As we all know, financial work is highly rule-based, which may give full play to RPA. Many tasks like invoice extraction, payment and reconciliation, data collection, salary payment, etc. can all be automated by RPA robots.
In financial areas, RPA, as a substitute of the human labor, can automate a large amount of tedious and repetitive work by simulating the human operations according to the characteristics of the financial businesses and processes, thereby optimizing financial processes and improving business efficiency and quality.
Download bank statements
Everyday, financial staffs need to log in to the online banking system of each bank to download the bank statement for the previous day, which may takes up a lot of time. And the RPA robot can automatically access the bank's website, read out the company's bank account number and password, filter the date, and download the previous day's bank statement.
Recognize and verify invoices
The Invoice Recognition Robot can automatically recognize VAT invoices of various kinds, and summarize them, in addition to other types of tickets. With the help of the highly efficient robot, the time spent on the business operations each month can be greatly reduced, with the accuracy rate up to 100%.
Declare taxes
The robot can automatically collect various tax declaration forms from the tax management system, then log in to the tax declaration websites in the local region to fill in and submit the forms and annexes. Only in the last step can the human staffs be involved to review, confirm and summit them.
Issue financial statements
During the monthly closing period, the financial staffs need to log in to the financial system to export several financial statements, which is tedious and repetitive. Someone must be specially designated to spend quite a lot of time to download and check them. And the RPA robot can automatically collect, consolidate and offset the data, request the supporting Emails, and export and process the system data, then finally issue the statements as templates.
