Efficient Finance and Accounting Functions with Robotic Automation

Posted by articlelink01 on July 10th, 2015

Robotic Process Automation software is rapidly transforming today’s service industry, including Finance and Accounting groups. Robotic Automation software is designed to replace a human workforce performing on-screen, rules based processing work. The Robots provide more accurate and faster service than humans at a fraction of the cost.

Report consolidation, procure to pay and order to cash are some of the work streams within finance and accounting ideally suited to Robots. Auditing robotic automation is another key area.

Robots can act as assistants for staff, as stand-alone workstation workers or as a complete virtual workforce, working from virtual desktops within a data center. Choosing the best fit configuration for your business is a critical component of a successful strategy and optimum long term results.

Dealing with sensitive data

Security, accuracy and fraud prevention are critical elements within finance and accounting departments. Here again, Robots outperform humans. Robots log into applications with the same user name and password credentials as humans. However, Robots only examine data directly relevant to the task at hand, they never make human errors and they have no motivation to use information or system access for fraudulent purposes.

Robotic automation can also be applied on virtual workstations within data centers which further limits access to keyboards and computer screens by non-approved eyes.

Efficient systems

Finance and accounting groups often need to access and consolidate information from a range of different applications and systems. This tedious work, often involving intermediate spreadsheets, can present high workloads at month end, the end of a quarter and year end. Robots perform this work fast and seamlessly, as if there was really just one integrated system. Robots can be configured and trained to do this work in a matter of weeks, when it would take years for an IT group to integrate the disparate systems to the same degree.

Better accuracy

Robots themselves are 100% accurate. Auditing robotic automation can also be applied to work performed by other staff to ensure accuracy, consistency and compliance to regulations. The Robots themselves also provide a complete audit train of all of their activities and provide reporting capability for audit and process analysis purposes.

This improved accuracy also eliminates the need for quality checking and rework, further reducing costs and improving service levels.

Easier to work with

Robotic automation is much easier to work with than humans. Robots don’t require coaching or ongoing training. Once one Robot is trained to do the work, all other robots immediately learn the same things. Robots don’t require the same supervision as humans and can work 24 hours a day, 7 days a week, without a break.

Robots are also more reliable and secure than humans. They do exactly what they are instructed to do and nothing more.  A central control person can manage up to 30 Robots, each performing the work of between 2 to 4 staff. This significantly reduces management costs and improves capacity planning accuracy.

When processes or work applications are changed, only one Robot needs to be retrained and all other Robots immediately learn the same new process.

finance and accounting robotic automation:There are a range of robotic process automation technologies to choose from for finance and accounting.Auditing robotic automation is just one of the applications.RPAi helps companies select the technology that best fits their business needs and then helps configure and train their Robot workforce. RPAi will also perform a Robot Fit Check to determine the scope of the Robotics opportunity within a company’s operations.

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