Does your accounting software automatically download your bank transactions? Does your email provider sift out spam and junk emails from your inbox? Both of these situations are examples of robotic process automation.
Despite what you might believe, robotic process automation is already intertwined into your daily life, from filling out forms to logging into applications. In this article, we’ll dive deeper into what robotic process automation is and how you can fully leverage the benefits in your organization.
What is RPA?
Robotics process automation, known as RPA, is a type of software technology that automates repetitive tasks. These programs use bots to mimic human actions, infusing efficiency and accuracy into daily tasks. Here are some examples of RPA:
- Processing accounting transactions
- Scraping web data
- Eliminating spam emails from your inbox
- Posting transactions from your bank to your general ledger
- Automating expense payments
- Generating reports
- Copying and pasting data
- Processing invoices
- Updating inventory counts
Many of these tasks appear in your business on a daily basis, making RPA an essential component of your operations. RPA works by using keystrokes and scripts in a software application. The bots understand and process screen content, extract data, and navigate your system, working virtually without the need for a physical screen.
The Benefits of Implementing RPA
RPA has overhauled mundane and outdated business practices, offering you the opportunity to streamline operations and take more control of the financial health of your organization.
#1 – Added Efficiency
RPA improves efficiency by automating tasks that would normally require manual input, like data entry. Your team no longer needs to spend hours completing repetitive tasks. Instead, they can focus on other value-added activities, such as attracting new customers, finding growth opportunities, or fostering innovation.
#2 – Cost Savings
One of the main advantages of RPA is the ability to save money. Instead of needing a full-time bookkeeper, you might elect to invest in accounting software and hire a part-time individual to oversee everything. By reducing your payroll costs, your business is improving profit without sacrificing data integrity and accuracy.
#3 – Improved Accuracy
RPA reduces processing errors, such as transposing numbers or forgetting to record a transaction. This improved accuracy leads to more precise financial reports, helping you make informed decisions about the future of your company. Accuracy is also essential when it comes to reporting to regulatory agencies, such as sales and income tax returns.
#4 – Stronger Customer and Employee Satisfaction
The right RPA resources keep your customers and employees happy. For example, automating invoice processing with RPA software improves brand image because your customers have a familiar invoice format and know what to expect. The same is true for employees when submitting and receiving expense reimbursements.
Existing RPA Solutions on the Market
There are three main types of RPA solutions on the market: attended, unattended, and hybrid. An attended RPA program generally involves customer-facing tasks, such as a customer calling for assistance.
An unattended RPA solution performs tasks based on an automated or timed trigger, like accepting a transaction in your accounting software after it clears your bank.
A hybrid RPA combines the features of unattended and attended RPA software. Let’s cover some of the different ways you can implement RPA solutions in your organization:
Invoice and Expense Management
Invoicing and expense management are two ways that RPA can help your organization stay on top of cash flow management and increase accuracy in payments. For example, N2F software allows you to snap a picture of a receipt. Then, the software extracts the data and uploads the information into your expense reports. This saves time, ensures you have proper expense report documentation, and reduces mistakes.
Customer Service
RPA is also commonly used in customer service. For example, if a customer reaches out to your organization after hours, they might receive an automated email. This lets your customers know you received their inquiry, improving customer service.
Additionally, RPA can be used to weed through inquiries. If a customer is inquiring about your billing, a RPA solution can outline your policies without the need for a live agent.
IT and Security
Protecting the sensitive information of your customers and employees is crucial, especially as cyberattacks continue to rise.
RPA solutions consistently monitor your IT and security, alerting you of potential data leaks, hacks, and vulnerabilities. This allows you to maintain compliance with privacy laws and protect your business’s sensitive information.
Decision Making and Oversight
Business decisions happen quickly. As a result, your accounting records and data need to be consistently updated.
RPA solutions give you the ability to pull reports at a moment’s notice, allowing you to make decisions backed by data. Not to mention that RPA solutions monitor compliance and upcoming deadlines with regulatory agencies, keeping your business out of trouble.
Communication and Workflow
RPA providers automate many of the daily tasks and reminders your team needs. Let’s say you have a project that needs to go through different stages.
Once the initial preparer signs off, the reviewing manager will receive a notification.
After the reviewing manager finishes their work, the in charge supervisor will be notified. Leveraging RPA solutions improves your workflow and communication among team members.
Selecting the Right RPA Solution
In many cases, businesses benefit from having more than one RPA solution at play. Combining the powers of different RPA solutions unlocks agility and clarity in your financial reporting, compliance, security, and workflows. First, evaluate your current organization inefficiencies.
- Are employees spending too much time on data entry?
- Is your expense reimbursement process outdated and complicated?
Finding where your organization falls short is a great starting point for improving efficiency, productivity, and accuracy.
Then, evaluate market offerings. Which companies excel at the tasks you need help with? Take the time to complete thorough due diligence before investing in a RPA solution.
Summary
For all of your expense management needs, N2F has you covered. Our expense claims program utilizes RPA to streamline the process of submitting, tracking, and reimbursing expenses. Reach out to a team member today to schedule your free demo.
