Article

INFOGRAPHIC: Top 10 Use Cases for RPA in Finance

Windows, Linux, Mac OSX
Posted:
June 17, 2019

Intro text

In the finance and accounting department, it’s your job to ensure  strategic budget planning with comprehensive fiscal analysis. All while balancing the day-to-day tasks like managing payroll and billing. Putting robotic process automation (RPA) software robots to work for finance and accounting automation allows you to more efficiently manage high-volume processes across complex infrastructures. Here are the top ten processes and related tasks that you can have RPA software automatically execute for you within your finance and accounting department:

1. FINANCIAL REVIEW PREPARATION

1. FINANCIAL REVIEW PREPARATION

Connect and automate data movement from different business applications for easy consolidation for executive reporting.

2. ACCOUNT RECONCILIATION

2. ACCOUNT RECONCILIATION

Create and balance journal entries with transaction data from various sub-systems and formats to perform data validation and noting and remediating discrepancies.

3. STANDARD JOURNAL ENTRIES

3. STANDARD JOURNAL ENTRIES

Enter and manage data into your ERP to create standard monthly journal entries, as well as perform validation analytics to ensure accuracy.

4. BANK RECONCILIATIONS

4. BANK RECONCILIATIONS

Automate bank statement download workflows for individual accounts to reconcile balances and transactions to automatically handle discrepancies.

5. INTERCOMPANY RECONCILIATION

5. INTERCOMPANY RECONCILIATION

Conduct basic research and reporting for any exceptions between accounts to check and reconcile balances on intercompany accounts.

6. ACCOUNTS PAYABLE PROCESSING

6. ACCOUNTS PAYABLE PROCESSING

Create workflows for accounts payable approvals and setup and maintain processes for paying different vendors.

7. Financial Planning and Analysis

7. Financial Planning and Analysis

Load balances into planning systems to record and connect with forecasts using historical and market data.

8. Operational Finance and Accounting

8. Operational Finance and Accounting

Download detailed monthly sales data and commission calculations and post necessary information to general ledgers and sub-systems.

9. Regulatory Compliance and Reporting

9. Regulatory Compliance and Reporting

Capture and manipulate data to support auto-generated regulatory reports and create an audit trail.

10. Accounts Receivable Processing

10. Accounts Receivable Processing

Route and process customer orders and accurately maintain a customer master file.

DISCOVER THE POWER OF ROBOTIC PROCESS AUTOMATION FOR FINANCE AND ACCOUNTING

See these processes in action with a live demo from an automation expert. Schedule a demo of Automate, a powerful RPA solution from HelpSystems, to see how RPA software can streamline your most tedious finance and accounting processes.