One goal is to centralize repetitive, standardized, high-volume processes such as accounts payable, general ledger and statements, employee compensation, expense reimbursement, etc. While improving process standardization level and management ability, enterprises reduce financial operating costs and obtain benefits brought by centralized process management. The working principle of process automation robot (RPA) technology is to use software robot to imitate human operation of system interface, replace the original manual intensive manual labor, reduce manual operation workload, reduce error rate, improve customer satisfaction. RPA technology characteristics and financial sharing system construction objectives are exactly the same, the technology integration between the two is almost the inevitable choice of enterprise financial management digital construction.
Application scenario of RPA in financial sharing
Large group enterprises have complex organizational structure, large number of molecular companies, diverse business types, large amount of data processing, numerous accounting projects and huge workload. Manual inspection is inefficient, repetitive and boring, and often faces the problem of abnormal data leading to the financial system can not smoothly close the account. After analysis, we believe that the group enterprises have the following major pain points:
1. There are information islands.
For a long time, according to the management needs of different periods and departments, most of the internal construction of various application systems, these systems do not form an integrated and collaborative system, there is the problem of information and data island.
2. It takes cost and time to get through the system
To get through each system, the formation of data centralization and sharing needs high cost, cycle is relatively long, the short-term solution is difficult.
3, manual repetitive operation
Financial work manual operation is various, but its repetitive work has rules to follow;
4. There are many people in basic work
Financial record sheet, accounting, statement filling, statement manual production and other basic staff more, and there are many outsourcing personnel.
5. Low accuracy and risk
Due to the heavy workload and repetitive work, business personnel will inevitably occur operation errors, low accuracy. Due to the large amount of work to be completed within the specified time, part of the audit or verification work cannot be completed in time, and there are huge risks in financial management and capital use.
RPA, as a set of plug-in computer applications, can replace manual operations on the user interface for highly repetitive, standardized, clear rules and large quantities of daily business operations. Depending on the specific practices of different enterprises, RPA can realize nearly 70-90% or more of the potential of financial shared process automation and improve work efficiency by 100%-300%.
Specific applications are as follows:
1, income,
Receivables reconciliation: the robot obtains receivables (enterprise financial system data) and received data (bank receipt or flow, etc.), automatically reconciles accounts according to account number, payment remarks and other information, and marks the differences.
Checking and canceling: the robot downloads the information of checking and canceling in the internal system before settling accounts every month, checks the items of checking and canceling in the system automatically.
Third party platform data collation and verification: the robot classifies, summarizes and calculates the report data according to different third party settlement rules.
2, payment
Supplier master data management: automatically create or maintain the data and information provided by suppliers (automatically confirm the key information of suppliers with different data sources, whether it is duplicate, etc.).
Invoice processing: automatic processing of invoice scanning results (OCR combined with robot, automatic authentication of invoice, etc.).
3, assets
Fixed asset detail management: batch asset card update;
Solid capital depreciation management: automatic maintenance of asset depreciation, asset transfer, scrap and other information in the system;
4, general ledger,
Master data management: automatic system update of master data changes, notification of changes, release of master data, etc.
Related transaction processing: related transaction reconciliation, etc.;
5, money
External receipt and payment: automatic processing of receipt and payment;
Bank reconciliation, etc. : the robot obtains the data of bank statement and bank finance account, and checks the bank account and finance account, and automatically issues the bank reconciliation statement;
Bank receipt download: the robot automatically downloads the electronic version of the bank receipt, and separates it according to the transaction, carries on the standard name, and saves it to the designated folder.
6, tax
Tax declaration: the robot automatically collects tax data in the enterprise system, calculates taxes, generates vouchers and prepares tax declaration materials.
7, report
Manual report: Various offline manual reports of the enterprise are automatically collected from various systems, calculated, and sent to the designated personnel.
In addition to scenarios requiring large amounts of data and clear rules, the scenarios applicable to RPA also need to be considered from two dimensions: one is data verification, collection, maintenance, and report preparation among multiple systems, such as the reconciliation process of multiple bank accounts, or the use of public mailboxes as information transmission. Second, the other party does not open the data interface, such as the tax bureau or customers.
Identifying applicable scenarios and standardizing existing processes are key to the application of RPA, but not every enterprise has standard processes and existing processes and rules may change due to the inclusion of RPA. Therefore, financial sharing output processes and rules promote the application and development of RPA financial robot, and the application of RPA in financial sharing improves the existing process, making the process better, faster and simpler to apply rules.
RPA application will go further
In science and technology in the field of management consulting and smart financial has more than 20 years of practical experience, is also a financial sharing platform construction of the leading manufacturers, has a profound understanding of enterprise financial management process, to the enterprise business pain points are very clear cognition, early in the field of financial management introduced the application of RPA technology has very mature application scenario. Comparing typical case with financial system and commercial application of the reconciliation of (enterprises and enterprises, enterprises and Banks, businesses and third-party platform), reimbursement documents (invoice, check and approving expenses, etc.) and report processing (such as consolidated, automated reports, etc.) scenarios, to help enterprises reduce the standardization, the repetitive work, improve the efficiency of management.
In addition to helping enterprises to quickly implement and deliver THE RPA application in the financial process, Yuannian technology can also combine its own “consumer mall + financial sharing” new generation of intelligent financial sharing platform, get through the last kilometer of management system construction, help financial data and business data connection, realize digital empowerment.
RPA is software that mimics human behavior based on predetermined human rules and is considered a precursor to artificial intelligence (AI). According to market research data, the RPA market has been growing and is expected to grow by a further 29% at a compound annual growth rate (CAGR) from 2017 to 2023. Most companies have implemented or plan to implement RPA in the near future, which will free people from tedious, repetitive work. Based on current technology, the existing RPA is suitable for highly repetitive, logically determined processes.
With the deepening of the application of RPA, enterprises will put forward more and higher demands for RPA, and the combination of RPA and AI is bound to become a major trend of future development. The first year of RPA team has in-depth insight into customer needs and business pain points, and is also deeply cooperating with different AI teams to explore how to realize AI+RPA=IPA (Intelligent Process Automation), so that RPA can have learning, cognition, Intelligent work and other features in the future. Make the workflow more automated and improve the intelligent efficiency of the enterprise.
The world is changing rapidly, and a new generation of business revolution, marked by digitization and characterized by intelligence, has arrived. In the trend of digitalization, automation and intelligence, RPA will be applied and fused with new technologies such as artificial intelligence, big data and cloud computing to raise shared services to a new level and reshape the future of enterprises.
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