Emulates a person by executing manual, repetitive tasks in existing applications
Makes decisions based on set rules.
Integrates and updates seamlessly with other applications
Finance Process Automation can unlock the value of your finance team, by automating the tedious, manual accounting tasks that consume so much of their time and effort. An automated process that’s repeatable, organized, and transparent reduces exposure to risk and provides confidence in the reporting outcomes.
Finance process automation involves the use of software to automate key finance-related tasks with minimal human intervention.
It enables finance departments to:
Increase Operational Efficiency
Streamline manual processes to improve operations and reduce costs
Accelerate financial processes to provide timely information for business decision-making
Tighten controls to improve accuracy and compliance with regulatory requirements
Empower Human Capital
Make the human workforce more productive and focused on value-added activities
Automated End-to-End Invoice Processing with RPA and AI – in the cloud
Every year, billions of invoices are generated and exchanged between supplier and buyer organizations. Information from these invoices needs to be read and processed quickly and efficiently and directly impacts most company’s bottom line.
Traditionally, organizations spend countless hours manually extracting the information and feeding that information into systems of records. The current way of operations results in knowledge workers performing mundane tasks such as data entry when they should be performing more value-added tasks. Manual processing also introduces costly errors into the workflow and adds additional complexity with manual approval workflows.
A typical manual invoice process works as follows:
Documents are received via email or some form of a mail room.
Invoices are downloaded and classified based on the different vendor types.
Relevant data from invoices such as invoice number, supplier info, amount and others are retrieved and entered into a system of record such as an ERP system.
This data is then reconciled with a purchase order (PO) and then routed for approval if it passes validation.
The problem with Manual Processes:
Manual data entry errors by workers
Inability to efficiently manage the data
Lack of visibility to track Accounts Payable (AP) processes
Key information can be missed / not captured
Resolving issues takes time, slowing down processes
At a time when maintaining the bottom line is critical, issuing accurate payments faster with fewer resources is key.
AI and Robotic Process Automation (RPA) empower accounts payable teams to automate invoice processing to beat the deadline, ensure accuracy, and achieve up to 80% cost savings.
AI-powered bots can:
Robotic Process Automation (RPA) is the most effective way to automate any procure-to-pay process. It’s easy to deploy, it offers the highest ROI, and when combined with AI, it can even process unstructured data.
Read how iOCO ‘s automation specialists, integrated Automations Anywhere’s IQ-Bot with Syspro to fully automate the accounts payable process and improve supplier engagement, gain visibility into outstanding payments and streamline payment processes.
There are many Automation Use Cases in Finance and Accounting:
Financial Ops & Accounting
- Financial Ops & Accounting
- General Ledger Close
- Manual Journal Entries
- Intercompany Settlements
- Fixed Asset Management
- Regulatory & External Reporting
Financial Planning & Analysis
- Financial Planning & Analysis (FP&A)
- Variance Analysis
- Management Reporting
- Treasury Operations
- Bank Statement Consolidation
- Consolidated Cash Position Reporting
- Cashflow Forecasting
- FX Exposure Forecasting & Hedging
- ACH/Wire Payments
- Tax Operations
- Tax Provisioning
- Tax Compliance
- Tax Accounting
- Data Management & Reconciliation
- Accounts Payable
- Vendor Setup
- Purchase Order Creation
- Invoice Validation Invoice & Lease Payments
- Travel & Expense Reimbursements
- Payables Reporting
- Accounts Receivable
- Customer Setup
- Sales Order Processing
- Invoice Creation
- Payment Processing
- Receivables Reporting
Discover how we can automate your financial processes to save costs, improve accuracy and efficiency.