#BQs – How can RPA create more value in finance teams?

Think about all of the manual, repetitive, mundane tasks in your accounting and finance department.

Even the most passionate accountant would struggle not to find a very long list of low-value tasks.

Consider the data being moved between applications or spreadsheets, re-keyed, copy-pasted between different sources, and being reformatted… no value there!

Now, remember all the missed opportunities to address problems that never seem to get solved because the manual workaround is cheaper than fixing the problem… no efficiency there!

Finance is often a cottage industry of spreadsheets, with lots of manual or semi-manual tasks that use up precious time, skilled talent and resource capacity, but replacing entire systems is expensive and trying to build a solution to automate every task is virtually impossible because processes will change as business needs change.

This is where RPA comes in;

A software robot or bot can be programmed to complete all of these repetitive, mundane tasks, to work across platforms to complete these tasks, and they can be scaled up and down as workloads flex through the monthly and annual Finance cycles.

This will create efficiencies and free up your time to perform more value-adding, therefore more motivating, tasks.

 

Stay tuned for learning #3: “Where are smart accounting and finance teams using RPA?

 

Co-authored by Christopher Argent, Generation CFO and Vivien Preston, transformation and process improvement specialist.

More big questions here – #BQs

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