Robotic process automation has a wide range of applications in the financial and accounting sectors. Once deployed, RPA will save your company time and reduce the possibility of errors in everything from managing operations to processing data.
Let’s discuss some of the common use cases.
- ACCOUNT RECEIVABLE
It is crucial to manage accounts receivable properly because it immediately affects cash flow. Accounting staff invests a lot of time tracking payments and entering data into various systems.
If even one entry is entered wrongly, it could have a significant impact on payment. As a result, automating the creation, sending, and tracking of invoice payments is possible with robotic process automation.
Customers can pay faster after they receive an invoice, which can significantly lower late payments.
- ACCOUNT PAYABLE
Like accounts receivable, accounts payable is a crucial repetitive task for accounting staff. Accounts payable, in contrast to accounts receivable, demands that purchasing orders and vendor invoices be compared before payments are made.
Again, this results in a tedious and details process. However, this won’t happen if robotic process automation is used. RPA can assist in preventing late payments by setting up reminders and automatically distributing incoming bills to the appropriate recipient.
RPA may also quickly verify that everything is in order by comparing invoices and purchase orders.
- FINANCIAL STATEMENTS AND FINANCIAL CLOSE
Your finance staff may quickly and easily create current financial statements using RPA, even on a daily basis. Your business executives are prepared to respond quickly and wisely with the most recent financial data at their fingertips.
In order to complete the financial close and enter the following period, it is also required to obtain proper financial statements at the end of each month. RPA can speed a process that typically takes weeks to complete in a matter of minutes.
- TRAVEL AND EXPENSE PROCESSING
When your employees travel for work, they expected being paid back in a timely manner. The number of expense reports will rise along with the frequency of travel.
In order to approve payouts, your staff member will be burdened with analyzing receipts and expense reports. To manage this procedure, you can instead use robotic process automation.
Software robots can quickly determine whether the given data complies with internal policies by comparing it to the internal policy and updating the accounting team.