Slide 1

Finance &
Accounting

RPA in Finance & Accounting

RPA plays a crucial role in transforming financial operations. It improves operational efficiency and cost-effectiveness, without the increased risks or degraded customer experience to transaction-heavy accounting processes.

Discover all the ways that robots can free up your workforce so your employees can work on higher value and business-critical activities.

Featured Automation:
Credit Bureau
Report Validation

In the Banking, Mortgage, and Finance industries, it’s very common to evaluate customers based on their credit reports.

The data in these reports are formatted in a standard report which can easily be read by robots.

Find out how this data-heavy and time-consuming process was automated.

RPA in Finance & Accounting

RPA plays a crucial role in transforming financial operations. It improves operational efficiency and cost-effectiveness, without the increased risks or degraded customer experience to transaction-heavy accounting processes.

Discover all the ways that robots can free up your workforce so your employees can work on higher value and business-critical activities.

Featured Automation:
Credit Bureau Report Validation

In the Banking, Mortgage, and Finance industries, it’s very common to evaluate customers based on their credit reports. The data in these reports are formatted in a standard report which can easily be read by robots.

Find out how this data-heavy and time-consuming process was automated.

Other F&A Processes

Unallocated Payments

Unallocated Payments

Bank Charges and Journal Entry

Bank Charges and Journal Entry

Pricing Matrix

Pricing Matrix

Post Deal Funding (Broker Commission Payments)

Post Deal Funding (Broker Commission Payments)

Payroll and Subcontractor Payments

Payroll and Subcontractor Payments

Reconciliation and Updating of Property Taxes

Reconciliation and Updating of Property Taxes

Report Consolidation (Accounting)

Report Consolidation (Accounting)

Broker Management and Watchlist for Mortgage Industry

Broker Management and Watchlist for Mortgage Industry

Unallocated Payments

Challenge

Tax payments are automatically routed to the correct destination within 60 days, but sometimes payments are sent with no indication of where they should be allocated. After 60 days, the payment moves into a suspense account and a case is created for a clerk to handle it manually. With the high volume of incoming cases, this process could not be completed by humans, as there was months worth of backlogged cases. In addition, new cases are continuously being added.

Benefits:
Scalability, Productivity & Backlog Clearance

Pricing Matrix

Challenge

Pricing matrix generation is a common process in Finance. The data is taken from different source applications and put into a standard form to generate a pricing matrix, providing multiple financing/mortgage options for the customer.

Benefits:
Accuracy, Flexibility & Custom Solution

Bank Charges and Journal Entry

Challenge

Bank charges and interest are reviewed and recorded in an application that may not identify some account types. These accounts were entered manually to identify and delete the errored accounts.

Benefits:
Efficiency & Accuracy

Post Deal Funding (Broker Commission Payments)

Challenge

Prior to broker commission payments, an employee must complete the manual process of validating the broker against criteria for commission within the Mortgage Application.

Benefits:
Accuracy, Time Efficiency & Customer Satisfaction

Reconciliation and Updating
of Property Taxes

Payroll
and Subcontractor Payments

Report Consolidation (Accounting)

Broker Management and Watchlist for Mortgage Industry

Challenge

The process automated the checks made by Mortgage Brokers. This a widely used process across the Finance and Mortgage industries. Whenever a mortgage deal is received, the underwriter performs standard checks on the associated broker, then raises any red flags. If the broker is not assigned, the underwriter needs to assign the broker or raise it with the manager.

Benefits:
Reduction in Cycle Time & Processing Time

Closing Deals

Bank Charges and Journal Entry

Challenge

Bank charges and interest are reviewed and recorded in an application that may not identify some account types. These accounts were entered manually to identify and delete the errored accounts.

Benefits:
Efficiency & Accuracy

Closing Deals

Unallocated Payments

Challenge

Tax payments are automatically routed to the correct destination within 60 days, but sometimes payments are sent with no indication of where they should be allocated. After 60 days, the payment moves into a suspense account and a case is created for a clerk to handle it manually. With the high volume of incoming cases, this process could not be completed by humans, as there was months worth of backlogged cases. In addition, new cases are continuously being added.

Benefits:
Scalability, Productivity & Backlog Clearance

Reconciliation and Updating of Property Taxes

Pricing Matrix

Challenge

Pricing matrix generation is a common process in Finance. The data is taken from different source applications and put into a standard form to generate a pricing matrix, providing multiple financing/mortgage options for the customer.

Benefits:
Accuracy, Flexibility & Custom Solution

Payroll and Subcontractor Payments

Ready to starting automating?

Connect with our RPA professionals to learn more about how RPA can benefit Finance & Accounting.

You May Also Be Interested In

Healthcare providers have to juggle tedious tasks and the patient experience. Find out how RPA gives that time back to providers so they can focus on patients.

From Municipal to Federal, RPA is transforming the public sector. It’s automating manual processes, eliminating backlogs, increasing efficiencies, and so on.

Human Resources is a great candidate for RPA. With standard documentation, data-critical tasks, and spikes in volume, RPA improves speed and accuracy.