RPA for FPA: Month End Closing
Introduction to RPA
Robotic process automation (RPA) is rapidly changing the way accounting and finance teams operate. RPA uses computer-coded, rules-based software robots to automate, or replicate, certain human tasks. This enables companies large and small to allocate human resources more efficiently, freeing staff from labor-intensive, repetitive, clerical tasks so they can spend their time focusing on strategic, proactive work that impacts the bottom line. RPA use cases in finance and accounting abound and are forecasted to grow significantly in the next few years.
Following is a detailed RPA use case for Month End Closing:
Your organization’s financial close and reporting processes — from closing out subledgers to creating and delivering financial filings to regulatory bodies — are complex and burdensome involving multiple systems, departments, and people.
With RPA installed, a robot will automatically post data to subledgers from sources like Excel, performing key tasks in minutes, not days, using today’s information, not last month’s.
Benefits of RPA for Month End Closing:
- Aggregates data from legacy systems, Excel spreadsheets, and more
- Reconciles balances by comparing the ledger account with the back- up for that account
- Streamlines journal entry posting and can be combined with traditional financial workflow automation tools, so RPA creates journal entries and Workflow handles approvals
- Aggregates information from across teams and systems to create a 360-view of financial closing status
- Enables your finance department to complete financial close activities more accurately and consistently and in far less time
- Automates aggregation, validation, and presentation of data
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