{"id":1999,"date":"2019-10-10T03:02:49","date_gmt":"2019-10-10T03:02:49","guid":{"rendered":"http:\/\/kusuaks7\/?p=1604"},"modified":"2024-03-13T12:34:57","modified_gmt":"2024-03-13T12:34:57","slug":"how-to-use-robotic-process-automation-in-finance-and-accounting","status":"publish","type":"post","link":"https:\/\/www.experfy.com\/blog\/ai-ml\/how-to-use-robotic-process-automation-in-finance-and-accounting\/","title":{"rendered":"How to Use Robotic Process Automation in Finance and Accounting"},"content":{"rendered":"\t\t
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\n\t\t\t\t\t\t\t\t\tWhether you run an investment firm, an independent accounting office, or are just looking for ways to improve your internal finance and accounting processes, you might be considering robotic processes as a way to improve your finance operation.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tRobotic process automation has the potential to help in many ways and can allow businesses to not only offer a better customer experience but to potentially support more success overall. Here\u2019s what to know about robotic process automation in finance.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What is RPA and why would you need it?<\/strong><\/h2><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tGartner<\/a>, a noted technology research firm, explains the overview of the robotic process in automation by saying, \u201cFragmented finance systems and processes mean that many organizations are highly inefficient and ineffective from still relying too heavily on manual processes and spreadsheets. This adds cost, data keying errors, complexity and audit concerns to finance processes. Robotic process automation (RPA) technologies can automate manual finance processes, especially in a fragmented finance system landscape. However, many organizations are confused about what their actual processes are, let alone how to deploy RPA to deliver business value in finance. RPA is just one way to automate processes, and it has no finance best practices embedded in the toolsets. A key challenge, therefore, for organizations is knowing when to use RPA and when not to.\u201d\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tRPA, then, is just one tool that can be used to assist businesses with\u00a0finance and accounting<\/a>\u00a0challenges. Here\u2019s how some businesses are implementing it most effectively.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What are some of the uses of robotic process automation in finance?<\/strong><\/h2><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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#Reconciliation<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tOne significant way that RPA can be used is to assist auditors and ensure a business\u2019s financial records accuracy. A business could use robotic process automation to audit revenue by logging into a server and retrieving relevant financial information, such as current and prior year sales as well as the trial balance. RPA can calculate the total sales per the listing and compare it to the total per the trial balance; if these numbers reconcile, businesses or finance organizations can be assured of the quality and accuracy of their financial records.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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#Comparing prices<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tOne way that businesses have used robotic process automation in finance matters is price comparisons. It helps businesses who work with a number of suppliers to better source a specific product; by using RPA to track changes of fluctuating prices, businesses can automatically get low-price alerts for the best pricing available.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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#Supplier\u00a0market intelligence<\/a><\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tSpeaking of suppliers, RPA can help vet credentials of suppliers. While this task has previously been a research-heavy, manual lift for businesses, RPA makes creating reports to ensure supplier quality much easier.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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#Contracts<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tSome businesses have invoices that need vendor contract data to be validated for compliance. Many organizations that serve as business vendors have this automated, but for those that don\u2019t, robotic process automation can\u00a0help fill this data gap<\/a>.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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#Quotes<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tIf your business spends any time quoting customers, one area you\u2019re likely losing time and efficiency is comparing supplier prices. Your business can gain a competitive and financial advantage by using robotic process automation to help with this data gathering task.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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#Financial closes<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tKOFAX<\/a>, an RPA software company, says this about using automation to help close the record to report gap for businesses: \u201cThe financial close and reporting process encompasses all of the tasks and processes\u2014from closing out sub-ledgers to creating and delivering financial filings to regulatory bodies\u2014which involves many systems, departments, and individuals. The process requires posting data from sources such as Excel to these sub-ledgers, a tedious undertaking that RPA can mitigate.\u201d Like many other automated processes, RPA in finance and accounting can help to assure better accuracy and more streamlined processes.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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#Industry-specific tasks<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tFinancial services\u00a0enterprises<\/a>\u00a0like insurance agencies and mortgage companies have processes that involve endless searching, matching, comparing and filing. These processes necessitate that forms, applications, declarations, deeds, and endorsements must be reviewed for completeness, verified for accuracy, fined for data, and filed for easy retrieval. This can be a huge time suck on businesses and also cause risky mistakes by human error. RPA can help reduce mistakes that can be costly or dangerous to a business.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tBusinesses are always looking for ways to improve their bottom line or reduce money lost by faulty processes and errors and automation has helped many organizations in areas from HR to marketing to accounting. Robotic process automation in finance is one way to help your business double-check important and sensitive financial information to help catch errors, reduce audits, and save money with suppliers.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tRobotic process automation in finance<\/a>\u00a0and accounting can help you get a better handle on your financial data and in many cases save time and money for your business, no matter what industry you\u2019re in. RPA can lead to better insight and potentially innovation that can help your business thrive.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Whether you run an investment firm, an independent accounting office, or are just looking for ways to improve your internal finance and accounting processes, you might be considering robotic processes as a way to improve your finance operation.Robotic process automation has the potential to help in many ways and can allow businesses to not only<\/p>\n","protected":false},"author":657,"featured_media":4183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[183],"tags":[97],"ppma_author":[3413],"class_list":["post-1999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ai-ml","tag-artificial-intelligence"],"authors":[{"term_id":3413,"user_id":657,"is_guest":0,"slug":"marianne-chrisos","display_name":"Marianne Chrisos","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&r=g","user_url":"","last_name":"Chrisos","first_name":"Marianne","job_title":"","description":"Marianne Chrisos is a Writer at Gartner, the world's leading research and advisory company. She is also a contributing writer around the internet and worked in publishing, advertising, digital marketing, and content strategy."}],"_links":{"self":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/1999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/users\/657"}],"replies":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/comments?post=1999"}],"version-history":[{"count":4,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/1999\/revisions"}],"predecessor-version":[{"id":36418,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/1999\/revisions\/36418"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media\/4183"}],"wp:attachment":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media?parent=1999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/categories?post=1999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/tags?post=1999"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/ppma_author?post=1999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}