Understanding RPA implementation in Finance & Accounting

RPA technology is huge. It promises huge returns to organizations upon effect implementation. The technology can be laid over existing systems. Successful integration with existing data can help organizations get huge benefits.

Effective integration can start with simple tasks in a company and gradually involve more sophisticated procedures and machine-learning tasks.

How to Implement RPA?

Determine Opportunities

To start with, it is crucial to detect a controllable possibility for procedures that would benefit from this automation. It is advisable to start small and gradually expand it.

Validate the Opportunities

Most financial processes typically comprise of both transaction and decision parts. Automation can help a lot in the transactional part, which also happens to include time-consuming and repetitive tasks.

Determine Standard Cost of Operations

Conducting a preliminary base lining of operating expenses for accounting processes with respect to RPA will help you determine monetary benefits of the implementation. In most cases, fiscal benefits of RPA can be witnessed in a year. However, a proper baseline is important to influence shareholders of the company to approve implementation.

Standardization of Account Procedures and Workflow

Assessment and standardization of manual processes undertaken in an organization is crucial for efficient implementation of robotics in the field of finance and accounting. It is recommended to hire project managers having decent experience Lean and Six Sigma experience. This will help streamlining and systematizing business procedures at scale.

Listed below are some ROI metrics that improves with RPA implementation:

Increase Back-Office Process Speed

The increase in speed will depend on the process that needs to be automated. Usually, a business can experience improvement in the process anywhere between 20% and 110% post RPA for finance deployment.

Huge Savings

This is one of the most attractive features of RPA implementation. Around 70% of manual tasks can be effectively reduced by deploying RPA bots successfully. It is also revealed that productivity related savings can go up to 1000% and have also been achieved by some organizations, depending on the implementation.

Accurate Output

RPA can support 100% output accuracy. This is based on input accuracy. It is crucial to ensure that all business rules, governance, and decisions to be programmed accurately. The final result will be elimination of human error.

Guarantee for Adherence

Robots can be programmed precisely for any compliance issues. The system will instantly alert employees for adherence related to issues each time it occurs to help staff make decisions in accordance with it and safely. In short, robots will help the organization guarantee about the adherence of laws, rules, and regulations that govern particular procedures.

To Sum Up

RPA promises attractive benefits to users. It offers huge ROI for wide range of industries including the financial services industry. It is mainly implemented for automating back-office operations including invoice processing and AP automation. The idea is to shift workforce focus on more important tasks such as innovation within the organization to cut down unnecessary costs and improve end results.
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