Implementing Intelligent RPA For Different Purposes In Accounting
- By Parth Patel
Every business in this world needs automation and technology to deliver better results to the customers whether it is education, start-ups, technology and finance and accounting is not an exception to it.
The functions of business need repetitive and continuous efforts which consumes time and can have more human errors. Automation in these tasks and even the workforce keeps on working on smarter assignments.
Automation Edge- RPA platform helps in automating the repetitive tasks and continuous process data, transactions, collect data, trigger the responses and even helps in integrating contrast data systems.
This automation ensures that all the operations across the front office, middle office, back office and even IT operations at a light speed with reduced costs and with high accuracy.
Ok! We know that Automation can bring dynamic changes in any industry but what about accounting particularly?
1. Excel Automation
The automated Excel spreadsheet procedures and all the other activities to keep a track of data integrity, validation and even it reduces the data processing time from hours to minutes.
With the implementation of automation in excel sheets it helps in automating various crucial and repetitive operations in the firm.
2. Chatbot Automation
Every industry needs to solve customer queries and provide appropriate solutions to them based on the raised questions.
Chatbots with AI capabilities need to constantly interact with customers to assess the requests of the customers and resolve the disputes.
The bots can ask questions, collect information and even execute tasks which are highly needed to solve the problems pertaining to accounting queries of the client.
Office applications via the open chat window, text, Email and even it reduces the human interference. AutomationEdge chats allow the customers a path to reach if they face any difficulties while working on their accounting equations.
Chatbots helps in building a healthy relationship with clients with shorter transaction times and by reducing the manual errors.
3. Investment Management
RPA platforms can even serve better when it comes to becoming an investment manager and even financial advisor.
Robots are equipped with high level technology that they can easily track the historic and current investment value of any commodity.
Such robots can also evaluate and analyse the portfolio and manage the risk. Such an assessment assists in making an important investment decision by delivering the information which is completely dependent on the market in real-time.
4. Preparing Financial Statements
Keeping a track of the company’s financial performance is to keep a track of profit and loss reports on a daily basis. Creating a report on a manual basis is a time consuming process, RPA can take up this task and bring it to the financial department and help in generating the reports at the same time which reduces the risks of imprecisions.
5. Tax Reporting
The tax functions are needed to be performed which are not beyond the routine processes which get performed manually in order to generate reports and file information which are needed by the law.
Different systems and financial reporting processes in different firms in a frequent manner which develops a challenge in gathering and analyzing data related to taxation and distinct taxes.
Such challenges get eradicated when automated systems come into picture. RPA bots can get placed to collect data, generate reports, calculate the tax payable and even for making submissions in tax authority portals.
6. RPA in Financial Planning and Forecasting
To be crystal clear of the current scenario which continues in the accounting firm it becomes necessary to make proper plans about the future and even set achievable targets.
The bots can bring out the result of the financial decisions taken in the past and even put together the financial statements from various departments which helps in forecasting the financial decisions.
Leaving the employees to trade in historic data after processing it and then putting it together to prepare a financial statement from all the departments.
Such information helps in predicting the financial future and even variance reports. Leaving employees to tackle the complexities of data might appear much tedious from different departments and based on that financial forecast can get generated along with the variance reports.
7. RPA in Operational Finance and Accounting
Bank account details must get uploaded to all the treasury systems. It is a time-consuming process that every organization is looking forward to deploying automation in their processes to cut down the costs by saving the time and efforts of their employees.
RPA helps in transforming the data into a proper format where the treasury system can be processed.
Robots deployed under accounting automation can then send the treasury system which further reports to the employees who are in charge.
● Formatting data into the treasure system can be understood
● Updating the treasure system
● Dispatching reports
● General Ledger updates
OH No! It’s an end
Robotic Process Automation permits accounting firms to reach the highest level and achieve excellence over its accounting standards with the implementation of automation. Purchase use cases to continue the financial as well as accounting processes which are seamless and have continuous improvement and growth.