Request for proposal
  • Facebook
  • Twitter
  • Youtube
  • Instagram
  • Linkedin
  • Clutch
  • Github
  • Pangea
  • Behance
Request for proposal
  • Company
    • About Us
    • FAQ
  • Services
    • Discovery phase
    • Mobile Application Development
    • Web Development
    • Quality Assurance
    • UI/UX design
    • Data Science and Big Data Analytics Services
    • Artificial Intelligence and Machine Learning Services
    • Software Development Services for Startups
    • IT System & Software Integration Services
  • Industries
    • Healthcare
      • Custom Telemedicine Application Development Services
      • Custom mHealth Apps Development Services
      • Medical Device Software Development
    • Education
      • E-learning Software Development Services
      • LMS Development Services
      • School Management Software Development Company
    • Logistics
    • Fintech
      • Banking Software Development
      • Trading Software Development Services
    • Real Estate
      • HOA Management Software Development
      • MLS Software Development Services for Real Estate
      • IDX Software Development and Integration
      • Property Management Software Development
  • Technologies
    • Flutter
    • Python (Django)
    • .NET core
    • Node. JS
    • ReactJS
    • React Native
    • Custom iOS App Development Services
    • Custom Android Application Development Services
  • Success Stories
    • Reviews
    • Case studies
  • Work at Inoxoft
    • Vacancies
    • News & Events
    • Who we are
    • Career
    • AcademyX Courses
    • Benefits
  • Insights
    • Blog
    • White papers
  • Contacts
  • Facebook
  • Twitter
  • Youtube
  • Instagram
  • Linkedin
  • Clutch
  • Github
  • Pangea
  • Behance
  • Company
    • About Us
    • FAQ
  • Services
    • Discovery phase
    • Mobile Application Development
    • Web Development
    • Quality Assurance
    • UI/UX design
    • Data Science and Big Data Analytics Services
    • Artificial Intelligence and Machine Learning Services
    • Software Development Services for Startups
    • IT System & Software Integration Services
  • Industries
    • Healthcare
      • Custom Telemedicine Application Development Services
      • Custom mHealth Apps Development Services
      • Medical Device Software Development
    • Education
      • E-learning Software Development Services
      • LMS Development Services
      • School Management Software Development Company
    • Logistics
    • Fintech
      • Banking Software Development
      • Trading Software Development Services
    • Real Estate
      • HOA Management Software Development
      • MLS Software Development Services for Real Estate
      • IDX Software Development and Integration
      • Property Management Software Development
  • Technologies
    • Flutter
    • Python (Django)
    • .NET core
    • Node. JS
    • ReactJS
    • React Native
    • Custom iOS App Development Services
    • Custom Android Application Development Services
  • Success Stories
    • Reviews
    • Case studies
  • Work at Inoxoft
    • Vacancies
    • News & Events
    • Who we are
    • Career
    • AcademyX Courses
    • Benefits
  • Insights
    • Blog
    • White papers
  • Contacts
  1. Home
  2. Blog
  3. https://inoxoft.com/blog/robotic-process-automation-in-finance-and-accounting-benefits-and-use-cases/Robotic Process Automation in Finance and Accounting: Benefits and Use Cases

Request for proposal




    Please share with me NDA in advance.
    Please prove you are human by selecting the Tree.

    Robotic Process Automation in Finance and Accounting: Benefits and Use Cases
    FintechSoftware developmentTools & Technologies

    Robotic Process Automation in Finance and Accounting: Benefits and Use Cases

    Pub: Jun 23, 2022•Upd: Jun 24, 2022
    Industry:
    • Fintech
    image
    Written by
    Nazar Kvartalnyi
    COO at Inoxoft, former .Net Software Engineer

    Have a project in mind?

    Let’s get in touch!
    Table of contents
    • The role of RPA for finance and accounting
    • Main Benefits of RPA in Finance and Accounting
    • Time Efficiency
    • Saved Costs
    • Fewer mistakes
    • Scalability
    • The Best Examples of RPA Use in Finance and Accounting
    • Financial reporting
    • Invoice Processing 
    • Financial Close
    • Expense Reporting
    • Financial Planning and Forecasting
    • Consider Inoxoft Your Trusted Partner
    l

    Financial institutions deal with countless transactions, reports and clients personal information on a daily basis. The high volume of work and processes is time-consuming, and often challenging. Here come RPA in financial and accounting services that can completely transform how the work is done. Robotic process automation was actively used in industrial manufacturing and now started entering other industries too. There are lots of specific areas of a business in which RPA can be useful. In the article, we are investigating the role of RPA in finance and accounting practices:

    • What is robotic process automation in finance and accounting?
    • Advantages of RPA in finance and accounting
    • RPA use cases in financial and accounting services

    Let’s proceed to find out more!

    The role of RPA for finance and accounting

    Looking for Dedicated Team?
    Request for proposal

    RPA is a relatively new technology that impacts Fintech services by increasing its efficiency. It refers to software technology (software robots) that can be programmed to mimic human behavior and actions to carry out business processes. There are many tasks within accounting and finance that you can take part in out of human hands for faster work. Robotic process automation can be used to handle tasks that deal with structured data. It included data processing and communication between systems.

    According to research that the revenue from Robotic Process Automation in Fintech is expected to grow by $1 Billion by 2023. Practical process automation applications include risk assessments, security checks, data analysis and reporting, compliance processes as well as most other repetitive administrative activities. This gives financial institutions more time and workforce to perform their core responsibilities.Robotic Process Automation in Finance and Accounting: Benefits and Use Cases

    Main Benefits of RPA in Finance and Accounting

    Despite the fact that there may be some risks related to new technologies employment, there are even more pros of RPA in finance and accounting:

    Time Efficiency

    RPA saves finance and accounting departments from 25K hours of work that can be avoided. The application of RPA in accounting is an effective way to boost operational efficiency and spend less time on daily tasks. Use these saved hours on brain-storming or other revenue-generating activities.

    Saved Costs

    Another benefit of robotic process automation in the financial industry is budget optimization. RPA solutions can save up to 40% in labor costs. As it was mentioned above, RPA saves resources by handling repetitive tasks faster than humans.

    Fewer mistakes

    Accounting includes complex processes and impacts different companies’ departments. Minor human errors in each department can accumulate, leading to significant losses. RPA services for the accounting industry let companies automate manual accounting procedures to eliminate human errors from the equation.

    Scalability

    There is always a need to hire a new team member to help manage the workload in case transaction volume gets to a certain point. With RPA if workload increases, the bot’s output can scale as needed.

    The Best Examples of RPA Use in Finance and Accounting

    Let’s talk about RPA use cases in finance and accounting.

    Financial reporting

    To monitor financial performance has to be tracked on a daily basis. Manual reports are time-consuming and require good expertise. RPA makes the business processes more transparent and ensures financial forecasting accuracy by generating reports

    • Income statement
    • Variance analysis
    • Balance sheets
    • Financial close processes
    • Management reports

    Invoice Processing 

    Сompanies of all industries, especially in Fintech, manage invoices on a daily basis. It is another complex and time-consuming process and RPA in finance can deal with it in the most efficient way. It automatically processes invoices, stores them, automates the data input, and error reconciliation minimizes potential errors and the need for human intervention.

    Financial Close

    Finance companies prepare up-to-date financial statements, and provide accurate financial statements to finalize the financial close. With RPA the process it takes a day, instead of weeks.

    Expense Reporting

    Companies accumulate expenses from different business activities. Expense reporting is crucial for efficient bookkeeping and finance management. However, this process is tedious and costly when performed manually. According to statistics, producing one expense report costs about $27. Automation can reduce this cost to $5/report. You can automate expense reporting using RPA. Robust RPA bots can aggregate data into expense reports, attach receipts to corresponding entries, verify existing expense logs, and flag policy violations or data discrepancies. Automating this process using RPA can reduce errors, improve employee experience, and enhance adherence to company policies and legislation.

    Financial Planning and Forecasting

    Financial statements and data must be properly input to predict the future accurately. Robots collect, store data, and transform it for the purpose of forecasting. By using historical data automation solutions can put together a complete picture of what you can expect the future to hold. With this information, you can create a financial forecast and then also benefit from conducting variance analysis seamlessly.

    Consider Inoxoft Your Trusted Partner

    Looking for Dedicated Team?
    Request for proposal

    Robotic Process Automation in Finance and Accounting: Benefits and Use Cases

    Inoxoft is a custom fintech software development services and banking software development services company with 7+ years of experience in the Fintech sector. If you want to resolve automation challenges, leverage trading success, and digitize banking services. Contact us to get

    • A dedicated team of fintech software engineers
    • Full-cycle project implementation
    • An effective delivery approach based on iterations
    • And a top-notch solution to benefit your business

    How useful was this post?

    Average rating 0 / 5. Vote count: 0

    No votes so far! Be the first to rate this post.

    Share it with your friends!
    ShareShareShare

    Subscribe to blog

    Related casestudies
    Trading Automatization Platform
    Trading Automatization Platform
    Integrating Online Payment Services with CBS
    Integrating Online Payment Services with CBS
    Top 5 posts
    What is Mobile Banking? Advantages and Disadvantages of Mobile Banking
    What is Mobile Banking? Advantages and Disadvantages of Mobile Banking
    7 Software Development Models Comparison: How to Choose the Right One?
    7 Software Development Models Comparison: How to Choose the Right One?
    Gradient Boosting Classifier – Inoxoft
    Gradient Boosting Classifier – Inoxoft
    Reasons Why to Use Predictive Analytics in Retail and eCommerce
    Reasons Why to Use Predictive Analytics in Retail and eCommerce
    How to Design a Web Application Architecture: Components, Models and Types
    How to Design a Web Application Architecture: Components, Models and Types
    You may also like
    AI in Logistics: Examples and Insights – Inoxoft
    AI in Logistics: Examples and Insights – Inoxoft
    Jun 22, 2022
    What is the Internet of Things and how it is already transforming our lives?
    What is the Internet of Things and how it is already transforming our lives?
    Jun 22, 2022
    EHR System: Definition, Pros and Cons of Electronic Health Records
    EHR System: Definition, Pros and Cons of Electronic Health Records
    Jun 21, 2022
    Benefits Of Big Data In Healthcare Industry
    Benefits Of Big Data In Healthcare Industry
    Jun 21, 2022
    EMR Integration: Use of Technologies for Healthcare Tech Products
    EMR Integration: Use of Technologies for Healthcare Tech Products
    Jun 21, 2022

      CONTACT US

      If you have any questions, feel free to contact us.

      image
      Viktoriya Khomyn
      Head of Engagement




      Please prove you are human by selecting the Heart.
      Attach a file

      Top-rated software development company

      180+Experts

      7+Years on the market

      150+Happy clients

      200+Happy Projects

      70%Startups

      30%Existing businesses

      What happens next?
      • Our representative gets in touch with you within 24 hours.
      • We delve into your business needs and our expert team drafts the optimal solution for your project.
      • You receive a proposal with estimated effort, project timeline and recommended team structure.

      Microsoft

      Clutch

      Istob

      image
      • Kulparkivska St, 59, Lviv, Ukraine, 79015
      • 1601 Market Street, 19th Floor, Philadelphia, USA, PA 19103
      • 3 Hanehoshet St, Building B, 7th floor, Tel Aviv, Israel, 6971068
      • contact@inoxoft.com
      Menu
      • About Us
      • Case studies
      • Reviews
      • Vacancies
      • News & Events
      • Who we are
      • Career
      • Benefits
      • Blog
      • Knowledge Base
      • Scholarship
      Services
      • Discovery phase
      • Mobile Application Development
      • Web Development
      • Quality Assurance
      • UI/UX design
      • Data Science and Big Data Analytics Services
      • Artificial Intelligence and Machine Learning Services
      • Software Development Services for Startups
      • IT System & Software Integration Services
      Industries
      • Healthcare
      • Real Estate
      • Education
      • Logistics
      • Fintech
      Technologies
      • Flutter
      • Python (Django)
      • .NET core
      • Node. JS
      • ReactJS
      • React Native
      • Custom iOS App Development Services
      • Custom Android Application Development Services
      • Terms Of Use
      • Privacy policy
      • Sitemap
      • Facebook
      • Twitter
      • Youtube
      • Instagram
      • Linkedin
      • Clutch
      • Github
      • Pangea
      • Behance
      © 2022 Inoxoft, All rights reserved

      Contact us

        Have a project? Feel free to call, send us an email or complete the enquiry form.




        Please share with me NDA in advance.
        Please prove you are human by selecting the Plane.

        We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are agree to our privacy policy.Agree