Use of RPA in Financial Reporting

Use of RPA in Financial Reporting

Robotic process automation (RPA) aims to free people from repetitive actions with data, like extracting information from the scanned reports or copy-pasting numbers between different spreadsheets. According to Gartner, only 29% of corporate controllers are using RPA for financial reporting processes right now, but by the end of 2020, they predict a dramatic growth of up to 88%.

“Most controllership processes have clear steps and defined rules. These manual and repetitive tasks are a perfect opportunity to leverage RPA.”

John Van Decker, VP Analyst, Gartner

The value of Robotic Process Automation for Reporting

RPA improves the accuracy, accountability, and productivity of the finance functions for numerous reasons.

  1. RPA reduces the number of human errors. RPA removes the discrepancies of human performance and always delivers accurate results. According to Gartner’s research, errors caused by ‘human factor’ within the finance function produces around 25,000 hours of avoidable rework at the cost of almost $900,000 per year.
  2. It improves the quality of governance and the controls environment. RPA tracks all the actions of each bot, every access made and every output it generates. It stores this information in a centralized database for audit. These reviews enable companies and auditors to hold relevant parties accountable for all the bot’s actions by reviewing transactions for accuracy and access logs for malicious or unauthorized access.
  3. Reduces tedious, repetitive work to allow talents work on higher-value projects/assignments. Using bots for routine tasks increases the productivity of employees by managing these assignments error-free and 24/7/365. RPA enables organizations to take repetitive tasks away from people and redeploy their talents to analytical or strategic activities.

To learn more about the use of RPA in other functions of financial departments, reach out to our automation experts.

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