Robotic Process Automation (RPA) is transforming the accounting industry trends by automating repetitive tasks, increasing efficiency. And enabling professionals to focus on high-value activities. In this blog, we explore the latest trends in RPA that are reshaping accounting practices, and driving digital transformation.
Banks utilize powerful technology to increase efficiency and save expenses. RPA solutions improve back-office operations, customer processes, and document processing. To help banks manage vast customer data without losing accuracy or precision. The Latest RPA technologies allow organizations to complete transactions seamlessly.
RPA Trends in Financial Services
RPA automation is the process of making high-volume, labor-intensive jobs. That user used to do it by hand and run automatically without any help from a person.
Large companies have been engaging in RPA automation solutions. And combining them with other digital technologies for the past few years. RPA bots are easy to maintain and are set up using rule-based systems. This means that humans make fewer mistakes, are more efficient, and get things done faster.
Here are some of the most recent RPA automation latest trends in the accounting and finance services industry:
1. Intelligent Automation
Intelligent automation uses AI and automation to construct systems that work without human intervention. It uses machine learning and natural language processing to help computers learn, make smart decisions, and perform better. Intelligent automation streamlines operations improves accuracy and efficiency, and frees human resources for strategic activities. It helps firms use AI and automation for productivity and innovation across industries.
According to Gartner, the RPA industry is estimated to be valued at USD 1.89 billion in 2021. And this figure is projected to rise, with intelligent automation being at the forefront of RPA in the BSFI sector. The intelligent automation sector is forecasted to grow at a CAGR of 12.9%. Annually from 2018 to 2023 and trends show that these solutions will assist operation teams in automating various business functions. From loan application tracking to asset management, reducing operational costs. Intelligent automation will enable financial organizations to read data from multiple sources. And use a rules-based approach for processing applications faster.
2. Customer Experience
When RPA solutions are used in finance and accounting services, one of the main points of attention is complete process reengineering. With this, banks can figure out all the stages of a customer’s journey and set up processes that make it easier for them to move from one stage to the next. RPA lets customers access and map out their financial data, giving them a simple way to use it and making it easy for them to handle business problems. Studies show that banks spend an average of $60 million USD each year on RPA solutions to automate KYC Compliance and company treasury processes.
3. Launching New Products
RPA automation is launching new products and services in 2023 accounting industry trends. Online banking apps for borrowing money streamline important processes.
Such as financial transaction processing, KYC document reading, client relationship management, and speedy response to inquiries. Financial automation workflows improve customer onboarding and offboarding, improving accounting sector operations.
4. No More Papers
Automation from RPA is making it possible for banks and companies to get rid of paperwork. By storing their data online and getting rid of the need to store documents on paper, organizations will save millions of hours in 2021. In the coming years, employees will no longer have to do time-consuming chores and will be able to focus on more productive parts of finance.
5. Optical Character Recognition (OCR)
Optical Character Recognition (OCR) is a new innovation under the umbrella of RPA that is used for scanning documents. And transferring digitized data into ERP systems. One of the major barriers in document processing is the storage and analysis of unstructured documents. OCR is integrated with complex business processes to seamlessly pull data from a variety of documents and structure it into easily readable formats. Banks are using OCR solutions to track financial transactions, generate fraud reports, and keep their general ledgers updated for better-presenting reports to customers and stakeholders about their performance. RPA and ML integrations can be paired with legacy systems and used for upgrading system workflows. It is estimated that finance departments save upwards of $878,000 per year and reduce up to 250,000 hours of rework by simply investing in these technologies.
Advantages of robotic process automation in finance and accounting
RPA is being used by most banks and financial institutions to automate their accounting processes. Because of the following perks, RPA is becoming a must-have for businesses:
1. Reduces Human Errors
RPA workflows in finance and accounting help workers be more accurate and avoid making mistakes when entering data. 32% of businesses are automating every function, which gives banks a competitive edge because they can speed up deals, data processing, and getting accurate and reliable information.
2. Scalable
RPA tools can be used to update legacy systems and make data models scalable for companies. Bots are used to reduce significant labor costs, manage large amounts of data, and migrate to other systems.
3. Analytics for the Future
RPA methods are used by organizations to learn more about their data and analyze it. This makes it easier to report on customer info and find patterns in it.
4. Ensures Legal Compliance
Organizations have to deal with legal problems and make sure their data follow state rules. RPA tools make sure that a business is financially successful by making sure that data is accurate, of high quality, and follows the law.
Finance and Accounting Examples of How RPA Can be Used
RPA tools, unlike people, don’t need breaks and can handle data 24 hours a day, 7 days a week. Most of the time, RPA is used in finance and accounting to:
1. Financial Account Reconciliations
Comparing account balances and making sure that transaction details are right is one of the hardest parts of finance and accounting. RPA tools are used to pull information from various accounts, compare it, and make sure it is correct.
2. Process Bills
RPA is used by banks and accounts payable offices in companies to make invoices and automate the process of processing them. There are many different formats for invoices, and RPA tools can handle millions of papers in different formats.
One of the latest trends in accounts payable is the adoption of intelligent document processing capabilities within RPA systems.
3. Processing Purchase Orders
In RPA, OCR and Machine Learning are used to automate the processing of buy orders and improve the flow of shipments. RPA makes sure that data is full and helps automate the process of getting data from paper documents for transactions.
4. Vendor Deal Compliance
This is another area where technology is doing a great job, and RPA processes make sure all the terms and conditions for vendor compliance are met. RPA bots look at bills and find key-value pairs like discounts, vendor information, rebates, and so on.
When it comes to finance and accounting, it’s clear that RPA tools will change the BFSI field as more new ideas come out. If you want to digitize the way you process documents, you can sign up for a free test at Docsumo and start right away.
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