Getting your business finance & accounting digitalized with RPA

High precision in numbers makes the field of finance and accounting challenging. This also makes exploring the field more exciting and filled with thrills. The study by the McKinsey Global Institute on digitizing accounting and finance revealed very interesting facts. As per their research,

has a potential to make up to 44% of an impact in the Finance and Accounting industry. At is known, the finance sector is both competitive and regulated. Many industry leaders see this as an opportunity to incorporate RPA into their businesses.

The finance sector is both a competitive and regulated industry. Working in the finance sector can expose you to repetitive tasks. All industries look for new and innovative ways to stay ahead in their fields.

-driven finance and accounting can cut the risk of crucial human errors. With RPA, financial industries can benefit from,

Accounting and financial departments use

to improve accuracy. They can contribute to automated invoice processing, billing reconciliation, saving time and money. Infoveave takes data from unstructured sources like invoices and stores. The data is then sent to a centralized location. At the centralized location, the data combines and reconciles with other process data. This accelerates the process of invoice processing, resulting in a low risk of costly mistakes. It also protects you from financial penalties for late or incomplete payments.

You can ensure that your payroll submissions are 100% accurate, on time, and compliant by using

.

bots always adhere to regulations when handling payroll tasks. Any changes that are not updated can put your firm at financial risk. With Infoveave, link dependencies to specific processes and drop this risk. Address all changes, if any, and it will result in better service delivery. It also results in full compliance with fewer overall delays and wrong submissions.

Accounts receivable is an obvious choice for

. It is a repeatable, rule-based process that necessitates consistency, accuracy and timeliness. You can bill clients faster, more reliably and more efficiently with

. Regardless of the data type, optimize the accounts receivable process using Infoveave. Your team will be able to maximize revenue, save staff valuable work time and bill clients faster. Now get payments sooner with more optimized operations.

Detect and predict fraud with

and optimized processes based on usage patterns. When important business or regulatory developments occur, Infoveave sends alerts to all key stakeholders. With Infoveave, you can eliminate the need to manually handle and track data. Save your firm millions of dollars and prevent reputational damage.

According to Gartner, human error in the finance function results in 25,000 hours of unnecessary rework per year, which costs $878,000 .

gets rid of human errors and consistently generates reliable results. You may more quickly and accurately gather data for financial reporting analysis thanks to

. Design optimal processes for compiling data for financial reporting. Transform manual labour from full-time humans to automated bots with Infoveave. Optimize procedures to ensure they adhere to all applicable legal requirements.

can expedite the approval and payment processes for expenditure reports.

automates spending according to corporate policy, monitors receipts, and generates data reports. Process streamlining that is more efficient and automated ensures perfect procedure adherence.

can cut down on the delays in spending on filing and human labour. With

, employees have more time to focus on high-value work. It can also save time, money and resources for the firm.

Ensure that all the

workflows are familiar to your new finance and accounting staff. It is crucial for them to know how their work affects the business and the health of your digital workforce. A lack of knowledge of the

workflow can incur financial liabilities. With Infoveave, you can provide your new employees with a thorough understanding of the business processes. Learn to interact with

and other rules, controls and laws. It can also help you understand how changes affect bot resiliency and efficacy. This feature cuts down on the time it takes to train new staff and lowers the chance of bot outages in the future.

Learn how Infoveave’s simple, cost-effective, and fast migration capability can help you. Combine all your

initiatives across lines of business with Infoveave.