Expert Advice and Live Interview with RPA User
Robotics in finance can help automate continuously repetitive tasks.
Robotic Process Automation or RPA is a fast and easy solution when you want to automate and optimize your workflow in the finance function.
So, if you are a CFO and are considering jumping on board the RPA-trend this blog post is for you!
Read along to get a clear picture of how robotics in finance can help you and your team. Also, we will dispel myths about implementing robots to the finance function.
FOCUS ON THE COGNITIVE DEMANDING TASKS – MAKE A ROBOT DO THE REPETITIVE AND TEDIOUS ONES
Companies and employees have never been busier than they are today, and likewise, the volumes of data are exploding. To keep up to speed, new work methods are crucial. Implementing RPA is one of them. RPA is a program that emulates a user on a computer screen. The robot can be taught to do the same clicks, typing, and reading as a person. In that way, a robot can make the same processes in a system on a computer as a person. The only difference is the robot does the job much faster and without any risk of errors since the process is fully automated.
The purpose of RPA is to minimize the manual work on the computer done by employees on a day-to-day basis. A robot can work 24/7 and will automate some of the more tedious, repetitive, manual tasks. This frees up time for you and your team to focus on the more creative and cognitively demanding parts of financial reporting. For example, you will get more time to create data-driven proposals for the management, analyze and visualize financial data.
RPA can be used in various industries and across departments in a corporate group. But what makes RPA especially suitable for finance is that the workflows in finance have a lot of RPA friendly features.
The workflow within finance is characterized by:
- A huge amount of data needs to be processed.
- Data is stored digitally.
- Repetitive tasks are done manually.
Tasks suited for RPA will be based on a set of rules and contain digitally stored data. Furthermore, data-heavy processes with a high manual error rate involving many systems/people/steps are tailored for robots to do. As an example, RPA is very compliant with assignments such as checking and posting supplier invoices, bank deposit file upload to your ERP system, and credit note handling. You can also build a robot to upload trial balances from multiple companies within your corporate group to a consolidation or reporting tool.
IMPLEMENTING RPA IS NOT A BIG IT PROJECT
Implementing robotics in finance can seem like a huge and time-consuming IT project. But actually, you can easily start this up because RPA can quickly be installed. Because RPA is using clicks it can seamlessly integrate with existing applications and systems. This gives you an agile tool to automate processes in your day-to-day work. Robotics helps you make the workflow more efficient by streamlining and standardizing selected processes and assignments. RPA is all about automating processes and tasks which are repetitive and time-consuming.
An example could be implementing RPA in the process of checking all your VAT codes. When having 500 VAT codes it is a manual task that takes most of a day for a person to do. A robot can do this in hours and also notify you if some VAT codes are invalid.
Robotics in finance is automating the manual, repetitive and tedious task so that you as a CFO, Finance Manager, or Controller can focus on assessments, problem-solving, and analyzing. Robotics in finance can add huge value to your company. First of all, the error rate will go down when using RPA, secondly, the workflow becomes faster and more efficient, but most important of all: you and your financial team will have time to make in-depth financial analyzis for the management which they can base their decisions on.
So, if you want to reduce errors and time spent on repetitive tasks you should implement RPA to your workflow. Implementing RPA in the finance function will make your workflow more efficient and streamlined. But one question remains: how to get started?
If you want the answer to this question, we suggest you sign up for our 30-minute webinar “Expert Advice and Live Interview with an RPA User” on the 21st of May.
On this webinar RPA experts, RPA Nordic together with Konsolidator will look at how you can use RPA to make your workflow more efficient both in terms of what RPA can do and in form of a real-life case.
So, at this webinar you will learn:
✅ When RPA is relevant in the finance function
✅ Why RPA works much smarter than your macros and is more powerful
✅ Which important but mundane and time-consuming tasks can you speed up with RPA
✅ How you successfully use robots to integrate even on micro-level tasks