Purchase Order Processing: Staff can spend a large amount of time processing purchase orders and routing them for approval so that the business can purchase essential goods and services. You could setup a software robot with intelligent data capture tool to scan PO’s for critical data, which automating enters it into your ERP.

Invoice processing: Use robots to read data from invoices, regardless of their format or number of pages.

The robot automatically checks any discrepancy and signals the operator for a manual check. Apart from these cases, the invoices are completed automatically, without error.

Other activities related to invoices can be automated: automatic entry of accounting accounts, cost centers, distribution of discounts, transport costs, etc.

Basic Account Reconciliation: Comparing balances on critical business accounts can take valuable time out of a clerk’s day by requiring them to log back and forth between different systems. Accuracy is essential to support future audits. RPA bots can easily handle many of the basics of these tasks, requiring only human intervention when data doesn’t line up as expected.

Cashflow: A clear picture of the Cashflow  is essential to keep the business on track every day. Robots can handle many of the comparative tasks required in general revenue audits, taking the work out of the process while keeping you in control of the information output.

Advanced Reconciliations: Whether there are questions about a chain of transactions or you simply need to perform a periodic ledger reconciliation as part of compliance measures, reconciliation tasks can represent time spent poring over Microsoft Excel. Robots can step in to handle all the repetitive tasks that each entry needs to perform, leading to more productive audit results.

Exception Flagging: The business can lose money or find itself in an unstable position if staff members don’t spot problems until it’s too late. Because RPA is heavily rule-based, it is exceptionally well-suited to detect when violations occur of certain business parameters. The robot can then route the exception to the appropriate authority for resolution.

Risk assessment: Robots can also help with continuous rules-based risk assessment, a critical effort to reduce the pressure organizations are placing on audit professionals. When potential risk violations occur due to specific transactions or changes in the company’s financial vitals, the system can produce an alert for attention.