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RPA In Finance & Accounting

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Robotic process automation (RPA) is an established, fast-growing software technology, which emulates staff members’ actions as they interact with their organization’s digital systems and software. A software consultancy normally builds, deploys, and manages the RPA software robots or ‘bots’, freeing up the staff to reap the benefits. The robots are surprisingly versatile, for example, able to understand what’s on a monitor, navigate systems, search for and extract data, and even hit the right keystrokes. What’s more, the RPA robots will operate faster, more consistently, and more accurately than any human counterpart.

Robotic Process Automation in Finance & Accounting

Of all the departments in an organization finance and accounting (F&A) stands out as having the most processes, which are consistently manual, time-sensitive, and monotonous. The latter two are an incendiary cocktail from a human perspective, where pressure and boredom can lead to expensive mistakes. Chief financial officers (CFO) have quickly grasped how RPA services in accounting can transform most F&A functions.

Benefits of RPA

Growing adoption of RPA

The use of RPA is most appropriate when the time and money saved are substantial. This soon becomes apparent in the early stages of fact-finding for each subdivision within a department.

Financial services RPA is normally associated with high-quality input in which the processes are standardized, with set rules. Introducing high-quality feed to the RPA software results in high-quality outcome.

Many of the operations in F&A fit this model and so RPA for accounting can be particularly effective. Examples include data entry, record-keeping, receivables and payables management, cross checking, reporting, and even regulatory compliance. The accuracy of these systems is not to be underestimated, especially when compared to human input, which makes accuracy an almost impossible constant.

Learn more about our process

4 Automation Process Steps

1

Assess

We deep-dive your entire business process systems using a series of workshops to understand the current state of play. We like to involve your entire staff, so no stone is left unturned and the finance and accounting experience of our automation consultants will enable clear dialogue from the outset. From this, we calculate how much value automation will add and the complexity of integration that already exists.

2

Design

The first part of the design is functional, where all your existing and desired processes are converted into working automation solutions. The second part involves documenting these automation solutions into a cohesive plan that spans your entire organization. This blueprint needs to be verified by all stakeholders, as it defines the software construction.

3

Building

The technical details and specifications are transformed into a series of working solutions that integrate all the components into one application. This summarizes the logic of the processes, transforming them into a business process application. Once complete, the processes need to be certified to double-check their operation in production.

4

Implementation

Live testing can start in the production environment. Any minor unforeseen problems can be smoothed out as processes are sequentially tested. All stakeholders are kept in the loop about implementation, so they become the eyes and ears in day-to-day operations and can intervene or report back if anomalies occur. RPA has a bright future in finance and accounting, as the industry naturally has many simple and repeatable tasks


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Previous Clients

Hear from our past success stories.

Above all, it was the higher revenue we saw month-on-month which confirmed the benefits of our process optimisation and automation; instead of labouring over admin, we can now focus on building deeper relationships with patients. They've put the human element back in our business.

Lolly Co do a fantastic job, and are a pleasure to work with. They are clearly extremely competent at what they do, and have produced a system that is very clean, modern and successfully automates many of our day to day tasks. As experts in their field we wouldn't use anyone else.

I worked with the team on a custom rank tracker using an API, Big Query, and Google Data Studio. The group exceeded my expectations on timing and cost for the build. I got regular updates every step of the way, and there was never any uncertainty about what was happening. Already going back for phase two to add more features.

The role of

RPA in Finance

Strategic financial planning and analysis are the bedrock of any finance department. However, any weaknesses or bottlenecks in the range of business processes can quickly reduce efficiency to a snail’s pace. Deploying RPA software in the finance systems ensures numerous benefits including:

Enhanced payment security

Setting up RPA to authorize routine payments such as invoices and salaries saves considerable time, as well as accuracy, by employing real-time reconciliation.

The role of

RPA in Accounting

RPA services for the accounting industry have been likened to supercharged Excel macros. The reach of an Excel macro is quite limited, and it is defined by the limitations of its system. RPA, on the other hand, is much more versatile with the ability to operate across numerous finance and accounting packages.

Some of the benefits of RPA services for accounting include:

Reduced Costs and More Effective Time Management

By speeding up routine transactions RPA reduces the cost of labor and improves accuracy at the same time. Staff is no longer tied up with mundane data entry tasks and they can concentrate on pursuing new markets or other valuable tasks. The idea of robots making humans happier may initially sound contrary but the staff that are freed up to drive forward business growth and customer engagement are likely to agree.

Straightforward Integration

RPA software is unusual in that it lies alongside the current IT systems. As such it is non-invasive, streamlining business processes but at the same time being very adaptable to handle other business process applications, such as:

  • Expense management
  • Tax
  • Accounts payable or receivable
  • Audits
  • and many others

Automate cashflow with RPA

Coordinated spend management

Managing cash flow requires broad control across all departments. If the timing of payments is disorganized, it’s very easy for cash flow to become severely compromised.

RPA can be instrumental in automating cash flow movements, which provides the finance department with real-time updates on spend. This reporting provides the finance team all the information they need to govern cash flow responsibly.

Faster Upscaling

A finance department with conventional process management may operate effectively in everyday operations. However, if a trade suddenly expands or reduces it is very difficult for departments to adapt to that change quickly. The lag in adapting can be particularly damaging, as service levels fall, just when the company is trying to impress the new influx of customers.

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RPA is a form of business process automation that uses technology to automate. Software robots or ‘bots’ are developed to automate tasks that can routinely take up a lot of time. The software robots or digital workers emulate human activity by operating in digital systems and software.

By their nature, F&A departments both handle large streams of data, which are time sensitive and laborious to work with. Innovation to help deal with this quantity of data has been meagre over the years, until RPA’s potential was realised. RPA services in the accounting industry now regularly transform most F&A functions

RPA in the finance department helps to streamline many of the business processes that are prone to bottlenecks and errors. Cash flow forecasts in real-time allow CFOs to keep a finger on the pulse of spending, while automatic payments and real-time reporting ensure sound management. A finance department with RPA deployed effectively can respond much more quickly to changes in market conditions with appropriate upscaling.

RPA’s strength and versatility enables it to operate effectively across numerous finance and accounting packages.RPA for accounting is quick to install and as it lies alongside existing systems is non-invasive. It is particularly responsive when used for day-to-day business process applications.

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