Discover the future

Transforming with automation finance and accounting with eRAS

eRAS can improve the efficiency of finance and accounting departments by automating repetitive tasks, increasing accuracy and reducing errors, allowing employees to focus on more strategic activities and streamline the process.

Example

Invoice processing and payment

RPA can automate the process of receiving and reviewing invoices, matching them to purchase orders, and approving and processing payments.

Financial reporting and analysis

RPA can automate the process of collecting, consolidating and analyzing financial data, generating reports, and distributing them to stakeholders.

Accounts payable management

RPA can automate the process of managing and reconciling accounts payable and receivable, including issuing invoices, recording payments and issuing credit notes.

Tax calculation and filing

RPA can automate the process of calculating taxes and filing tax returns, reducing the risk of errors and ensuring compliance with tax laws.

Key Benefits

Increased compliance

RPA can automate compliance-related tasks, such as reconciling financial statements and ensuring compliance with accounting standards and regulations, reducing the risk of non-compliance.

Improved efficiency and accuracy

RPA can automate repetitive, mundane tasks, freeing up employees to focus on more strategic, value-added activities. This can lead to increased productivity and cost savings.

Cost savings

RPA can reduce the need for manual labor, which can lead to cost savings, and also reduce the risk of errors, which can lead to further savings through reduced rework and penalties.

24/7 operation

RPA can automate the process 24/7, which can significantly reduce time spent on repetitive tasks, and it would be easy to access and process data at any time.

Improved data governance

RPA can automate data collection, validation, and reconciliation, which can help to improve data governance and ensure data consistency across the organization.

Improved process visibility

RPA can provide real-time insights into process performance, enabling organizations to identify bottlenecks and improve process efficiency.

Case Studies

The Challenge

Human workers were required to manually input data into computer systems, which was time-consuming and prone to errors. Compliance checks were also conducted manually, which made it difficult to ensure that all regulations were being met consistently.

Solutions

The RPA software was able to perform tasks with a high level of accuracy and consistency, reducing the chances of errors and ensuring compliance with regulations.

Future

The company has reported that the return on investment (ROI) for their RPA implementation was achieved within six months and the company has plans to expand the use of RPA in other areas of the finance and accounting department.

Which product is used in Finance & Accounting and why?

Enterprise RPA

Data entry and processing: RPA can automate the process of entering and processing large amounts of financial data, such as transactions, into accounting systems.
Treasury management and cash flow forecasting: RPA can automate the process of managing and forecasting cash flow, including monitoring bank balances and issuing payments.
Tax calculation and filing: RPA can automate the process of calculating taxes and filing tax returns, reducing the risk of errors and ensuring compliance with tax laws.
Auditing and fraud detection: RPA can automate the process of analyzing financial data for irregularities and fraud, and flagging any suspicious transactions for further investigation.
Accounts payable and receivable management: RPA can automate the process of managing and reconciling accounts payable and receivable, including issuing invoices, recording payments, and issuing credit notes.
Data entry and management: Budgeting and forecasting: RPA can automate the process of gathering and analyzing financial data, creating budgets and forecasting future financial performance.
Reconciliation and compliance: RPA can automate the process of reconciling financial statements, ensuring compliance with accounting standards and regulations.
Financial reporting and analysis: RPA can automate the process of collecting, consolidating, and analyzing financial data, generating reports, and distributing them to stakeholders.
Invoice processing and payment: RPA can automate the process of receiving, reviewing, and approving invoices, as well as processing payments.

Test Automation

Performance testing: Robots can be programmed to perform performance testing on financial software, to ensure that it can handle large volumes of data and transactions.
Automated test execution: Robots can be programmed to execute tests automatically, which can significantly reduce the time and resources required for testing and allow for more frequent testing cycles.
Data validation: Robots can be programmed to perform data validation on financial software, to ensure that data is entered and processed correctly.
User acceptance testing: Robots can be programmed to perform user acceptance testing on financial software, to ensure that it meets the needs and expectations of users.
Integration testing: Robots can be programmed to perform integration testing on financial software, to ensure that it is properly integrated with other systems and software.
Compliance testing: Robots can be programmed to perform compliance testing on financial software, to ensure that it is compliant with accounting standards and regulations.

Capability Bots

Financial data collection: Robots can be programmed to scrape financial data from websites and other online sources, such as stock prices, exchange rates, and economic indicators.
Tax filing: Robots can be programmed to scrape financial data and then use it to calculate taxes and file tax returns, ensuring compliance with tax laws.
Data warehousing: Robots can be programmed to scrape financial data from various sources and then store it in a centralized data warehouse for further analysis and reporting.
Auditing and fraud detection: Robots can be programmed to scrape financial data and then use it to detect irregularities and fraud.
Compliance monitoring: Robots can be programmed to scrape financial data and then use it to monitor compliance with accounting standards and regulations.
Budgeting and forecasting: Robots can be programmed to scrape financial data from various sources and then use it to create budgets and forecasts for future financial performance.
Financial statement analysis: Robots can be programmed to scrape financial statements from company websites and other sources, and then analyze the data to identify trends, patterns, and potential risks.
Invoice processing: Robots can be programmed to scrape invoice data from emails and other electronic sources, and then automatically process them for payment.