RPA Automation in Finance & Accounting

70% of companies starting RPA journey, start with F&A.

 

The savings opportunity in F&A through RPA could be 76%. 

Why Implement RPA in F&A

Improve Cash Conversion Cycles 

  • Automate contract creation, order entry, billing, cash application and collections 

  • Automate SAP data entry processes 

  • Leverage OCR to extract and process documents like invoices

 

  • Automate Monitoring of KPIs like DSP, DIO, DPO 

Improve Compliance 

  • Reduce compliance costs 

  • Rapidly react to new compliance and policy variables 

  • Better relationships with regulators and auditors 

  • Minimize overall risk 

Improve Productivity 

  • Higher cost efficiency and productivity 

  • Eliminate errors and improve cycle time of various finance processes 

Improve Overall satisfaction level 

  • Improve employee experience 

  • Improve customer experience 

  • Improve supplier experience 

Major Areas for Automation in F&A

Procure-to-pay

Order to Cash

Record to Report

Planning, Budgeting, Forecasting, Analysis

 

Procure-to-Pay (P2P)

1. Automation of Procurement Management

  • Manage vendor master 

  • Measure performance 

2. Automation of PO Process

  • Create and submit requisitions 

  • Manage requisition approvals 

  • Create purchase orders 

  • Manage purchase orders approvals 

  • Submit purchase orders to vendors 

3. Automation of Receipt Process

  • Receive goods and services 

  • Process receipts 

  • Manage discrepancies and returns 

  • Manage inventory 

4. Automation of Invoice Processing

  • Manage invoice collection and entry 

  • Manage electronic invoicing 

  • Validate and handle invoice data 

  • Manage matching discrepancies 

  • Submit transactions for processing 

5. Automation of Payment Process

  • Complete payment review 

  • Manage payment exceptions 

  • Run payment process 

  • Handle payment reconciliations 

6. Automation of P2P Reports 

  • Generate standard reports 

  • Distribute and manage reports 

 

Order to Cash (O2C)

1. Automation of Customer Setup

  • Create and submit requisitions 

  • Manage requisition approvals 

  • Create purchase orders 

  • Manage purchase orders approvals 

  • Submit purchase orders to vendors 

2. Automation of Customer Credit

  • Conduct new customer credit assessment 

  • Perform credit checks 

  • Develop and manage reports 

3. Automation of Quote to Order process 

  • Identify, manage and qualify leads 

  • Create and manage customer orders 

  • Create initial sales quote 

  • Create and manage reports 

4. Automation of Order Fulfillment Process

  • Process order 

  • Manage shipping and inventory 

  • Process returns and exchanges 

  • Manage rebates and chargebacks 

  • Create and manage reports 

5. Automation of Customer Invoicing Process

  • Generate invoices 

  • Manage billing 

  • Post receivables to general Ledger 

  • Develop and manage reports 

6. Automation of Receivables & Collections Process

  • Manage cash applications 

  • Conduct aging and bad debt analysis 

  • Manage customer collections 

  • Create and manage reports 

7. Automation of Cash Management for O2C

  • Prepare and review daily cash 

  • Perform balance reporting 

  • Collect bank reconciliations 

  • Monitor banking performance 

  • Create and manage reports 

 

Record to Report (R2R)

1. Automation of General Accounting 

  • Manage COA, Cost & Profit Centers 

  • Process Journals 

  • Time reporting and payroll accounting 

  • Travel and expense processing 

  • Reconciliations - Bank, GL Accts, Inter-Co 

2. Automation of Closing Process

  • Maintain and plan Close Calendar 

  • Generate and review Trial balance 

  • Period end adjustments 

  • Close Sub ledgers, GL 

  • Prepare and review financial statements 

  • Prepare and review management Reports 

3. Automation of Consolidation Process

  • Collect data from Subsidiaries 

  • Eliminate inter company transactions 

  • Perform consolidation 

  • Prepare and review consolidated financials 

4. Automation of Reporting Process

  • Multidimensional management reporting 

  • Regulatory reports to external authorities 

  • Advanced Analytics, Visualization 

 

Automation of Planning, Budgeting, Forecasting & Analysis 

1. Planning

Automate the planning process of the company and help in drawing the long term financial plan for the next 3 to 5 years

2. Budgeting

Automate financial planning of revenue, expenses and cash flow estimations on yearly and monthly basis.

3. Forecasting

Automate forecasting of financial outcomes by historical data analysis and market conditions, and help management in taking strategic decisions.

4. Reporting

Automate the reporting process to give snapshots of the financial state of a business in different areas of activity, whether it is Financial Statements, Income Statements, Balance Sheet or Statement of Cash Flow.

Specific areas for automation

  • Revenue Budget Preparation

  • P&L Budget Preparation

 

  • P&L Budget Submission 

  • Revenue Re-forecast 

  • P&L Re-forecast 

  • Post Close Reporting 

  • Post Close Financial Analysis 

Other Areas for Automation in F&A

1. Automation of Cash Management

  • Manage and reconcile cash positions 

  • Manage cash equivalents 

  • Process and oversee electronic fund transfers 

  • Develop cash flow forecasts 

  • Manage cash flows 

  • Produce cash management accounting transactions and reports 

2. Automation of Fixed Asset Project Accounting 

  • Create project account codes 

  • Record project-related transactions 

  • Monitor and track capital projects and budget spend 

  • Close/capitalize projects 

  • Measure financial returns on completed capital projects 

3. Automation of Taxes

  • Prepare tax returns 

  • Prepare foreign taxes 

  • Calculate deferred taxes 

  • Accounting for taxes 

  • Monitor tax compliance 

  • Address tax inquiries 

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