AI and RPA in Financial administration
Processes in Financial Administration department have very high automation potential
Finance
The tasks in financial administration processes are particularly potential for process automation because they are by their nature high-volume, very rule-based and repetitive.
We have done various implementations for our customers that have created results in their processes within Finance and Accounting. From decreasing the amount of open receivables to boosting purchase invoice processing – AI-driven automation solutions can make a substantial impact in processes within F&A.
Benefits of AI-driven automation in Finance
Process transparency & standardization
Automation creates transparency in accounting, detects exceptions and harmonizes procedures and information.
Better quality
Amount of humane errors in processes and data is reduced.
Increased speed
Consolidation cycle becomes faster when AI and robots handle data in real-time and offer up-to-date information.
Higher cost savings
Working hours tied to reporting are reduced.
How AI-driven automation improves critical finance processes
Explore how AI and RPA help finance and accounting teams process invoices and payments faster, automate reconciliation and reporting, lower the cost per transaction with fewer manual errors and real-time visibility into cash flow and spend.
Account Receivables & Account Payables
- Clearing and processing the incoming payments
- AP Invoice validation and approvals
- Invoice creation (AR)
- Overdue & Dunning process
- Overdue payment reminders (pre SMS & email)
Accounting
- Yearly, quarterly and monthly closing
- Preparation of journal entry and supporting documents
- Change the payment plan
- Journal entry approval and posting
- Subledger vs. GL reconciliation
Reporting & Group level activities
- Management reporting
- Regulatory reporting (VAT announcements)
- Group level reconciliation
- GDPR reporting & information for clients
- Audit & Fraud detection
Master data
- Master data updates to various systems (eg. customer, vendor)
- Vendor validation, validating VAT codes and data collection
- Sanctions screening and KYC
- Supplier approvals
- New master data item creation
Case stories in Finance and accounting
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