3 Benefits of Using RPA in Accounting

The Quintessential Technology Source for Corporate Financial Professionals

3 Benefits of Using RPA in Accounting

By Sarah Dawson, CFO Tech Outlook | Tuesday, December 15, 2020

RPA in accounting offers increased productivity, allowing more time for employees to focus on higher-value tasks.  

FREMONT, CA: The global potential of robotic process automation in accounting is forecasted to be around 44 percent. Considering some basic finance and accounting processes, like order to cash, record to report, procure to pay, or controllership processes, firms will realize that they involve time-consuming tasks, including day-to-day records keeping, spreadsheet maintenance, and manual data entry. These processes are data-sensitive, and even clerical error can result in substantial losses. This explains why finance and accounting firms consider deploying RPA. Here are some real world use cases for RPA in accounting.

• Account ReconciliationTop Accounting Solution Companies

The comparison of account balances between multiple systems is a vital task. But it is monotonous, time-consuming, and weary. Also, the company's subsystems work based on diverse processes, with disparate templates, and with approval flows subject to different needs. There is a need to coordinate the audit and compliance rules. Passing the work onto software robots optimizes the process and offers faster results, not marred by errors.

• Invoice Processing

Different invoice formats, the quality differences between scanned invoices, or the use of multiple languages are unavoidable complications when performing manual invoices analysis. Intelligent automation can significantly ease the process. Optical character recognition (OCR) helps ensure the consistency of text formats, while machine learning (ML) can guide the invoice fields onto finance applications. Software robots can export the data into an SAP system to be further used for procurement management. The bots can run a three-way matching of invoices.

• Sales Ordering and Invoicing

The entry of sales inquiries is a regular, rule-based kind of process that is yet to be automated. RPA can update really fast and accurately customers’ details, update inventory records, initiate the delivery process, and prepare sales invoices based on orders. Finally, they can complete the activity by posting the revenue entry into the system.

The list of robotic process automation applications in accounting specifies the demands fulfilled by software robots in the accounting landscape. The company's automated needs and what various providers have to deliver will help firms decide which RPA providers is the most appropriate for firms.

See Also: Top Robotic Process Automation Companies

Weekly Brief