6 Popular Finance Business Processes You Can Automate

RPA (Robotic Process Automation) is found to be more suitable to automate several business operations, but not all. A primary step involved in implementing RPA within an organization is selection of appropriate business processes. It should align perfectly with identified RPA capabilities in the POC (proof of concept) phase. Identifying process features that are likely to succeed on automation for Pilot & POC programs can help derive the intended outcome. 

6 Popular financial processes that can be automated with RPA

1. Payroll: Payroll processing can be termed to be mostly manually-driven. It requires data management in large volumes. Frequent standard upgradation arising from changing compliance and statutory requirements, employee dissatisfaction and data inaccuracy issues may cause payroll challenges. RPA can take care of such challenges and avoid delays and inaccuracies. 
2. Sales Orders: Sales representatives are required to interact with customers. However, they can be noticed to enter data on ERP and CRM systems, thus leading to costly errors and time wastage. RPA can perform end-to-end sales activities. It automates tasks like invoice preparation, delivery, data replication including consistent CRM updation. 
3. Accounting Data Entry: Back-office operations do consume a lot of time to enter vital data in the ERP system. However, RPA can help automate ERP data entry workflows like logging, data gathering, processing, updating and data validation. When CRM is concerned, RPA gathers information to offer auto updates. It also maintains organized, error-free data. 
4. Employee on-boarding: IT and HR departments can find new employee onboarding to be a tedious process. There are numerous repetitive tasks that can now be undertaken by RPA technology. It is possible to configure bots to send across information, documents and notifications to new employees through email. 
5. Accounts Payables Processing: In the Finance sector, processing invoices can be a challenging task. Invoices are generally received in Word Document, PDF, fax, mail or paper copy format. RPA can help establish an auto invoice process on receipt, in any format. RPA bots can be designed to automate error reconciliation, data input, maintain receipts record, tax calculation and timely invoice payment. 
6. Claims Processing: Intensive manual labor is required in traditional claims processing, thereby causing errors and inconsistencies. RPA offers end-to-end, fully integrated automation solutions while integrating all systems and applications including legacy systems. Besides offering high accuracy, it does not disrupt the current technological environment. 

Conclusion

All automated processes tend to share common basic features. However, RPA’s application tends to differ depending on the industry and processes involved. It is necessary to evaluate employee stability and involvement extent, volume and complexity to select an appropriate automation process. This can be achieved by availing SmartOSC DX. Those interested may go through their website https://rpa.smartosc.com/ or fill up the contact form: https://rpa.smartosc.com/contact-us to get in touch with the professionals. The professionals can help find out relevant use cases. They can also incorporate a variety of RPA performance metrics. They will also leverage RPA to deliver enhanced business value, align business goals and drive cost benefits.