Business Process OutsourcingFinancial and Accounting

The Increasing Role of Automation in Finance and Accounting

By August 17, 2020 No Comments
The Increasing Role of Automation in Finance and Accounting

In these changing times, automation is helping companies and financial institutions improve and accelerate everyday finance and accounting operations while offering greater transparency into individual processes.

After transforming physical manufacturing, automation is set to revolutionize financial operations from the receipt of an invoice to the receipt of payment and reconciling balances sheets.

Finance and accounting transactions rely on huge volumes of data that is received on a daily basis in the course of everyday operations. All of this data needs to be sorted, redirected to its respective department and further processed for payment and balanced books.

Automation provides greater transparency and control over your finance and accounting processes.

When performed manually, these tasks can consume quite a bit of manpower and work hours that can be better spent focusing on core business operations and growth.

This is where automation comes in, with the aid of machine learning, artificial intelligence and advanced automation, data is sorted, processed and aggregated accurately with minimal human supervision.

As the mode of operation becomes automated, it further provides you and your team with the opportunity to cement ties with existing clients and reach out to new ones.

Here’s how automation helps accelerate finance and accounting processing for operational efficiency:

Assured Accuracy

Automation automatically detects and eliminates all errors and redundancies from your finance and accounting processes.

Manual data entry is not just a time-consuming and repetitive process that takes a toll on your employees. Entering finance and accounting data this way results in a large number of manual errors and incorrect transactions or even unbalanced books.

As you and your team spend hours locating the source of the discrepancy, you lose precious time and delay essential transactions such as vendor payments, thereby losing your goodwill.

Automation, on the other hand, speeds up your data entry process considerably while promising close to 100% accurate data. At ARDEM, we employ a proprietary methodology of double-key data entry, after which data is verified using an automated system of programmed validation to deliver high-quality data.

Finance and Accounting Data Capture and Extraction

Automation offers an easy way to extract and capture data to keep your finance and accounting processing easier.

Automated data capture and extraction alleviates the hassle of processing mounds of paperwork for financial institutions and accounting departments.

Scanned copies, digital files and even physical documents can be forwarded to ARDEM for processing; we scan all documents using our high-speed scanners and use advanced OCR and ICR technologies to map out and capture data from invoices, cheques, bank statements, accounting documents and more.

Advanced Data Analytics for Finance and Accounting 

With the aid of advanced data analytics, you can make smarter decisions for your business.

In today’s business climate, every decision whether for expansion or continued operations depends on advanced data analytics that offers greater business insights on how to proceed ahead.

These foresights are further derived by studying data from current and previous processes, delivered at the right time and providing right or accurate information.

Implementing automation in your financial processes offers easy access to the right data and advanced analytics that help identify business trends, directions and opportunities in real-time. With access to these advanced analytics, accountants and financial decision-makers are better equipped to make the right decisions for their departments and the company, respectively.

ARDEM Automation

ARDEM builds customized software bots to carry out your finance and accounting processes.

ARDEM doesn’t offer you run of the mill automation services that implement the same old automated solutions for your internal finance operations.

We build for you customized software bots that are specially designed to carry out your operations. Our personalized solutions ensure that you get a higher ROI with automated solutions that are designed to improve your existing mode of operations.

Competitive Advantage and Scalability

Automation offers a competitive advantage along with scalability for your business.

In a world of swiftly changing market scenarios and intense competition, staying ahead of the pack is crucial to achieving success.

With advanced robotic process automation, you can build resilience in your everyday finance and accounting operations to ensure that your operations continue, come what may. With smart analytics in hand, you can keep your finger on the pulse of the market, adapting your services to match the changing needs of the industry.

Additionally, as your business operations grow, you no longer have to go through the hassle of hiring and training a new team to carry out the increased operations. You simply need to inform ARDEM of your increased requirements and we will scale your operations in as little as 10 days by allocating more analysts and bots to your process.

Factors from a CFO Perspective

From a CFO's perspective, automation improves the bottom line to automatically improve efficiency in the top line.

Automation is no longer an option, it is a new way of functioning that accelerates and improves your existing processes, reducing your processing costs and implementing shorter cycles for time-consuming and cumbersome tasks.

Even as automation improves your bottom line, it improves the quality of your services and leads to a considerable advancement in customer services, thereby improving your top line as well.

With our finance and accounting back-office support services, ARDEM works to enhance efficiency in your internal operations while lowering your operations costs by between 30-50%.

Compliance and Security

Automation automatically ensures security and compliance in your finance and accounting processing.

Automation helps standardize all operations, our bots are coded to perform your processes in the exact same manner for every transaction, every time.

Our analysts and bots are further trained to follow all required compliances and security protocols while processing your sensitive financial data. We carry out all our processes in compliance with GDPR and PCI regulations to secure your data while processing.

At ARDEM, we recognize that with data security comes great responsibility, and that’s exactly why we practice ISO27001- this addresses security at 3 main levels: Physical, Network, and Employee, along with the appropriate redundancies in place at all 3 levels.

Apart from our security compliances and protocols, we are also extremely careful about who we expose your data to. In terms of our data entry services, access to sensitive data is strictly on a need-to-know basis, and we have strict measures in place to ensure that your data cannot be moved, saved, edited, or seen by unauthorized team members.

Uses of Automation in Finance and Accounting

Accounts Payable Services

Automation helps accelerate and improve your accounts payable processing.

Automating accounts payable processing helps to streamline the entire cycle from receipt of vendor bills to final payment of all dues.

Accounts Receivable Services

You can improve checks received with automated services.

Automation plays a useful role in improving the management of checks received and further optimize the bank reconciliation process.

Bookkeeping Services

Automated processing can considerably enhance your bookkeeping efforts.

Automated bookkeeping helps increase financial visibility and reduce the high costs of accounting costs and management.

Invoice Processing Services

Automation also provides smarter workflows for faster invoice processing.

We automate data collection from vendor invoices via our cloud-based invoice processing platform, the ARDEM Invoice Manager (AIM) that helps accelerate your invoice processing cycles while tackling your in-house processing challenges.

Accounting Services

Automation is the perfect solution to all of your finance and accounting woes.

You can increase accuracy and decrease cycle times through automation to manage all internal accounting tasks with an updated workflow.

Financial Services

Simply financial transactions with the aid of automation.

Automated processing helps increase the visibility of your financial data and helps you make smarter, data-driven decisions and increase incoming business.

ARDEM has been working as a trusted data entry and business process outsourcing partner for banks, business organization and government departments, creating updated workflows that are backed by automation to ensure greater accuracy and efficiency.

As a family-run company, we realise the great importance of ensuring greater accountability while running your operations and that’s why we run your business like it is our own.

If you would like to learn more about how we can improve and automate your processes, then schedule a free consultation with us today!

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