Calling All Financial and Accounting Professionals… Robotic Process Automation Can Save You Thousands of Hours of Avoidable Work Annually

Managing Month-End

Month-end and quarter-end are dreaded words in every Finance Department, usually involving long working hours to get the books reconciled.  You and your team are checking transactions and journal entries, balancing accounts, reviewing expense reports, depreciating fixed assets, reconciling inventory discrepancies, settling work in progress material, posting billing documents, and of course, still managing payroll.

Ultimately, you are responsible for capturing key data that will be used to make decisions and drive the business. However, tight deadlines and pressurized working conditions can often result in errors. Did you know that any repetitive, routine financial and accounting processes can be customized and automated cost efficiently with minimal involvement from the IT team?

Migrating Data

Let’s look at another scenario. Perhaps as Financial Controller, you are considering migrating data from one platform to another but the process of moving the records is a mammoth task. Of course, one option is to hire a team of consultants to read and parse the data, check for duplicates, and transfer the data into the new database.

Another solution might be to transfer the data manually with assigned teams reading one screen while simultaneously entering data into the other system. The problem is that both options are time consuming and expensive with a high risk of error. There are also data privacy laws to comply with plus the issue of software compatibility and the likely need to invest in middleware.

Making the Complex, Easy

Meet the perfect solution – Tevron’s CitraTest RPA. Use software bots to customize and automate repeatable financial and accountancy tasks like accounts reconciliation, journal entries, and preparing financial statements with minimal human intervention. Transfer data from one system to the next efficiently and accurately in a fraction of the time and at a fraction of the cost. Our advanced, high performing solution enters data just like a real user would but importantly without the risk of errors.

Expert Study

A recent Gartner study showed that automation can save Finance Departments thousands of hours with estimates indicating that 77% of controllers will be operating RPA by 2020. According to the researchers there are three main roadblocks to automating financial reporting work. Financial controllers are slow about removing human input; they don’t see sufficient or fast enough return on investment from the technology, and finally they are worried about the delays associated with standardizing processes.

According to research, maintaining unnecessary human interaction in what’s supposed to be a fully automated process limits benefits of automation while still introducing the risk of human error and the need for rework. And as for ROI, according to the study, the average amount of avoidable rework in accounting departments can take up to 30% of a full-time employee’s time. If fully implemented, however, RPA saves upward of 25,000 hours per year and around $878,000.

Many financial professionals believe that the process must be standardized before it is implemented. However, the research shows that by implementing RPA on processes that can be automated from day one, accounting teams can immediately free up time and capacity with minimum disruption. This ultimately accelerates adoption plus all the associated benefits of automation.

 

Benefits of RPA

Data Integrity

However great your team is, human error is inevitable.  It’s a dynamic environment. Changing suppliers, different policies, fluctuating currencies can make it challenging. The good news is that when your data forms are automated, you have the reassurance of knowing your data is 100 percent accurate.

 

Better Efficiencies

You understand only too well the importance of cost reduction. Digitize your processes now to improve productivity, increase efficiencies, lower costs and ensure compliance. It’s a win-win. Taking manual, boring work away frees the team up to provide value-add, focusing on strategic activities that will add to the bottom line, and deliver a more rewarding career path.

 

360-Degree Visibility

Keeping accurate and up-to-date records is vital to the success of any business. With CitraTest RPA, you can ensure consistency, visibility and control over financial operations.

Power In Your Hands

How does it work? You know your financial and accounting processes better than anyone.  You’re the expert. We’ve created wizard tools to allow you to write your own customized scripts. With CitraTest RPA, you get a library of functions and utilities that you can customize in line with your business needs.

About Tevron

Tevron® is a global leader in automation. Our solutions are successfully deployed across multiple vertical industries. Our customer portfolio includes industry giants such as John Deere. the Mayo Foundation, T-Systems, Fujitsu Services, Con Edison, USPTO, British Airways, Ameriprise Financial and Alcon Labs. Contact us now for a free demo!

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https://tevron.com/robotic-process-automation-citratest-rpa.aspx.