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Intelligent Automation for F&A
25+ use cases and examples of intelligent automation for F&A function
Finance & Accounting is an arterial function of any business. On time book closures and high visibility is important for financial planning/analysis and decision-making. Similarly, faster Accounts Payables and Accounts Receivables processing is not just a nice-to-have but a must-have business mandate. Businesses do have existing point solutions for automation that fulfill business requirements. However, the changing business landscape demands faster integration of data and seamless automation.
Datamatics Intelligent Automation Platform is modular and enables businesses to leverage end-to-end automation of the entire CFO Back-office with real-time processing, speedy reconciliations, and faster closures. It expedites Procure-to-Pay and Record-to-Report processing as well as reduces Days Sales Outstanding figures through Order-to-Cash automation. Datamatics Intelligent Automation Platform has in-built AI algorithms to detect trends and actionable insights.
Auto-read the email invoice request and file attachment and log the data in the Accounting system. In case of missing information, send an email to the concerned. Else create the invoice through proper transactions.
Auto-read the Excel file in the shared folder for details and store in the database. Log in accounting system such as SAP and update the data. Repeats the steps for all records in the input file and email to the stakeholders.
Receive PO data available in the accounting system with that of invoices and inform the right stakeholders in case of any open PO/debit memos, void POs and exceptions. Auto-collect the data for the received and processed POs. In the accounting system auto-search based on invoice and PO, confirm the availability in the open PO and debit memo queues. Check for the correct vendor and for any amount variance allowed, create a log for the exceptions, and email it to the stakeholders.Talk To An Automation Expert →
Download, auto-process, and auto-validate the journal vouchers for the format and data accuracy. Auto-email to respective approvers and on approval, upload the journal voucher into the specific general ledger accounts in the business system. Inform the submitter about the journal voucher status, and store it in a pre-defined format.Talk To An Automation Expert →
Automate many tasks such as Assets creation in SAP, Posting of Assets in SAP, Approval in DMS, and Reporting. Auto-generate reports including Shift Factor Update, Depreciation, Comparison, Fixed Assets Report Preparation, and Capital WIP Report, which involve tracking data across multiple touch points.Talk To An Automation Expert →
Track the payment status related to the usage of the leased assets in the business system.Talk To An Automation Expert →
Navigate to different customer websites to get the payment status for different invoices raised over a period of time. Based on the status, create a report and send it to the collectors to do the needful. Upload the invoice and the supporting documents on the customer portal for which payment status is required after a pre-defined time.Talk To An Automation Expert →
Book invoice amount in miscellaneous accounts for one time customers. It includes reading Excel report, Searchable PDFs, and Text Invoices for getting data from finance related system and transaction in business system. Post approval, auto-execute a cash transfer to the required accounts.Talk To An Automation Expert →
Auto-apply additional service fee of applicable tax by credit card and charge to the customer.Talk To An Automation Expert →
Automate finance, accounting, and taxation related tasks. Replace slow, time-consuming tasks with automation and enable employees to focus on more productive work.Talk To An Automation Expert →
Reconcile data downloaded in unstructured format from emails as well as bank websites and validate it as per business rules.Talk To An Automation Expert →
Extract financial data from balance sheets of companies and create the credit assessment profiles before enrolling in different programs.Talk To An Automation Expert →
Export trial balance and other related data from the ERP, determine the tax filing status of each legal entity, review accounts, reconcile inter-company transactions, calculate tax, and apply it to the trial balance.Talk To An Automation Expert →
Extract data from the bank's statements, compare it with the company records across Excel files and ERP systems, validate it against complex business rules and creates report for compliance and discrepancy.Talk To An Automation Expert →
Reconcile data between bank accounts and the company database. In case of a match, upload the data to the company site. If not, email it to the respective stakeholders.Talk To An Automation Expert →
Automate various registers such as Premium Register and integrate with the Application Service Provider (ASP) tool. Also automate the TDS (Tax Deducted at Source) ledger and TDS Master processes.Talk To An Automation Expert →
Track installment due date and automate generation of installment letter at pre-defined intervals from the core business system.Talk To An Automation Expert →
Automate pulling in data from different legacy systems for financial reporting across the board, reduce errors involved in the manual swivel chair operations, improve productivity of the Accounting team.Talk To An Automation Expert →
Use previous year data and forecasting data to budget for the annual expenses, such as license renewals, lease renewals, etc.Talk To An Automation Expert →
Automate process variance analysis and reporting for financial data by using RPA bots for key processes.Talk To An Automation Expert →
Use RPA bots to calculate the cumulative tax collections and automate forecasting.Talk To An Automation Expert →
Automate quarterly cashflow forecasting for ongoing and new projects, improve collections, and reduce day sales outstanding by using RPA bots.Talk To An Automation Expert →
Check how invoice processing can be automated with Datamatics Intelligent Automation platform.
Top 10 most popular RPA use cases in finance & Accounting
list of 25+ automation use cases
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