Finance and Accounting Overall RPA Advantages:
- Compliance Guaranteed
Robots never get tired and never make mistakes. They are compliant and consistent. This enables tasks to be done in a short-term, accurate and effective manner.
- Secure data control
No manual interventions and error caused due mishandling data.
- Customer satisfaction and retention
On time customers query resolution, accurate information provision to customers and discounts, promotional emails to customers for savings etc.
Other Processes in Finance and Accounting
Month-End Accounting
Process Description:
- At the Finance & Accounting department, business controllers perform Month End Closing checks. To close the month, checks are performed to see whether the sales orders are fully delivered, invoiced and post-calculated. After all checks are performed and the sales order is ready to be completed, the billing plan of the order is adjusted and saved in SAP. Afterwards a report is created with all processed sales orders.
- The Month-end accounting processing involves many actions and all of them have to be carried out perfectly:
- Record daily operational financial transactions.
- Reconcile accounting system modules and subsidiary ledgers.
- Record monthly journal entries.
- Reconcile balance sheet accounts.
- Review revenue and expense accounts.
- Prepare financial statements.
- Management review.
- Close accounting systems for the month.
Advantages:
- Aggregates data from legacy systems, Excel spreadsheets, and more.
- Reconciles balances by comparing the ledger account with the back- up for that account.
- Enables your finance department to complete financial close activities more accurately and consistently and in far less time.
- Automates aggregation, validation, and presentation of data.
ROI: Between 60-70%
Cash Application Automation
Process Description:
- Cash application is a critical function in the accounts receivable process.
- Applying the right payments to the right accounts and invoices is a process that includes multiple ways to introduce errors.
- This process often starts with bank statements that need to be rendered in the appropriate format and copied into the accounts receivable application for a given department or group.
- RPA automates the process of reading the bank statements and copying data to the appropriate fields in the accounts receivable application.
- The cash application automation processing involves many actions and all of them have to be carried out perfectly:
- Setting up new customer accounts.
- Receiving customer payments.
- Entering payments.
- Reconciling bank accounts.
Advantages:
- 100% Accuracy.
- 80% Volume automated.
ROI: Between 60-80%
Credit note processing
Process Description:
- A credit note (also known as credit memo) is issued to indicate a return of funds in the event of an invoice error, incorrect or damaged products, purchase cancellation, or otherwise specified circumstance.
- The cash application automation processing involves many actions and all of them have to be carried out perfectly:
- Identifies emails requesting a credit memo
- Ingests credit memo request data
- Fills the credit memo submission page on portal
- Sends a confirmation or declined email to the recipient letting them know their credit memo request has been processed
Advantages:
- 100% reduction in manual effort and accuracy
- 60% improved processing time.
ROI: Between 70-80%