All You Need to Know about RPA in Finance

With the global adoption of RPA financial instruments, it’s essential to understand how they manifest themselves in day-to-day operations. Let’s briefly review some of the most crucial use cases of RPA in finance one by one:

• Account payable information. Specialized software can be used to automate the accounts payable process from end to end, including extracting data from invoices, matching invoices to purchase orders, and generating payments.
• Financial reporting. RPA is now widely used to build a framework for automation of financial reports, including extracting data from financial systems, manipulating the data in Excel, and generating final reports.
• Budgeting and planning. As the global demand for automation increases, compliance with budgeting and planning rules becomes more relevant. With this purpose, modern RPA tools can automate mundane tasks related to budgeting and planning, which are crucial for any type of organization or enterprise.
• Compliance. As a whole, it’s worthwhile to pay dedicated attention to compliance in the financial industry. Because the industry standards and regulations are robust, the automation of compliance-related tasks is a challenging objective. With RPA, it’s becoming more accessible to generate reports based on customer databases, other activities, and how internal policies match external regulations, all under a single umbrella.
• Verification. In the modern finance industry, customer verification is something you’ll likely experience when creating a new account or profile. However, customer onboarding and verification are essential to ensure your product is user-centric. Modern RPA tools have character recognition functionality, automating customer verification.

As you can see, most of the described use cases require many manual tasks and processes, including data handling, paperwork, and data extraction. The good news is that finance process automation is the next step toward ensuring organizational effectiveness and increased customer satisfaction in the long run.