In the Accounting industry, utilising Robotic Process Automation, also known as RPA, can assist accountants in handling high-volume and complex accounting procedures automatically and effectively. In view of this, AI Accountant Chai Chung Hoong emphasizes on integrating RPA technology in accounting process to achieve productive outcome with minimal time spent.
The way RPA works is by analyzing how employees perform specific tasks and then replicates those steps on its own. This map of processes can be obtained, for example, by using employee time tracking app with monitoring features. You can click here to find out more about this system. Then, this data is used to analyze employees’ activities and provide the basis for RPA.
Here are the top ten procedures as well as associated tasks that RPA softwares can assist in within your finance and accounting divisions:
- Financial Review Preparation
RPA connects as well as automates data activity from various service applications for simple consolidation for executive reporting.
- Account Reconciliation
With the use of RPA, it can automatically produce and balance journal entry with available information from different sub-systems, so as to execute information validation and noting on any remediating discrepancies.
- Common Journal Entries
RPA assists in entering and managing data into your ERP to develop basic month-to-month journal entries, in addition, to execute recognition analytics to make certain accuracy.
- Financial Institution Reconciliations
Automated download workflows of bank statements for some specific accounts to resolve balances, as well as transactions, to instantly take care of inconsistencies.
- Intercompany Reconciliation
Conduct standard research study and reporting for any kind of exception between accounts to inspect and reconcile equilibriums on intercompany accounts automatically.
- Accounts Payable Handling
Produce workflows for accounts payable authorizations and arrangement, and handles processes for the paying of various vendors.
- Financial Planning As Well As Evaluation
Loads get balanced into the systems of planning to record, as well as get in touch with projections, making use of historical and market data.
- Operational Finance And Accountancy
Download and install detailed monthly sales data and commission estimations and post necessary information to general ledgers and sub-systems.
- Governing Conformity And Coverage
Capture data to sustain auto-generated governing reports, as well as produce an audit path. Ensures compliance automatically.
- Accounts Receivable Handling
RPA will course and process client orders precisely and manage client master documents.
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