Each industry has its own set of challenges to strive and excel. The accounting services industry has its own compelling demands to encounter. They deal with complex numbers & unexplored data.

Due to this, accounting firms need a silver bullet to overcome their difficulties to present acceptable and error free financial reporting to their clients. As per the research presented by Gartner, human error in financial divisions can avoid on an average of 25000 hours of rework.

Taking advantage of the digital technologies, ice breaking is done through ERPs, accounting software etc. to eliminate the human inconsistencies, outcome rapidity, and results authentication. Though quite a few of these problems found amicable solutions, yet, two core issues remained unsolved. One is to utilize the large amount of data into the accounting systems and then generate timely financial reporting at the end of the month to analyze.

These problems cause the ‘domino effect’ which is an impediment for growth. Ultimately, the introduction of a technological means namely ‘Robotic Process Automation’ changed financial accounting forever in the recent past.

How can we brief about ‘Robotic automation’?

When we hear the term ‘Robotic automation’ , never be cynical of robots walking on equal footing with humans in the corridors of offices. But it is rather a humble software bot using Artificial Intelligence capabilities to execute structured, repetitive, error-ridden and time absorbing processes in a record time, efficiency and accuracy.

Automation deployment is feasible in your firm only it meet certain conditions likewise,

• To make a drastic change in your ‘ROI’ in terms of time, accuracy and monetary standards.
• There are sizable processes that can be standardized and rule-defined.

Finance & accounting division is the ‘best fit’ in the firm, where it meets the criteria. Though many divisions come into the armor of automation eventually, the ‘stepping stone’ for larger scale business outcomes is through accounting.

How can we brief about ‘Robotic automation’ benefits?

The role of technology is to induce benefit to the already existing work cycle. Let us brief the benefits of automation

• Savings in operating costing - is the impetus for an initial investment.
• Productivity enhancement - lead to employees redirected to high value added work.
• Perpetual functioning of bot - diminishes the lost time of employees
• Early ROI - is achievable if process selection for automation is done precisely.
• Compliance - leads to audit trail to figure out any accountability of employees / discrepancies.
• Goodwill - generated through valuable, accurate results leading to client satisfaction.
• Operational metrics - to leverage outstanding payments, sales cycle etc.

Also read: Why is automation the tipping point for Accounting firms?

How can we summarize Integra Global Solutions ‘use cases’ benefits?

As a service provider, Integra Global Solutions has a proven track record of providing the needed services in various capacities to fulfill their accounting solutions. The reflections of the case studies are shared for knowledge and expertise.

• Reconciliation from all points of access:
  Accountants go through this nightmare and are under duress when doing manual data entries, identifying unrecorded transactions and cross verification. Yet, they cannot vouch for the accuracy and unresolved mistakes impairs the smooth functioning of the department.
  An important feature of accounting automation bot is its ability to fetch data from various sources. They can be inter-firm transactions, bank reconciliation statements etc. By automating the entire process accountants are relieved to find their ledger record updated as RPA
  
  • Extracting statements from various sources
  • Posting the correct balance in the accounting software
  • Notifies the discrepancies

• Liquidity position of the firm:
  To know the cash flow and the liquidity position of the company is analyzed through the volumes of account payable handled by the team. The firm when adapts automation for accounts payable tasks then definitely, it improves the operations efficiency through its uninterrupted cash flows. Further its performs the tasks of
  
  • Client set-up by updating all their relevant details
  • Invoices processing, verification and routing for endorsement/approval
  • Precautionary notification against any form of duplication/ discrepancies
  • Releasing the approved invoices for payment within the stipulated payment cycle.

• Payment outstanding for the firm:
  Firms need to streamline their sales outstanding cycle as it makes a negative impact to the business if there is a huge lacuna between the sales performed and payment received. It also influences the liquidity and cash flow of the firm both in short term and long term.
  Robotic Automation bots deployment in accounts receivable cycle helps
  
  • Track the number of invoices outstanding
  • Generate invoice with the details and send to the client for payment
  • Send reminders to the client in case of delay in making payment
  • Resolve discrepancies in invoices if any etc.

• Financial statements:
  The long wait for the month end closing for getting access to financial statements is a thing of a past. Management always wants financial reporting to be done in real time as it is critical to monitor and make decisions in an extremely competitive market.
  RPA bots help to produce various reports through managing various filters. The interactive dashboard sets the tone to produce
  
  • Profit & loss reports
  • Income and expenditure reports
  • Variance analysis
  • Cash flow statement etc.
  • Any reports to suit the management discretion etc.

• Client onboarding:
  Boarding a new client or customer is not an easy job. It takes a lot of time getting all the information details from the client. The detailed filling done by employees is an area where errors are feasible in nature i.e. filling the information in irrelevant places, missing some information etc.
  Robotic automation through Optical Character Recognition (OCR) can extract all information from the client application and fill in the details.

• Payroll :
  Payroll is a sensitive area of any firm, because it deals with employees and their funding. Any form of inconsistencies in their payment will have repercussions of losing faith in the firm and reduce their morale.
  Payroll automation helps in
  
  • Proper working hours and overtime calculation as per the prescribed rate in the firms’ policies and guidance.
  • Time sheet validated online with proper authorization
  • Ensure timely payment due to exact calculation.
  • Calculation of eligibility of travel allowances, rates as per their grades.

Also read: How robotic automation supplements value to your business:

If you are looking for a variety of accounting use cases done by robotic automation, please contact us. We have several robotic accounting use cases we have deployed to our clients. Call us to guide you further.