How Robotic Process Automation Could Transform Your Finance Team

2nd April 2019 | By Jan Cahill

If you work in the world of finance you’ll be aware that there are many manual administration tasks to complete on a frequent basis. Robocloud can help automate your finance departmentCleardata’s Robotic Process Automation (RPA) Services could literally change the way Finance Teams work.  Imagine having a virtual, digital team available to complete the boring tasks that no one in your department wants to do, for example statement reconciliation.

RPA services can be accessed on demand, via a simple monthly subscription. Think of it as hiring a digital worker to support your employees, as and when you need it. This can avoid recruiting and training additional finance people to support peaks in your work, which can reduce your overheads and save valuable time.

Our cloud-based robots can complete manual tasks on a scheduled basis, providing validated data, with notes and next steps ready for your team to action or process.  Tasks can be rules based, for example matching statement to ledger, sending emails based on a previous action, or logging into systems to perform credit or other financial checks.

Regardless of industry, business finance departments are facing more pressure to cut costs in order to continue to grow and remain profitable. So get ahead of the competition, by adopting our new RPA Services and receive a helping digital hand to:-

  • Improve supplier relationships
  • Identify issues or bottlenecks in your payments
  • Monitor your spend
  • Keep track of budgets
  • Analyse overheads
  • Check your company expenses

Cleardata’s RPA services are accessible and offer working hours around the clock. Transform your finance team and relieve your employees of current pressures.

Many of the most influential companies within the finance industry have either begun to implement RPA technology or are exploring the possibility of doing so. The implementation of such software is relatively easy both in terms of costs and time constraints, particularly compared to other IT technology, which makes it an appealing prospect. Thanks to its ease of installation and the fact that many significant brands have already adopted RPA tech, it appears that rather soon RPA will become commonplace in finance teams and something that other businesses will need to adopt simply for survival.

Increased Efficiency

One reason RPA is able to be so cost efficient is the reduction in time taken to complete manual tasks. This can actually result in a cost reduction of 50-70%.  RPA can be used to complete automated regular finance activities such as accounts statement reconciliation, client onboarding, invoice validation and invoice processing. This allows employees’ skills to instead be focused on more complex tasks. The technology is able to follow the way a human would perform a task, in logical steps, via existing user interfaces, so as not to compromise current processes.

Saving time with robots

Financial processes can be optimised further by scheduling robotic tasks to be completed overnight or during the weekend, allowing employees to have work ready data to process or action.

The relatively short implementation period to get your digital RPA worker started is a great advantage for the pressurised world of finance. The software can be applied to existing company applications, meaning a smooth transition and minimal costs- again helping to meet monetary pressures. As RPA is a business project, rather than simply an IT one, its implementation is less reliant on IT functions and constraints. As a result, the adopting company or departments are given more control over the whole process.

RPA is set to make a big positive impact on the finance sector. If you would like more information about RPA and how it could help your finance team, then please do not hesitate to get in touch. Call us today on 0800 046 8086 or simply fill in a contact form.