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Intelligent automation (IA) is transforming the finance and accounting function by integrating robotic process automation (RPA) with cognitive technologies like artificial intelligence and machine learning. It allows organizations to automate repetitive, rules-based processes and also emulate human judgment for more complex tasks. The record-to-report process is a key area where IA can drive efficiency and accuracy.
Four top use cases include: automating data extraction and validation whereby RPA bots can pull data from multiple systems while machine learning validates accuracy; automating reconciliations by using algorithms to match transactions and identify exceptions; automating journal entries by using predetermined logic to classify transactions and create journal entries; and automating report creation and distribution with bots that pull data and populate templates. It enables finance teams to reduce manual efforts on repetitive tasks and instead focus on value-added analysis. As cognitive capabilities continue to evolve, IA will become an increasingly vital tool for transforming the finance function.
The integration of technologies like robotic process automation and artificial intelligence into core r2r processes is transforming finance and accounting by driving increased efficiency, deeper insights, and strategic impact. Key benefits include improved productivity, enhanced data quality, better compliance and controls, cost savings, provision of more insightful analytics, reconciliation, and ultimately enabling finance staff to focus less on repetitive tasks and more on value-add analysis to support data-driven decision making across the business.
Encourage teammates to work more efficiently and quickly
It can take over repetitive, rules-based tasks like data entry, report generation, and account reconciliations. It alleviates the burden on finance staff from mundane work so they can focus on more strategic initiatives that create value like data analysis and business insights. By automating time-consuming tasks, finance teams can work more efficiently and quickly to provide insights and partner with the business.
Provide executives and leaders with insightful knowledge
With IA handling routine processes, finance staff have more capacity for value-add analysis. The rich data being processed by automation can feed advanced analytics and business intelligence. Finance gains deeper visibility into performance metrics and trends when manual efforts are reduced. Leaders can leverage these insights to make data-driven decisions on growth opportunities. IA enables finance to become a more strategic advisor.
Boost adherence and tighten oversight
It improves compliance by consistently applying defined rules and logic to processes. Bots perform repetitive tasks consistently without human error or fatigue. The audit trail from automated processes provides transparency and ensures processes are performed according to policies. Exceptions or anomalies can be flagged for human review. Automation boosts productivity while strengthening accuracy and control - a key benefit for finance and accounting.
Reconciliation
Financial Planning and Analysis
General Accounting
Compliance and Regulatory Reporting
It combines robotic process automation with AI/ML capabilities to bring new levels of efficiency, control, insights and compliance to key record-to-report processes. It enables finance transformation.
Let Rely Services' Experts Handle Your Record for Report
As we have seen, It delivers immense benefits across key record-to-report processes, from automated reconciliations to regulatory compliance to actionable analytics. However, implementing these advanced technologies requires significant upfront investment and expertise.
At Rely Services, our team of intelligent automation specialists have the experience and knowledge needed to design, build, and deploy tailored automation solutions that transform your Finance and accounting BPO operations. By outsourcing your r2r process automation needs to us, you can accelerate adoption without the need for extensive internal resources. Our end-to-end services, from process assessment, tool selection, bot development, and change management allow you to realize ROI rapidly.
Let us handle the heavy lifting while you focus on strategic leadership. Partner with Rely Services to drive finance innovation through applied intelligent automation. Contact our experts today at 847-310-8750 or info@relyservices.com to schedule a free consultation and assessment. We look forward to helping you lead the future of finance.