RPA implementation in Financial Reporting to elminate manual tasks
Synopsis
The approach senior management takes to analyze data has evolved significantly. They now seek actionable insights from financial reporting, rather than just numerical figures, to inform decision-making and strategy execution. According to a survey, 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.
Key Issue
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.
Proposed Solution
The client sought a digital partner after struggling with traditional financial reporting methods 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, retaining a human checkpoint for final validation at the client’s request. This RPA integration allowed the client to redirect their workforce to more strategic tasks, enhancing efficiency and productivity.
Benefits of Automation
Our partner achieved the following benefits after a successful integration of Robotic Process Automation in financial reporting.
- 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.
