Top 6 Accounting Processes to Automate With RPA in 2023

The continuous monitoring and updating of RPA bots are a key role in successful adoption. When it comes to financial reporting, minimizing the possibility for mistakes while maintaining compliance on regulatory audits is a key priority. Adopting RPA can automate the complete process from initial recording to financial reporting, freeing employees to spend more time analyzing the bottom line and building deeper insights. After taking the extrapolated data from invoices (or any financial numbers, such as expenses, revenues, debt, equity, etc.), the bots can be taught to record journal entries, mimicking the human process. All journal entries are logged with an accessible history of origin, keeping in line with compliance regulations in even the most basic accounting functions. Teams who handle a large number of invoices on a regular basis know how tedious processing them can be.

BlackLine is a high-growth, SaaS business that is transforming and modernizing the way finance and accounting departments operate. We empower companies of all sizes across all industries to improve the integrity of their financial rpa accounting software reporting, achieve efficiencies and enhance real-time visibility into their operations. Nintex RPA is an intelligent process automation software that enables you to automate manual, time-consuming, and rule-based processes.

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Finance teams still spend a lot of time bookkeeping and analyzing historical performance. Despite automating basic accounting tasks, they remain markedly invested in preparing and consolidating data for day-to-day reporting. Software robots perform tasks such as collecting bank statements and entering critical financial data into the A/R system.

To mitigate financial statement risk and increase operational effectiveness, consumer goods organizations are turning to modern accounting and leading best practices. Simply sticking with ‘the way it’s always been done’ is a thing of the past. Streamline and automate intercompany transaction netting and settlement to ensure cash precision.Enable greater collaboration between Accounting and Treasury with real-time visibility into open transactions. Integrate with treasury systems to facilitate and streamline netting, settlement, and clearing to optimize working capital.

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This confirmation is then used to support the 3-way invoice matching process to authorize payment to the vendor. Financial close is a process that depends on all the previous processes mentioned above, to produce a report outlining the financial status of the company. That is because once the close period arrives, as the journal entries have already been filled through out the month, they are ready for posting to the general ledger. Automata RPA solution can capture and process repetitive actions such as filling out online forms, communicating with other systems, and adapting to change or new situations. Data extraction software enables companies to extract data out of online and offline sources. Taking into account the latest metrics outlined below, these are the current rpa software market leaders.

As the digital landscape shifts and grows more complex, more advanced tools – and a unified strategy – become necessary. Otherwise, businesses become stuck with patchwork solutions that don’t integrate together as well as they should. A unified approach based on the concepts of intelligent automation not only leverages RPA when it can provide value, but also brings in other critical tools, including AI, machine learning, OCR, and more. Dean implemented one system for a banking and insurance company that wanted to improve various processes involved in master data management and financial account maintenance.

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Some of these RPA tool top customers include DELL, Eastman, Northampton General Hospital, and Symantec. They claim that Eastman has saved 20,000+ Hours annually by deploying 120+ bots in production. It was designed with a singular goal in mind — to make digital transformation easier, faster and more effective for any enterprise. It automates repetitive accumulating activities as well as other routine duties such as notifications, scheduled follow-up contacts, and documentation.

However, many tasks concerning finances have remained manual, either because of a lack of appropriate solutions or out of an organizational uneasiness about placing essential tasks in the hands of robots. Remember that humans still have control over robotic accounting, and the right rule configurations ensure there is someone to double-check any potential exceptions. With intelligent automation, AI, and APIs, the Automation Success Platform helps finance and accounting teams move faster and truly transform how business gets done. RPA can greatly reduce the quantity of manual, repetitive and time-consuming tasks performed by finance experts so they can focus on more valuable activities, such as P&L reporting, Chawla said.

Robotic Process Automation (RPA) for Accounting & Finance

Improve the prioritization of customer calls, reduce days sales outstanding, and watch productivity rise with more dynamic, accurate, and smarter collection management processes. Finance and Accounting teams use SS&C | Blue Prism® Intelligent Automation to optimize all areas of accounting such as purchase order and invoice processing. Instead, you will want to continuously analyze the results that you achieve while considering how to improve even further.

• Everlance is a nifty tool for accounting businesses looking to streamline their expense tracking automatically.
• It has served various industries including Banking, Healthcare, Human Resources, Insurance, IT infrastructure, and real estate.
• If we compare with other automation solutions, a typical solution was searched 1.4k times in 2022 and this decreased to 1.2k in 2023.
• As people got better at work, they built tools to work more efficiently, they even built computers to work smarter, but still they couldn’t do enough work!

Robotic process automation — or RPA — bots don’t need a coffee break, they don’t get tired and they don’t lose focus after the 100th math problem that looks just like the 99 that came before. In other words, RPA is great for some of those peskier tasks finance and accounting teams don’t like to do. Is your team re-keying data from PDF invoices to spreadsheets to accounting software for internal reporting?

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“Mind the gap.” Originally a warning by London subway station attendants, this famous phrase is now a mantra for automation implementation. With over 40 million transactions, we estimate we have saved about 70,000 of production time with automation. Making sure that suppliers are adhering to the agreed upon terms is critical to compliance, and this area is another promising use case for RPA.

Overseeing in-house bank accounts is an important function within the treasury department of your company (not to mention a great use case for RPA and AI). In-house banking involves centralizing cash management activities within your company by merging cashflows from different subsidiaries or business units. This helps improve visibility over your cash position and simplifies cash management practices. Interest rates have a significant impact on your risk strategy and financial performance. By deploying AI-powered technology and bots to oversee changes in rates, you’ll stay ahead of the game, minimizing risk. Empower treasury analysts to identify investment opportunities with greater speed, accuracy, and confidence, and decrease uninvested cash by improving cash-forecast reliability.

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Xero offers tools and apps to help users process their accounting from anywhere. This software’s convenience is also supported partly by its intuitive and user-friendly interface that’s easy for users to navigate. Its unlimited allowance of automated invoices and estimates means that services can be easily tracked and managed through this convenient tool. FreshBooks also includes features to facilitate on-time payments, including automated upcoming payment reminders and automatic late fees once the invoice becomes overdue.