Implementing RPAaaS can transform a finance department

James H. Hannan
Implementing RPAaaS can transform a finance department

Finance teams commonly struggle with manual workarounds that were meant to be short-term fixes. And because finance departments often work with complex and disconnected systems, it can be difficult to build efficient and reliable processes that don’t depend on human effort.

Many companies are moving past such outdated data entry methods and disparate systems by embracing robotic process automation (RPA). But implementing RPA in the finance department can be difficult and costly to design, implement, and scale without major investments in staffing, education, and licensing.

That’s where RPA as a service (RPAaaS) comes into play. Organizations can rely on an experienced team to help identify and deploy new strategies to change how their finance departments operate. Here are four ways RPAaaS can help transform finance departments:

RPAaaS can allow finance departments to reduce granular work to lower costs and elevate efforts.

1. RPAaaS can allow finance departments to reduce granular work to lower costs and elevate efforts.

Finance teams spend a lot of time on detailed manual processes, which can lead to slower processing and burnout. Bots can take over many of these jobs so employees can focus on more important, strategic work.

RPAaaS also can scale the bot program to a company’s requirements without having to hire an entire RPA team, purchase licenses, or worry about documenting processes and controls.

2. RPAaaS helps companies identify and correct upstream errors.

Finance department processes thrive on complete, accurate information, but errors in upstream data can lead to problems.

If a purchase order comes through with the wrong coding, for example, finance teams have to correct the errors. An experienced RPAaaS team can identify problems with incoming information and design bots to spot and correct inaccuracies such as incorrect coding earlier in the process.

RPAaaS can bridge the gap between old and new systems

3. RPAaaS can bridge the gap between old and new systems.

Many finance teams deal with gaps between systems. For example, an employee might have to transfer a customer’s purchase order from a sales order system to an accounting system. Triggering revenue recognition can only take place after this manual transfer of information.

Instead of continuing to bridge these gaps one at a time, businesses can lean on an RPAaaS team to create links between systems. Using the latest software tools and enhancements as they hit the market, an RPAaaS team can create connections and link systems more efficiently. An RPAaaS team can also relieve companies of constantly investing time and resources into research and implementation.

4. RPAaaS can benefit businesses by standardizing new and ongoing output.

Larger organizations naturally include more pieces that must fit into the same systems. When finance departments grow, especially with off-site employees and additional locations, incoming information might look different from one source to the next.

An RPAaaS team can manage bots that align data into uniform formats for identification and sorting. Ongoing monitoring can also help shore up systems that are failing to meet organizational needs, thus affording organizations more time before they must invest in changes to core systems.

Embrace automation with RPAaaS

Automation is a powerful approach to solving problems, and RPAaaS can help organizations realize their goals.

Crowe knows each step along the way, and we can help you see what parts of your finance department could benefit from automation. With our ongoing RPAaaS, you’ll have experienced professionals by your side to help you quickly and cost-effectively develop an automation solution.

Our Crowe specialists can guide you on the path to automation success.

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Interested in taking the first step toward automation with the implementation of RPAaaS? Reach out to learn more about how your organization can benefit.
James H. Hannan
Managing Director, Consulting