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  • Writer's pictureFusionpact

How can Robotic Process Automation make a difference in finance?

Finance departments can't wait to move from day-to-day calculations to a voice in

high-quality, forward-thinking business thinking. Here, we explore the unexpected

ally finance needs to reach this goal: robotic process automation (RPA).

Finance may not be the first application that comes to mind when you hear RPA. But

according to Gartner, more than 80% of his finance executives have or plan to

implement his RPA.

RPA in finance helps unlock the most valuable commodity of all time: time. Finance

teams are constrained by both time and resources, and everyone from C-suite to

sales reps needs structured financial data and insightful analytics to help them make

timely business decisions. and

Also, BFS sector, which is highly saturated, strives to remain relevant and competitive

in the evolving financial automation market. By automating manual tasks and

reducing errors with advanced RPA software, organizations can increase operational

efficiency, reduce costs, improve accuracy and meet compliance requirements.

Here's a quick look at some of the key benefits of implementing his RPA in finance

and accounting.

Digitize and automate tasks: Intelligent bots can perform tasks to accurately enter

and re-enter financial data and automate redundant jobs. Avoid process errors:

Automation is a good solution for rule-based processes that input data to insurance

companies and mortgage companies. RPA bots can do all the searching and

comparisons and deduct costly mistakes.

Automate documentation and standardization: RPA streamlines finance and

accounting by enabling the standardization of official documents and the

maintenance of critical data and customer records.

Increase efficiency and ROI: The influx of automation in finance is driving process

transformation. And efficient processes and business functions pay off. In one survey,

92% of respondents said RPA met or exceeded their expectations for improved

compliance. They also report satisfaction with improved quality or accuracy (90%),

increased productivity (86%), and reduced costs (59%).

RPA uses software robots to execute business processes through the same interfaces

that humans use. You need standardized financial processes, digital forms and

workflows, and proper software integration to ensure communication.

With RPA, organizations can automate financial tasks such as bank reconciliations

and year-end reconciliations with minimal human intervention. Here are some

examples and applications of RPA in finance.

Procure-to-pay: RPA modernizes supplier invoice capture and allocation by operating

according to a predefined set of rules.

Order-to-Cash: Intelligent automation facilitates comprehensive analysis of product

orders, quotes, customer credits, invoices, and payments.

From record to report: RPA makes it easy to automatically record journal entries,

reconcile accounts, and manage day-to-day transactions while maintaining a

complete audit trail.

Client Onboarding: RPA bots use technologies like optical character recognition to

collect all vital customer information, making client onboarding and his KYC process

reliable and streamlined. Financial planning and forecasting: You can set up RPA to

analyze historical data, compile financial statements, and generate forecasts, so your

skilled staff can focus on creating and executing strategies.

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