UPDATED: January 2024
The fast-changing business landscape has brought about technological advancements that significantly impact various industries, including finance. One innovation that has been making waves in the finance industry is Robotic Process Automation (RPA), a technology that automates manual and repetitive tasks, allowing businesses to improve efficiency and reduce operational costs.
RPA in Finance
The finance industry has numerous manual and time-consuming tasks that can be streamlined through the use of RPA. These tasks include account reconciliation, invoice processing, and compliance monitoring.
Through RPA, businesses can become more efficient and agile by automating their processes, freeing up resources to focus on more strategic aspects of the business. The use of RPA also eliminates errors and inconsistencies in data processing, contributes to compliance requirements, and saves time and money.
The Benefits of RPA in Finance
Implementing RPA in finance operations has several benefits. Among these are:
- Improved accuracy and speed in data processing, resulting in faster transaction processing and lower error rates.
- Cost savings by eliminating manual processes and reducing the time and resources required to complete routine tasks.
- Increased compliance and security through monitoring and auditing activities, ensuring adherence to regulations and reducing the risk of fraud.
- Enhanced customer experience through faster loan processing and reduced wait times.
Calculating complex numbers from various resources in different formats is a part of financial responsibilities. Additionally, accountants must stay aware of fluctuating international financial standards and exchange rates, manage various spreadsheets controlled by multiple stakeholders, and simultaneously stay informed about all strategic executive decisions that require immediate action.
Performing all these procedures require 100 percent accuracy and appropriate speed, and that's where RPA can be the perfect fit.
Finance process automation with RPA requires the usage of software to automate crucial finance-related tasks, such as account reconciliations, journal entries, and preparing financial statements with minimal human interference. Automation empowers finance departments to streamline business processes and ensure that everything runs smoothly and without mistakes.
What else can be automated with ElectroNeek:
- Sending event-based alerts
- Collecting data from desktop and cloud apps to update financial models
- Running credit and background check processes
- Generating and sending invoices
- Performing invoice reconciliation
- Flagging outstanding invoices and alert company management
- Updating corporate databases upon completion of a transaction
Challenges in Implementing RPA
While RPA brings significant benefits to the finance industry, its implementation is not without challenges. The most common challenge businesses face when adopting RPA is around defining clear processes.
RPA bots require specific instructions on performing each task, and businesses need to ensure that each process is well-defined and documented. In addition, it is crucial for businesses to remain vigilant about changes in their workflows. As these changes arise, the bots must be promptly updated to adapt. With the assistance of Easley AI, these updates can be seamlessly implemented without the need to acquire coding skills.
View our new plans and talk with our automation experts to learn more about RPA implementation in financial operations.