Posted by: Infoveave Team
Date: 13 Nov 2022

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, RPA 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.

Why should finance invest in RPA tools?

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

  • Improved productivity for employees as RPA software will manage repetitive tasks.
  • Since there is no human interference, there is less risk of human error.
  • RPA caters to compliance needs.
  • With the rising demands, it is crucial to meet customers' needs, and RPA can help to speed up the process

Use cases of RPA in finance & accounting

1. Streamline your accounts payable:

Accounting and financial departments use RPA 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.

2. Reduce monthly payroll costs by increasing efficiency:

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

3. With RPA in accounts receivable, you can bill faster and be paid faster:

Accounts receivable is an obvious choice for RPA. It is a repeatable, rule-based process that necessitates consistency, accuracy and timeliness. You can bill clients faster, more reliably and more efficiently with RPA. 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.

4. RPA improves fraud detection capability:

Detect and predict fraud with RPA 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.

5. Improve the quality of your financial reporting:

According to Gartner, human error in the finance function results in 25,000 hours of unnecessary rework per year, which costs $878,000 . RPA gets rid of human errors and consistently generates reliable results. You may more quickly and accurately gather data for financial reporting analysis thanks to RPA. 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.

6. Make the process of expenditure management easier:

RPA can expedite the approval and payment processes for expenditure reports. RPA automates spending according to corporate policy, monitors receipts, and generates data reports. Process streamlining that is more efficient and automated ensures perfect procedure adherence. RPA can cut down on the delays in spending on filing  and human labour. With RPA, employees have more time to focus on high-value work. It can also save time, money and resources for the firm.

7. Training new employees:

Ensure that all the RPA 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 RPA 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 RPA 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 RPA initiatives across lines of business with Infoveave.