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Financial Process Automation
Leveraging automation tools to strengthen your finance environment
As with many other critical business functions, technology has enhanced efficiency and accuracy within the finance department. There are several technology tools that optimize the full spectrum of finance functions, which in turn create an environment that enables personnel to focus on strategic efforts. However, many organizations lack the visibility into the capabilities of these emerging solutions:
Robotic process automation (RPA) is a tool designed primarily to enhance the effectiveness and efficiency of the finance function. Finance typically faces regular peaks in demand, causing cumbersome and repetitive work responsibilities that should ideally transition to RPA solutions to provide consistent, accurate data and allow increased focus on analysis in order to make better business decisions.
RSM’s experienced advisors can help you leverage automation in a digital accountant model using a series of automations to perform various accounting functions—taking point solutions and aligning them with your foundational tools to create a truly automated finance function for your organization. More specifically, RPA and other automation tools offer significant benefits in the following finance areas:
How can we help you?
Accounts payable (AP), accounts receivable (AR) and procurement: RPA can automate many processes, including those related to reading and processing invoices.
- Workflow and approvals
- Order processing
- Cash receipts processing
- Credit approvals
Operational finance and accounting: We can help you optimize the application stack you currently use—for example, designing automations directly within your enterprise resource planning (ERP) system.
- Automation of price reviews based on customer contracts
- Calculation and processing of rebates
- Creating files and emails to gain approvals
Journal entries: You can automate any repetitive calculations within the automated digital accountant concept.
- Creation of standard monthly journal entries
- Performing validation analytics
- Posting to enterprise resource planning (ERP) systems
Reconciliations: We can help you utilize RPA as well as financial close automation tools to enhance your ongoing reconciliation activity within your finance function.
- Automation of bank, intercompany and account reconciliation functions
- Automatic downloads of statements in preapproved format
- Uploads of detailed transaction data from subsystems
- Creating balancing journal entries
Regulatory reporting: Automation can help you manage ongoing collection and delivery of required regulatory information.
- Data capture and cleansing to support automated generation of reports
- Prepopulating complex annual reporting
Financial planning and analysis: We can help you figure out the right toolset—commonly enterprise performance management or corporate performance management tools—and augment them with RPA.
- Automating the prepopulation of forecasts using historical and market data
- Creating variance reports
- Loading prepopulated balances into a planning system
Our team provides you with an unbiased perspective of financial process automation—we are not tied to a specific tool and possess a broad view of all available technology. We take a pragmatic, data-driven approach based on years of experience. Not all solutions are a perfect fit for every company, so we take the time to find the right solution for your needs that can deliver consistent value as quickly as possible.