RPA in Finance
If you are the head of finance, you invariably find that departmental staff across the organization, and your team, in particular, is spending significant unproductive time carrying out low-value repetitive fiscal-related tasks. Take the example of Budget Approval. Most companies follow a bottom-up approach wherein individual departmental staff fills up their budget requirements for the upcoming year. This data is from across aggregates upwards to the finance department. Each line item of this high-volume data from many teams is likely consolidated at every level by your team manually. Chances are that it may insert errors along the way, and takes significant time and effort to compile the data, especially given that the data is categorized into multiple heads and therefore, not to say, frustrates the team. Process automation in finance would fit best your need to resolve the hurdles in your enterprise.
You would rather have your team analyse the consolidated budget requests and work with the decision-makers on an iterative basis to get necessary approvals. Therefore, the question in front of most finance heads is how do we get there with minimal investment?
You may now be asking, HOW?
The answer is, it will take a new and different approach. One where automation becomes the cornerstone of the finance department that is key to performing the day-to-day financial operations. All you would now need to do is figure out where low-value time is being spent by your team. And, with minimal time and expense, Digital Automation (DA) can take over. The IntelliBuddies® RDA platform combines the power of Robotic Process Automation (RPA), AI & ML and Business Process Automation (BPA) tools as one bundle. This not only allows leaders to automate their low-value/high-volume tasks but also, introduces workflows and AI & ML to realize the full potential of digital automation. Unlike other automation platforms, the IntelliBuddies® RDA platform doesn’t require a huge time and cost investment and best of all can be easily set up and managed by implementing digital automation in the Finance department.
Many automation possibilities within Finance
- Accounts Receivable
Buddies can help in setting up your new customers, Customer credit monitoring, Generating quotations, Credit risk management by reviewing customer data. Buddies can also help in generating invoices and send them to customers. It can do follow-ups and send reminders.
- Accounts Payable
Buddies can process all incoming invoices using state-of-art AI/ML model. It can also help in Vendor setup, PO entry, cross checking invoices against PO, Payment reconciliation, monitor duplicate invoices or payments.
- Budget Automation
Buddies can help in collecting budget requirements from different departments, perform complex calculations and help finance team to build companies budget.
- Travel & Expense Management
Buddies can consolidate incoming expense reimbursement request, verify details and make the entire process of expense management smooth.
- Tax Management
Buddies can help finance team by gathering data for tax liability, preparing reports that needs to be submitted to tax authorities et. al.
- Financial Reporting
Buddies can prepare and maintain reports related to balance sheets, Income statements, P&L and regulatory reports.