Your finances are a vital part of your business and its ongoing success, and the handling and completion of important financial functions must be done on a daily, weekly and monthly basis to help keep your company moving forward.
However, while these tasks are extremely important to your organisation, the reality is that they are quite monotonous, repetitive and time-consuming for a human to have to action regularly. Not to mention, a single instance of human error when completing these tasks can easily result in major problems for your business.
For this reason, more organisations today are now turning to Robotic Process Automation (or RPA) to help complete their financial tasks faster and more accurately than ever before.
What is Robotic Process Automation (RPA)?
Robotic Process Automation (RPA) is an innovative technology that utilises programmable software robots designed to imitate human processes to complete basic, repetitive and mundane tasks for a business – allowing employees to focus on more meaningful and value-adding activities.
These bots are developed to work with existing IT, accounting and financial systems and applications, making implementation simple. Consider the way that a macro works in an excel environment – this is the same way that RPA can work for your business’ financial functions.
How does Robotic Process Automation work?
RPA can conduct many simple activities, such as the processing and extracting of data, with much more consistency and speed than a human ever could.
This technology works best when you have large data sets that need filtering, reviewing and/or importing from one system to another. It relies on a pre-defined set of rules to ensure that each process is completed accurately and in the right sequence.
Think of it as setting up a series of step-by-step instructions for a task. You program the RPA bot to undertake those instructions over and over again as soon as an event is triggered – for instance, when an invoice is issued or an order comes in. The RPA bot is activated, and it completes the follow-up tasks in seconds, ready for the next one.
How does Robotic Process Automation work for your Finance Department?
RPA is revolutionising the way that companies like yours approach the operations side of their business – especially when it comes to their accounting requirements and finance projects assigned to the Financial Department. As part of our Financial Department as a Service (FDaaS), Dexterous can utilise RPA to perform several financial functions on your behalf, such as:
Accounts Payable
Accounts Receivable
Expense Processing
Financial Forecasting
Data Processing & Management
Compliance Reporting
Imagine having all of these tasks automated accurately by bots and professionally monitored by
experienced financial specialists.
Robotic Process Automation offers great value and many benefits to your organisation, helping businesses like yours reach their full potential, make well-informed decisions and become more efficient right across your daily financial and business operations.
What are the benefits of Robotic Process Automation?
The reality is, given the highly repetitive and rule-based nature of financial and accounting activities, there are not too many other functions of your business that stand to benefit from RPA more than your Financial Department.
Let’s look at the many benefits that RPA offers your organisation:
Compared to humans, software robots can perform far more tasks in much less time, meaning that RPA ultimately streamlines your processes and reduces the cost of your operation.
This then allows your staff to spend less time completing manual, tedious tasks and focus on much more rewarding, creative and fulfilling work.
When you partner with Dexterous, RPA can materially reduce your cost-to-income ratios and you’ll only pay for what you need.
The process of completing monotonous and repetitive financial tasks can often lead to boredom and inattention, which can then lead to errors and inconsistencies in your data.
An automated RPA bot will complete these tasks with more accuracy and speed than a human ever could, enabling your business to better meet your compliance obligations and make better business decisions with your data.
RPA can also be scaled up and down as required to meet the needs of your business, even going so far as to complete tasks overnight or outside of business hours to make it easier for your team to work throughout the day. The software will then log all the actions taken by bots so you can review and ensure that all tasks are completed accurately.
RPA takes care of all the mundane and tedious tasks, allowing your staff more time to focus on value-adding work, as well as the chance to interact and develop a positive working environment together.
Likewise, they will also have more time to communicate more effectively with your customers – achieving better service quality overall.
What are the costs involved with Robotic Process Automation?
Check out some of Dexterous’ RPA success stories
Dexterous can help to transform your business with Robotic Process Automation
- Is your business ready for Automation?
- Are the processes you want to automate repetitive, tedious and rules-based?
- Are your processes vulnerable to errors when handled by humans?
- Are any of your processes related to big data processing?
