Here is how RPA helps in improving quality and accelerating F&A operations.
Industry:
Finance & AccountingServices:
FinanceProject Overview:
Finance and Accounting is an essential part of any business and sometimes keeping track of all transactions, processing these transactions and documenting them would be a herculean task. If the scale of the business is large, a manual system of accounts will require a large amount of dedicated human resources which is expensive.
Challenge:
Our client had an existing RPA tool to automate their Finance and Accounting functions, but still their Finance and Accounting team had to manually keep track of some integral tasks like the journal vouchers tracking and recording, reconciliation & consolidation of the cash and tracking of expenses of the company. This was taking up a lot of the time and resource which was a huge expense for the client and the process was still error prone.
Solution:
Implementation of our RPA tool had the following results for our client:
- About 90% automation achieved with overall ROI realization on-track
- An 80% reduction of errors due to the tool’s data interface to correct exceptions
- There was an 85% improvement up from 60% in turnaround time SLAs