Take a Deeper Dive Into the Numbers
Automation for accounting teams will allow you more time to analyze your business for the insights that drive growth.
More Time to Add Value
Spend less time on tedious work and more time analyzing your business to develop better strategies for growth. Neostella’s consultants and analysts will develop solutions that will enable you to spend more time where it matters most. Ready to find out how RPA can help transform your business? LEARN MORE>
View our accounting industry one-pager.
Automated accounting processes means faster, more accurate reporting.
With RPA, your team will spend less time inputting and more time analyzing.
Use unique RPA insights for timely strategy and decision making.
Drive Measurable Results
RPA software bots can tackle important, but mundane tasks associated with accounting, including financial reporting, compliance, transaction reconciliation, and tax preparation. Bots can handle a large volume of data. They are capable of completing tasks like data entry and other manual processes much more swiftly and accurately than employees. The result is a more efficient accounting team with more time to dive deep into your analytics and provide insights that can help grow your business.
RPA for financial reporting
Quarterly federal and state tax estimates are needed to stay compliant with government regulations. These estimates involve multiple steps and can take hours to complete.
Bots can navigate the multiple software applications needed to prepare tax estimates by:
- Identifying assigned files
- Processing assigned files by selecting correct prompts, entering datasets, and downloading client information
- Uploading and routing client information through document management systems
Experience the benefits of using RPA in your tax processes. For example:
- Improved worker experience by making the process less labor intensive
- UiPath implementation saves FTEs that can be amortized over quarters
- Attain ROI within months
Financial period reporting requires the retrieval and consolidation of data from many systems–sometimes across multiple business entities. This typically requires hours spent navigating multiple spreadsheets and can result in the slow delivery of monthly or quarterly financial packages.
The utilization of RPA bots to retrieve, consolidate, format and normalize financial data into one consolidated reporting format. Work that takes hours for a human is completed by RPA bots in minutes, without errors.
More accurate, timely and consistent delivery of financial reporting that allows your employees to spend more time analyzing data instead of inputting it.
Related party reconciliations are one of many examples of compliance processes that require:
- Accuracy needed to ensure GAAP compliance
- Large consumption of employee hours to complete the process
- Redundant, unenjoyable work
Let unattended bots do the work.
- Develop a data reconciliation process that could be easily translatable into UiPath
- Utilize bots to automate manual tasks, such as scan multiple excel files from different ERP systems for criteria matches
- RPA bots aggregate information and send to accounting manager for verification
RPA for accounting teams (and firms) allows for greater workflow productivity. A few benefits include:
- Improved worker experience through the elimination of redundant processes
- Process time is reduced from hours to minutes each month.
- Increased data integrity
Some businesses deal with a high volume of transactions. Many of these companies seek a more efficient process for reconciling credit card, wire, and other electronic transactions.
Utilizing RPA bots throughout the day to:
- Download lists of transactions
- Automatically reconcile those transactions within your accounting system
- Produce exception reports and alert responsible employee
- Timely and accurate data reconciliation
- Identification of data down to the penny
- Infinite scalability and support as your volume of transaction grows