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. You need the power of robotic process automation (RPA) software.
Putting software robots to work for finance and accounting department automation allows you to more efficiently manage high-volume processes across complex infrastructures. A great RPA solution will not only streamline your most tedious, repetitive, and manual processes but will also integrate with your mission-critical business applications—centralizing your automation efforts in one spot.
Here are the top ten robotic process automation examples that you can have RPA software automatically execute for you in the finance and accounting department:
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1. Financial Review Preparation
- Connect and automate data movement from various core banking applications for easy consolidation for executive reporting.
- Cleanse data for easier formatting between applications—like Adobe or Excel—to create readable reports.
2. Account Reconciliation
- Download subaccount balances into pre-approved formats.
- Upload transaction data from various sub-systems and different formats.
- Perform data validation and exception research and handling.
- Create and balance journal entries, noting and remediating discrepancies.
3. Standard Journal Entries
- Create standard monthly journal entries.
- Enter and manage data into your ERP.
- Perform validation analytics to ensure accurate entries.
4. Bank Reconciliations
- Automate bank statement download workflows for individual accounts.
- Create text files and store them in appropriate folders.
- Reconcile balance and transactions to core finance sub-systems.
- Create balancing journal entries to handle discrepancies.
5. Intercompany Reconciliation
- Check and reconcile balances on intercompany accounts.
- Conduct basic research and reporting for any exceptions between accounts.
- Create exception files and email reports for review and approvals.
6. Accounts Payable Processing
- Setup and maintain processes for paying different vendors.
- Create workflows for accounts payable approvals.
- Enter data to complete payment preparation and processing.
- Process payments and bulk payment files for sub-system journal entries.
7. Financial Planning and Analysis
- Connect pre-population of forecasts using historical and market data.
- Load balances into planning systems to record.
- Create variance reports that show pre-population and actuals.
8. Operational Finance and Accounting
- Conduct pricing review approval process to handle multiple variations for customer accounts.
- Calculate and process rebates.
- Download detailed monthly sales data and commission calculations.
- Create files and emails to gain approvals.
- Post necessary information to general ledgers and sub-systems.
9. Regulatory Compliance and Reporting
- Pre-populate annual complex reporting and routing.
- Capture and manipulate data to support auto-generated regulatory reports.
- Create an audit trail or reports and get confirmation of receipt.
10. Accounts Receivable Processing
- Credit approvals and maintain a customer master file.
- Route and process customer orders.
- Process accounts receivable cash receipts.
- Send late payment notifications.
Learn how RPA can set your bank ahead of the competition in this informative guide for the banking and financial industry.