RPA and Automation: Boosting Operational Success across the Finance and Accounting Sector

Our businesses are overburdened with tedious chores. Thus, we are falling behind in the race to the top! Nevertheless, RPA in finance might be the unseen power propelling your company's automation and efficiency. Robotic process automation, is one of the most revolutionary technologies of our time. Organizations with obsolete legacy systems seek automation to aid in the digital transformation of their business operations.

Every day, banks and financial institutions manage with a large number of clients and transactions. The huge number of work and procedures may quickly become daunting, time-consuming, and expensive in terms of possible mistake rate. To address these issues, robotic process automation in finance and accounting may totally redefine how you do business.

In this blog, we'll discuss the benefits of RPA in Finance and Accounting, the difficulties that RPA strives to solve, RPA use cases, and much more…

Justification for RPA Tool Investment in Finance

Numerous transactions, a large amount of data, and the need to pay close attention to details are the lifeblood of the business for finance teams. A team that has to be error-free, nimble, and sensitive to shifting rules and consumer expectations may find all this manual tasks to be difficult to handle.

Instead of needing to perform everything manually, finance may invest in robotic process automation in finance and accounting for comparatively cheap costs and great returns. Because most procedures in the industry are time-sensitive and repetitive, it is straightforward to develop an RPA system to run the operations on repeat. All the while, your team saves time, the company saves money, and everyone benefits from more precisely performed work.

RPA's advantages and uses in finance

•          Intelligent bots can accurately enter and re-enter financial data, automating repetitive activities
•          Automation is ideal for rule-based operations seen in mortgage companies. RPA bots can handle all of the searching and analyzing for you, saving you money
•         RPA simplifies finance and accounting by allowing for the standardisation of official paperwork as well as the management of important data and client information
•          Automation in the financial sector leads to process change. Furthermore, effective processes and corporate activities convert into profits

 RPA use cases in finance and accounting

•         Financial planning and forecasting

RPA may be set up to analyse historical data, compile financial statements, and develop projections, freeing up trained workers to formulate and implement strategies. 

•       Tax reporting automation

RPA automates manual operations such as data collection, report generation, computing tax due, and reconciling tax data.

•          Record to report

RPA makes it simple to automatically record journal entries, reconcile finances, and handle day-to-day activities while keeping a full audit record.

•          Accounts receivables and payable automation

By automating all human operations, RPA can keep accounts receivable under control in order to maintain a strong financial standing and minimal cash gaps. All invoices may be linked to purchase orders, saving time and effort in accounts payable.

RPA installations that are strategic and timely may save time and money for finance teams and whole enterprises.

Important factors influencing RPA adoption in enterprises

• Organizations may save time, money, and resources by automating repetitive operations. It allows staff to focus on higher-value, more profitable jobs
• RPA may be used to automate complicated and time-consuming operations
• The opportunity to communicate with clients in a more personal manner, which is  more convenient for the customer because they do not need to leave their home or business
• The capacity to reduce risk and establish a more secure environment in which clients may communicate with their company
• RPA enables businesses to cut the cost of application development, maintenance, and support

For issues that the banking sector is facing, RPA is the right reaction

RPA Benefits for Banking & Financial Services

•  RPA has the potential to save 84% of loan processing expenses
•  RPA deployment saves 64% - 67% of IT and reduces operating costs
•  RPA can cut banks' and borrowers' loan processing times by 85%
•  68% of automation technology users claimed RPA eliminated repetitious activities
•  84% of employees say automation has enhanced their job performance

Transform your financial business operation with Sun Technologies’ RPA services

·         RPA CoE

ü  World-class experts to manage enterprise-wide RPA functions leveraging our CoE framework

ü  Proven expertise

·         RPA Consulting

ü  Create and identify processes that require automation

ü  Suggest tools that best fit your business landscape

ü  Streamline your productivity, and build a roadmap for automation rollout

·         Custom RPA Solutions

ü  Intelligent automation with AI/ML technologies

ü  The value-driven business process automation approach

ü  Simplify, optimize, automate and scale

ü  24/7 support

Why Sun Technologies for RPA Services?

•        RPA CoE for all automation concerns
•        High customer satisfaction
•        Experience in process improvement merged with technical capabilities through our         RPA  service expertise
•        One stop for all your RPA challenges

Conclusion

Today's financial industry relies on technology. It now serves as the foundation and centre of even the most basic processes. However, given that big data is making it hard for humans to handle everything, this is a much-needed opportunity.

Simply put, a firm consumes too much information to tackle it alone. Fortunately, technology like robotic accounting allows employees to concentrate more on creative, human labour while lessening their reliance on automating tasks.

Our 360-degree RPA excellence from initial assessment, design, RPA CoE, strategy, and maintenance in enhancing productivity and achieving operational results allows organizations to reduce mundane and redundant manual tasks.

Looking for a trusted partner who can help you save 50% of your expenses by automating processes?

 

Get ready to achieve greater ROI?

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