Finance Team Processes
Use software robots to automate repetitive finance tasks
Finance teams are always running against deadlines set by regulators. The more time you spend on payroll, billing, and journal entries, the less time you have to spend on strategic financial planning objectives. Many financial services professionals are overwhelmed with day-to-day records keeping, Excel spreadsheet maintenance, and manual data entry. In fact, almost everything a finance and accounting department does involves repetitive, rules-based tasks that are perfect for RPA solutions.
Monthly closing is a top RPA use case in finance and accounting. At the end of every month, accountants must close the records for the month to verify and adjust account balances, and generate accurate and consistent financial statements. This month-end financial closing process is stressful for accounting teams and CFOs: Long hours, frustrating bottlenecks, and tedious manual reconciliations. It requires accuracy, timeliness, and immense attention to detail. What’s more, it takes the complete attention of the accounting team: no other accounting function can be worked on during month-end closing time.
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