TecQubes helped a Canadian finance and accounting firm to improve productivity through RPA
ClientA leading finance and accounting firm based in Canada
Problem Statement
Finance and accounting processes are cumbersome and a lot of man hours are to be spent to complete the processes and adhere to accounting standards and compliances. Client wanted to implement a robust RPA solution to streamline their finance and accounting processes with the aim to reduce process-related challenges while improving productivity.
Solution
As a first step, a process audit was undertaken to evaluate all the processes and identify areas to implement process automation through RPA tools.
Next RPA bots were developed for repetitive manual processes including:
- Opening an inbox
- Navigating emails
- Extracting unprocessed invoices
- Access details
- Opening ERP tool
RPA bots were tested in staging and production environments
Key features
Automated Interactions via screen
Improved decision making
Simple interface to create RPA Bot quickly
Enabling dynamic up-scaling/down-scaling of the RPA Bots
Convert scanned attachments into actionable Invoice data for further process
Automatic mining all Invoice records till date for BI and analytics
Compliance verification of all details were automated
Automatic re-calibration of RPA bots according to application upgrades
Project Outcom
The following outcomes were achieved under the broader goal of process streamlining and automation:
- Client achieved ROI goals with financial process automation
- Reduction in manual errors
- Optimized financial processes
- Annual savings increased by 75%
- 50% reduction in efforts – equivalent to 20 full time employees
- Improved turnaround time
- 14 different processes were automated using 8 RPA bots
- An average of 18% fewer efforts recorded for each process
- Automatic creation of digital log files (audit trail) of all activities reduced the compliance risks to a large extent
