ROBOTIC PROCESS AUTOMATION (RPA) IN Finance
Robotic process automation as a software to aid Digitisation has been of late making rounds of news across the globe in various industries. Businesses are deploying RPA technology and leveraging its ability to take over mundane, recurring procedures in key areas of operation.
RPA will always be an enabler rather than replacement of Humans across the domain. Mundane activities will be taken over by the BOT, keeping emotional intelligence with Humans to drive effective digitisation.
Of the various industries touched upon, RPA is making a significant impact in Finance and Accounting processes.
Benefits of Using RPA
RPA and the Outlook of Finance
Below are key areas in F&A where RPA is applied:
- General ledger and subledger Reconciliations / Bank reconciliations and Inter-company reconciliations
In Recon, below tasks can be automated to a larger extent:
- Login to multiple bank accounts
- Login to ERP/ SAP / Oracle system
- Extraction of relevant general ledgers
- Cross referencing of balances from Bank statement to Ledgers / ERP’s
- Preparation of bank reconciliation statement
- Uploading data in ERP/ SAP / Oracle and Recon
- Sales ordering and invoicing:
- Invoice receipt and classification
- Invoice data extraction
- Invoice data entry and interface
- Multi-Channel purchase order/invoice/ receipt matching
- Updating of details for new customers
- Posting of data entries into ERP/ SAP / Oracle
- Fixed asset management
- Comparing multiple quotations and reporting
- Preparation of budgets
- Fixed asset register reconciliations
- Procure to Pay
- Supplier onboarding
- Portal queries: Leverage a robot to connect to all your portals and automatically gather or post information either at pre-set times or as part of a defined workflow.
- Price comparisons: track changes and best pricing with a robot.
- Market intelligence
- Contract terms: validated to ensure compliance with contract terms
- Accounts Receivable
- Sales order entry
- Customer data set up and data management
- Billing/invoicing Collection activities
- Cash application
- Credit risk management
- Dispute verification and resolution
- Chargeback management
- Data aggregation for tax liability
- Complete tax return workbooks
- Prepare tax returns
- File tax returns and payments
- Tax accounting entries
- Financial planning, analysis and reporting: Aggregate data from various sources like email, organization systems and databases, and automatically generate reports based on standard rules.
- Risk management: Combine past and present transaction data from organizational systems to flag potentially fraudulent activities