Senior management’s approach to data analysis has evolved significantly. They now seek actionable insights rather than just numerical figures from financial reporting for informed decision-making and strategy execution. According to numerous surveys, finance teams spend only 26% of their time analyzing reports, as much of their effort is consumed in creating standardized reports. Preparing financial statements remains a manual, repetitive process involving data extraction and collation from multiple sources, making RPA a game-changer in financial reporting.

The client manually collected over 40 financial reports from multiple systems and departments. Traditional data-gathering methods proved inefficient, requiring 7 full-time employees (FTEs) and nearly 45 minutes per report for preparation. As a result, the client sought to enhance efficiency, reduce processing time, and eliminate manual effort by implementing RPA in financial reporting.

After struggling with traditional financial reporting methods, the client sought a digital partner and chose EvolveX for our proven expertise and industry knowledge. We began by analyzing their current process, reducing raw reports from 38 to 9, and eliminating human dependency.

EvolveX implemented a UiPath unattended Bot to cut recurring costs and minimize manual intervention from seven people to one. On the client’s request, a human checkpoint was retained for final validation. This RPA integration allowed the client to redirect their workforce to more strategic tasks, enhancing efficiency and productivity.

Following the successful integration of Robotic Process Automation (RPA) in financial reporting, our partner experienced significant benefits:

• Operational costs were significantly lowered through automation.
• Employees were redirected to focus on complex, value-driven tasks.
• The number of raw reports was streamlined from 38 to 9.
• Manual involvement was reduced from 7 individuals to just 1.
• Automating the financial reporting process boosted overall productivity.
• A previously time-intensive process became highly time-efficient.