The competition for banks and payment firms is fierce. Looking for ways to drive new efficiencies, many finance leaders decide to invest in deploying finance robotics and hit the bull’s eye. Here are 3 real-life examples of RPA (Robotic Process Automation) in finance that are worth a closer look.
Payroll processing
Those in a payroll department know payroll management covers many repetitive tasks and is prone to have errors in nature. RPA bots reduce the complexity of the process by validating timesheets, earnings, overtime payouts and tax deductions with zero errors and delays.
Invoice processing
Invoicing is critical, yet typically a tedious business process that involves manual data entry and takes up precious hours for accounting departments to ensure numbers and formats are accurate. Without a modern approach to this effort, error rates may climb, developing inefficiencies. RPA bots can take on the routine task while ensuring 100% accuracy and forwarding the invoices to the required authorities in no time.
Financial reporting
Financial departments need to generate granular reports reflecting performance and trends. Too often, huge data is reconciled with pen and paper or Excel spreadsheets. The data extracted manually doesn’t reflect the current reality and hurts the bottom line. By transitioning toward RPA, banks and other financial service providers can quickly eliminate common data collection bottlenecks and analyze better.
It’s time to protect your business from expensive mistakes caused by repetitive manual labor. Contact us today to know how GS automation solutions would work in your business’ environment.
