6 min read
Automating Finance & Accounting Processes with UiPath
By: Ram Agarwal on June 25, 2021
Over the years, organizations have sought to achieve financial improvements by implementing enterprise systems, reporting tools, and practices that attempt to eliminate repetitive manual actions.
As modern organizations are under intense pressure to optimize costs, increase ROI, and boost productivity. A shortage of resources, a lack of skills, and an increase in operational costs are also to be considered.
"The quickest wins have been more rules-based processes that lend themselves to RPA."
-Dennis Gannon, Vice president of Gartner advisory services.
With Robotic process automation (RPA) you can automate finance and accounting processes end to end, taking advantage of UiPath intelligent automation. UiPath automation offers companies the capability to reduce errors and perform repetitive high-volume transactions.
With the evolution of robotic process automation over the past few years, you can now capitalize on your RPA investments with new use cases. It does not have to automate an entire process to be useful. Rather, you can automate certain tasks in a complicated process involving numerous steps, and that has been a major driver of its use and later scale it to other departments.
Robotic process automation can strengthen the standing of companies by making them more focused on their customer. In this article, we look at what functions UiPath RPA can automate and some of the highest value opportunities in finance and accounting operations.
Accounts Receivable & Payable
Accounts Receivable and Payable management should not be underestimated as it directly impacts the cash flow. Most vendor invoices are non-standard and need to be cross-checked with the purchase order. Mismanagement of this crucial accounting task can result in undesirable cash gaps. As it is less reliant on external documents, accounts receivables and payables are a good place to start with automating finance departments.
Even though the task is quite simple, juggling multiple systems while entering all the information manually is quite time-consuming when done manually. The following areas can benefit from finance automation,
- Generating Sales Quotations
- Managing invoice distribution
- Monitoring of customer credit
- Vendor Invoice Processing
- Cross-checking vendor's Invoices with the Purchase order
- Managing the Payment
- Responding to Vendor Inquiries
Despite spanning finance and accounting, sales/new accounts, and HR, all of these processes are equally ripe for automation as they all often involve reams of paperwork, vetting, and back-and-forth between your company and the other party. RPA could serve yet another promising use case in compliance by ensuring suppliers adhere to agreed-upon terms.
Using RPA, you can design an entirely automatic procurement process for vendors, from registration to payment processing, including automatic status updates as well as full integration with your internal systems. All systems can automatically stay updated in real-time using RPA.
RPA reconciles accounts with the general ledger, sends the reports automatically and automatically to all relevant personnel within an organization. Leaving it to your employees to organize a plan of action using complex reasoning processes.
Transform the general accounting activities such as formatting data into the system, sending out reports, and general ledger updates. Receive regular updates when the bots are scheduled to make financial payments. Using RPA bots, data can be collected, reports can be created, taxes can be calculated, and tax filings can even be submitted electronically to the tax authority.
The automated reports filed by the bots are error-free and fully compliant with government tax regulations. A corporation's staff can be readily accessible to the reconciled reports created by the software bots with ease. Monitoring profit and loss reports daily is a safe way to monitor a company's financial performance.
RPA can produce these reports on the existing data, while at the same time reducing the risk of inaccuracies, by taking this task off the shoulders of your finance department. With robust reporting, you can make more informed decisions based on data in real-time.
WHY CHOOSE UiPATH for your finance automation?
When enterprise software performs as it is expected, it solves many and varied challenges across an organization. Similarly, UiPath automation in finance and accounting becomes quicker and easier right from the RPA implementation. Driving sustainable growth, reducing business risk, and sparking innovation are easier with automation features. Companies need to take advantage of the benefits of increased productivity, efficiency and cost-effectiveness, customer satisfaction, and employee loyalty.
UiPath offers desktop, GUI, web, mainframe, and SAP automation, screen scraping, and macro recording. UiPath's paid option is much more popular than the free one because of the increased functionality. UiPath's studio license costs around $2,000 annually, and we recommend the paid version since it has much more features and enhanced security than its open-source counterparts, as well as being able to automate any process regardless of how complex it is.
By investing in RPA early, you can improve your Finance and Accounting processes significantly. The UiPath Robot automated invoice processing, ensuring accuracy and preventing errors. Enabling companies to achieve operational excellence without sacrificing quality or valuable time. Make your financial and accounting processes seamless and ensure continuous growth by leveraging these above use cases within your company.
GTS offers end-to-end automation solutions for finance organizations and leverage cognitive capabilities such as machine learning and artificial intelligence. To reduce costs up to 70% by automating the process of accounts reconciliation with RPA.
Would you like RPA to automate your financial processes? If yes, or have any questions regarding RPA implementation, UiPath benefits, or how it will work for your business, feel free to drop us a message.