Bots for rpa in finance and accounting
Automation, talking about rpa in finance and accounting, can help your business improve efficiency, productivity by reducing the time and effort required to complete repetitive and data-intensive tasks.
In case, your company is in the Financial and accounting services industry check this Use Cases.
Creating entries in a general ledger can require manually entering data that is siled in spreadsheets, scans, and multiple accounting software programs. This task is time consuming and often leads to operational inefficiencies.
- Enter the account details
- Reconcile the data
- Update general ledger accounts
- Create reports on the status of tasks
- Send reminders and notices via email to those interested
Manually reconciling transactions can cost accounting team members hours of valuable work time. Check how this can be done with rpa in finance and accounting:
- Detect discrepancies between internal and external bank statements
- Reconciles the data that appears in the balance sheet of a general ledger system with the details
- Reconcile external vendor accounts
- Reconcile internal balance sheet details
- Identify accounts that do not match
- Notifications to interested parties by email
- Create reports
Invoice reconciliation is a vital task and depending on your department or the size of the company, it can take more than 40 hours per week.
- Reconciles supplier declaration data with internal data
- Reconciles bank statement data with internal General Ledger system
- Export matching items to company accounting systems
- Create email notifications
- Reconciles the accuracy of data stored in Excel spreadsheets with data in primary documents
- Create reports
Manual financial reporting is a time-consuming process that involves collecting data from multiple sources, including past reports and unstructured data stored in various formats. Very often it is accompanied by poor legacy systems and compartmentalization between teams. Check how this can be done with rpa in finance and accounting:
- Recognizes data through OCR
- Extract data from various sources
- Consolidates data from financial systems in a structured way
- Reconcile data and reveal deviations and errors
- Report Completion Emails
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