The role of RPA in Finance is becoming more significant. As Finance & Accounting are departments in any business where tasks are repetitive, manual, and highly time-consuming. That increases the workload and demands more work hours to complete the tasks. Robotic Process Automation Services plays a significant role in the digital transformation of the finance department.
Primarily, RPA in finance also assists with accounting operations like report preparation, account management, payroll and documentation. Likewise, it can also help with strategic financial functions like risk management, treasury, forecasting, budgeting and financing.
We identified a scenario for invoice processing and implement RPA to fast track our operations. Our team at Outworks Solutions is now using the Document Understanding Skill of a bot to analyse huge invoices to derive margins & profits. The RPA bot scans the document using OCR (Optical Character Recognition) and further classifies these documents if they are invoices, receipts, forms etc. A consultant validates these classifications of documents and further trains the bot to achieve better efficiency. The data is extracted from the invoice and exported to readable formats. Furthermore, data analytic tools to perform financial analysis, like identifying revenue per employee, margins, discrepancies and inconsistencies among the exported data.
Implementing RPA in this process has helped our finance team acquire better data quality and operate at maximum efficiency. Contact Outworks Solutions for Robotic Process Automation Services.