelligence into RPA has boosted the confidence of most industry leaders (including Finance) to invest in this emerging technology to speed up processes without breaking a sweat.
Powerful systems, like AI-enabled RPA, can reduce the hour long backbreaking AP process and helps performing any process faster without any or with minimal human intervention.
From the discussion above, it is evident that RPA is transforming finance and accounting processes and helping the industry to perform better than how it did earlier. Is your financial institution ready for a transformation? Let's talk and get started.