Top 5 RPA Use Cases in Finance Driving Overall Business Growth

The financial services industry demands unflagging accuracy and efficiency in every process. Leveraging robotic process automation in finance, therefore, enables the growth-focused industry players to gain improved accuracy and drive greater efficiencies. The figurative bots are designed to accomplish no-brainer tasks proficiently and add value to the business process.

Besides, robotic process automation in finance companies orchestrates the overall business growth. It enacts as an enabler in the quest of digital transformation, thus allowing the companies to usher into the new age of excellence. Owing to the numerous benefits automation offers, it has the potential to revitalize the industry landscapes and in most cases, has already started to do so.

Hence, the key to gaining a sustainable and competitive edge in the industry is keeping pace with the technological advancements. Likewise, various key stakeholders have already boarded the RPA bandwagon and are reaping the benefits. What the remaining businesses have to do is explore and find an RPA use case in finance that best-fits their needs and assists them to scale newer heights.

RPA Use Cases in Finance

Implementation of robotic processes automation in finance not only eases the routine work but helps to explore new opportunities. It makes the business processes easier, simpler, and accurate. Automating tasks aids businesses to optimize technological costs, reduce compliance backlogs, maximize productivity, and scale-up workflows. Below mentioned is the list of RPA use cases in finance where automation is taking the industry by storm.

Client Onboarding

As the compliance regulations get stronger the KYC process becomes unnecessarily drawn out since the highly-skilled resources spend hours sifting through external and internal systems to collect incriminating information about the customer. However, with the implementation of robotic process automation in finance, the process can become faster and agile. The bots gather all the relevant information through an OCR tool, extract data and match it with the information in the file, and present a report to the compliance manager, thus facilitating them to make an informed decision.

Accounts Reconciliation

Financial firms have to deal with a lot of accounts payable and account receivable. Also, all the accounts have to be closed by the end of the reporting period to balance the accounts and generate an accurate financial statement to keep a check and stay ahead of issues that may arise later. The entire process is time-consuming and monotonous for accountants since it involves manual data extraction and entry as well as overtime work and attention to every minute detail.

The robotic process automation lends the much needed helping hand, thus allowing the employees to concentrate on doing actual analytical work rather than simply wasting time on non-core tasks. A figurative bot can be designed for this task can check the transactional data collected from different sources and automatically approve all the matching orders.

Financial Planning and Forecasting

The figurative bots can efficiently execute tasks such as processing historic data, collecting and reconciling all the financial statements put together from different departments and creates variance reports as well as financial trend forecasts out of them. Consequently, it allows employees to concentrate on core competencies adding worth to the business.

Automatic Report Generation

Tracking of the company’s profits and loss reports daily is indeed a safe way to keep a check on the company’s financial performance. But creating this report manually is a taxing exercise and gets mundane over time. Thanks to robotic process automation in finance as the figurative bots can easily take over this task and generate such critical reports in real-time while minimizing the risk of inaccuracies and human errors.

Tax Reporting

The functional routine of tax processes involves a lot of tasks being performed manually, such as collecting and reconciling tax-related data, to file information and prepare the reports as required by the law. Such resource-intensive tasks often create a challenge for many organizations, thus calling for the automation in processes. RPA bots can efficiently execute tasks such as preparing reports, gathering data, calculating the tax payable, or submit filings to tax authority portals.

Winding Up

All in all, robotic process automation in finance enables companies to reach operational excellence without sacrificing time and quality. It aids the finance and accounts operations by exponentially multiplying their efficiencies. On the whole, it adds value to the business growth by streamlining the processes and scaling up the workflows.