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:
  1. Record daily operational financial transactions.
  2. Reconcile accounting system modules and subsidiary ledgers.
  3. Record monthly journal entries.
  4. Reconcile balance sheet accounts.
  5. Review revenue and expense accounts.
  6. Prepare financial statements.
  7. Management review.
  8. 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:

 

  1. Identifies emails requesting a credit memo
  2. Ingests credit memo request data
  3. Fills the credit memo submission page on portal
  4. 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%