digital accounting
finance automation

digital ACCOUNTING ISn't A MYTH,
it's REALITY.

Accounting is the backbone of a company. From employee salaries, through confirmation and verification of purchases, to giving complete overview of the budget, current profits and costs. Settling invoices, service providers payments, issuing bills, verifying the correctness of financial activities are among the daily tasks of accountants. Every day they receive a stack of papers on their desk, e-mail notifications and invoices which intensifies when the month end is approaching. Their work requires focus and precise accuracy as mistakes are paid dearly.
Automation of the data analysis process

It turns out that the analysis of the documents takes about 30 percent per day WORKING TIME OF ACCOUNTANTS.

McKinsey's report indicates that 43 percent of the processes in the accounting and finance department are suitable for automation. Especially those that require the collection and processing of huge amounts of data. Such processes take a lot of time, especially if the data has to be entered and verified manually.

There is one basic condition for automation - processes must follow a specific rule-based path. Robots operate on a pre-defined scenarios with little to no variants and decisions that don't require judgment. The more repetitive task, the better. Parts of the work that cannot be standardized are handled as exceptions or left for manual processing, possibly to be automated in the future with help of more emerging cognitive technology.

Certainly, many accountants have doubts about the transition to digital accounting. The argument repeatedly presented against automation is the fact that customers issue invoices in various formats and according to the patterns adopted in the company. In such cases, the possible actions of the robot should be specified - indication of the path that it should follow, according to the forms of incoming invoices.

Robot's operation is not out of control. It takes place according to the rules, the fulfilment of which is constantly checked. The results are measurable and provided in the form of reports. You can evaluate the effectiveness of the robot's actions at each of the stages.

The tasks that can be automated in the accounting department include:

INVOICING

  • Copying and pasting data from invoices to the accounting system
  • Issuing electronic invoices
    and statements in digital form
  • Verifying the correctness
    and completeness of invoices



ADMINISTRATION

  • Calculating and preparing a cost statement
  • Generating periodic summary reports, e.g. month.
  • Calculation of amounts due to customers



DEBT COLLECTION

  • Monitoring of payment terms
  • Sending alerts about the need to contact a customer who hasn't paid the amount due
  • Sending reminders to payers, e.g. e-mail about failure to make a payment to the account



Automation in accounting department

THE WORK OF THE ACCOUNTING DEPARTMENT CAN CHANGE FOR THE BETTER WITH RPA


What steps should be taken to automate the accounting process?

1. Choose processes that are repetitive and take a long time for the accountant.
2. Create a process map- process flow path (step by step, operation by operation).
3. Indicate possible derogations and exceptions.

Analytics and automation in accounting work are gaining popularity
Why? Thanks to the solutions of automation of accounting processes, the company:


OPTIMIZES COSTS
FOR HANDLING THE PROCESS



ACCELERATES TIME OF IMPLEMENTATION
DESIGNATED PROCESSES


PROVIDES HIGHER QUALITY
RELATED SERVICES 


GETS BIGGER AND FASTER
RETURN ON INVESTMENT

No company can function without accounting. Processing of large amounts of data in a repetitive, sequential manner makes it prone to human mistakes that can cause a lot of damage - from customers leaving to solvency issues. On the other hand, the repetitiveness and need to eliminate human error makes it a perfect candidate for automation!

We invite companies interested in optimization of accounting processes to contact us. Due to our experience in this sector, we provide professional analysis and constant support in the implementation process of digital accounting.

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