Finance & Accounting Use Cases
Finance And Accounting Use Cases:
- Procure-to-Pay: vendor master, requisitions, payment management and processing, reporting, invoicing
- Order-to-cash: quote management, cash applications, customer master, credit management
- Record-to-report: general/inter-company accounting, bank reconciliations, fixed assets, closings, consolidations
- Collections
Lets look at a specific Use Case
Account reconciliation
The Challenge
One of the most important accounting processes is the account reconciliations, consisting of matching the transactions made throughout the month with accounts, and closing the statements.
Every month, the accounting team has to analyze and reconcile accounts using various reports and manually search for information.
The Solution
UiPath unattended robot that is able to…
- login to different applications
- retrieve necessary reports and documents
- match the entries
- highlight discrepancies.
The Impact
98% automation (1 in 50 entries cannot be matched by the robot)
- Process duration dropped by 70% vs. when it was conducted by humans
- Error rate dropped by 60% vs. when it was conducted by humans