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Automation In Finance

Automation Reduces Accounts Payable Manual Tasks by 80%.

Learn how software “robots” logs into financial systems, read invoice images, update in SAP, perform validation, manage discrepancies and execute accounts payable processes with 100% accuracy.

Financial Professionals Are Early Adopters of RPA

In their quest for digital transformation, banking organizations and other financial institutions have established themselves as the early adopters of smart technologies. Intelligent software is already making a difference in front-end, customer-facing systems. Delivering more consistent services to the customer is paramount. RPA helps finance and banking companies differentiate themselves. It provides efficiency and lowers costs while ensuring regulatory compliance and deeper analytical insight.

This is just a sample of some of the financial processes robots can execute. Contact us if you are interested in any other process. Remember, bots can virtually replicate any task that a human being performs at their computer.

Examples Of How Finance Uses Bots To Improve Efficiency, Accuracy, And Speed.

  • Accounts Receivable
  • Accounts Payable
  • SAP And Other Accounting Systems
  • Reconciliations
  • Invoice Processing
  • Payroll Time & Attendance
  • Loan Applications
  • Loan Application Chat Bots
  • User Termination

Please watch the video to see an invoice processing bot in action

Non-standard invoicing

The vast majority of invoices arrive as paper documents, fax documents, or PDF email attachments. Few are alike, so manual handling is tedious. Is it from an approved vendor? Does the PO match the ERP system? The AP staff must find the answers.

Unstructured Data

The AP staff manually transfers data from the various invoice formats into the company’s standard format. This repetitive task is slow and prone to errors. What initially appears to be a series of straightforward activities turns out to be complex and inefficient.

Discrepancies & Approvals

The manual process extends to resolving discrepancies. For example, “Is there a bill of lading for the PO? Does the invoice price match the PO?” Also, relating to approvals, “Have the required documents been assembled and prepared for payment authorization?”

How Does Optelcon Add Value?

Optelcon is in the business of making companies more profitable by reducing & containing costs, improving efficiency and sourcing more effectively. Through our strategic partners, Optelcon is vendor-neutral, RPA integrator. With over 50 RPA developers and process engineers, we use best practices to help select the best software for the job, document, program, integrate, and update the bots when processes change. We make sure it gets done right.

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