RPA in Practice - Finance and Accounting

The general acceptance towards Robotic Process Automation (RPA) keeps growing – especially in the areas of Finance and Accounting, where there have been great reservations for a long time. Which is understandable because especially finance and accounting processes with a high transaction volume and low complexity are picked as an entry into RPA for finance and accounting. But times are changing.

The RPA Success Story – Optimizing Finance Processes and Finance Accounting

Do you know why RPA robots are so reliable in the finance sector? They complete tasks at least as well as your best employees and generally work considerably more efficiently. Through machine learning and in interaction with the responsible employee they are even capable of permanently optimizing single process steps in the context of accounting. These are the most common areas of application:

  •  Managing travel expense accounts
  •  Processing payment reminders and invoices of suppliers
  •  Management of bank lending
  •  Scanning incoming invoices
  •  Independent generation of payment orders
  •  Checking invoices for completeness and plausibility based on predetermined rules
fianance box


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Financial Process Automation: Plausibility Check and Accounting of Meter Reading

The company receives meter readings from its clients. Initial automated checks result in high number of second-level manual exception related checks. The process consists of many entries and checks in different SAP IS-U screens. These repetitive tasks need to be carried out with extreme accuracy to avoid billing errors. Key challenges the company faced were keeping staff motivated, lack of scalability and costs.

13600 Optimized Working Hours per Year
60% Cost Reduction
50000 Incidents per Year

Financial Process Automation: Processing of Incoming Dunning Letters

The customer receives dunning letters from his suppliers. These letters have to be registered in SAP and checked against the open items, the payment conditions and any individual agreements that may apply.

8500 Optimized Working Hours per Year
-40% Handling Time
48000 Incidents per Year

Financial Process Automation: Creating Invoices with RPA

An employee who is mainly occupied with creating invoices uses data from different sources and systems for this standardized process comprised of eight different components. The process starts with logging into the different applications, compiling the required data by constantly switching between programs as well as copying and pasting the respective content. All in all, creating one invoice takes around 10 to 12 minutes, making it five to six invoices in one hour. But only if everything works out perfectly.
And this is where RPA in finance comes into play: The software robot works through the eight different components and automatically creates a flawless invoice – only accessing the very same applications that your employees use. In case of an unexpected event in the process – like incorrect or missing information – or an application being not available, the robot simply rejects the event and leaves it with a precise description of the cause for your employee to take over again and finish the process. That’s teamwork.

17000 Optimized Working Hours per Year
-60% Handling Time
70% Cost Savings

More Use Cases in the Financial Sector

  • Financial Planning

    In Finance Planning, RPA can be used for processing and merging financial statements of numerous departments in an at least partially be automated Financial Planning & Analysis (FP&A) system. In this case, RPA automates the various systems.

  • Profit and Loss Reports

    All large financial service companies keep track of profit and loss as well as risk exposures on a daily basis. RPA is able to automate Excel, legacy tools and any other kind of finance system to complete these reports. This is particularly helpful in the trading business.

  • Customer Account Management

    No more annoying customer account updates. OCR-Technology for example automatically records any change orders and enters them into the system using RPA.

  • Management Report Creation

    Create and send weekly automated reports on the latest news and events, sales figures, forecasts or cost reports easily with RPA.


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