RPA in Financial Administration
Processes in Financial Administration department have very high automation potential
Our RPA solutions boosted our customers' invoice processing and decreased amount of accounts receivables
The tasks in financial administration processes are particularly potential for RPA (Robotic Process Automation) because they are by their nature high-volume, very rule-based and repetitive.
We have done various RPA 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 – RPA and intelligent automation solutions can make a substantial impact in processes within F&A.
Benefits of RPA in Financial Administration
Process transparency & standardization
RPA 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 robots handle data in real-time and offer up-to-date information.
Higher cost savings
Working hours tied to reporting are reduced.
RPA use case examples in Financial Administration
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
Our customers' success stories in Finance & Accounting
Stark wanted to ease the manual workload of their employees in an invoicing service process. The solution to the challenge was found in automation.
The Group has been using automation for several years to improve productivity and increase customer and employee satisfaction.
The university has benefited from automation for several years already and they are planning to continue expanding it.
Posti has elevated their RPA team to the next level by adding machine learning into their toolbox.
To reduce the increased manual workload, Kekäle chose an intelligent automation solution built by Sisua Digital.
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