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Managing your company’s finances can be burdensome—both in costs and time. But many people are realizing they don’t have to be doing all of the nitty-gritty work. Bots can do it instead, usually for a fraction of the cost. Today, businesses are improving efficiency and reducing costs through intelligent accounting bots, or robotic process automation (RPA). According to McKinsey Global Institute, current technology can automate 42% of finance activities and nearly automate another 19%. Businesses using this technology are increasing productivity, seeing more accurate results, and saving money.
Even the Internal Revenue Service (IRS) is using RPA robots, according to Federal News Network. The article says, “In 2020, the procurement division was facing a tight deadline to modify its contract clauses to adhere to changes in federal legislation. Using the power of RPA, Webbers’ team executed nearly 1,500 contract modifications in 72 hours, a process that manually would have taken one year. That automation project reduced administrative burden on contracting officers, eliminated data errors, emailed the modification to vendors and then uploaded documentation into the contract file repository.”
If that’s not enough to entice you, here’s a closer look at how an automated accounting process can boost your business.
What is robotic accounting?
Robotic accounting is exactly what it sounds like: Robots do your day-to-day, repetitive accounting tasks. These software robots can mimic your actions (such as clicking a mouse, entering data, sending emails, reading invoices, etc.) and automate almost everything you do in a secured cloud server. They integrate multiple systems to handle all kinds of software, including Quickbooks, Excel, Billing.com, customer relationship management (CRM) and others.
Benefits of accounting bots for businesses, accounting firms and CPAs
Imagine the difference it would make if 80%–90% of your accountants’ manual tasks could be automated through RPA. Not only would this save thousands of dollars and company hours (again, refer to the data above) but it would have a significant impact on CPA and employee morale. With 100% accuracy and no human errors, productivity would soar and businesses could scale without any extra costs.
The good news for Utahns is that it’s now easier than ever to implement robotic accounting thanks to a local company.
Intelgic is helping businesses and CPA firms in Utah automate all kinds of accounting processes with its accounting bots. Whether your needs are in accounts receivable, accounts payable or account reconciliation, they’ve got a bot that can help you accomplish tasks with ease and efficiency.
Intelgic’s Accounts Payable (AP) Bot
Intelgic’s AP Bot automates 80–90% of your invoice processing work, which saves 40–60% on invoice processing costs. It also prevents you from paying duplicate, false or fraudulent invoices and provides better predictions and cash estimation.
The AP Bot monitors your accounts payable inbox, pulls invoice details, handles and harmonizes payments and performs three-way matching for invoices, purchase orders and receipts. You can learn more about the AP Bot here.
Invoice processing with AI bots
If you’re processing your invoices manually, chances are good that you’re spending more than $10 to process just one invoice. Not only is it expensive, but it can take up to nine days to process that invoice. Between manually entering data, matching line items and lining up the purchase orders (PO), you’re spending a lot of time and manpower on one thing.
AI bots will read emails with invoices and enter the data into your ERP or accounting software. From manufacturing businesses to financial firms, adopting this powerful AI technology can save you time and money processing invoices.
Intelgic’s Accounts Receivable (AR) Bot
By automating your accounts receivable process, you can ensure greater accuracy and eliminate wasting precious time during month-end closing. Intelgic’s AR Bot helps you eradicate about 90% of manual AR outcomes, which frees up to six hours of your AR manager’s time per day.
Among other tasks, the AR Bot creates invoices and follows up on collections, tracks and processes customer payments and makes journal entries. For a full list of its capabilities, click here.
Intelgic’s Account Reconciliation Bot
Finally, account reconciliation is easily the most tedious and time-consuming task for any accounting department. According to a survey by Ernst & Young, up to 59% of a financial department’s resources get involved in driving transaction-intensive operations. 95% of their effort gets wasted on transactions that are already valid.
Surprisingly, most people still tackle this process manually. An Institute of Management Accountants survey found that 61% of finance organizations remain “highly dependent” on spreadsheets. That means accountants are spending more time on something that’s much more likely to be inaccurate.
Intelgic’s Account Reconciliation Bot can fix this problem by enhancing your financial report accuracy. It handles bank reconciliations, credit card reconciliations and third-party processors (Amazon, Shopify, app stores, etc.). Since the bot can handle infinite transactions, this improves your process visibility and saves three hours per day for each worker. To learn more about the Account Reconciliation Bot, click here.
Bots can automate purchasing by checking the inventory and finding out items that need to be ordered and finding out the vendor who supplies those products. Bots can either send RFP or generate purchase orders automatically.
End-to-end robotic accounting implementation
If the process of switching to an automated accounting process sounds daunting, rest assured that Intelgic will be with you every step of the way. From discovering your accounting practices to making and implementing bots and integrating them with your existing system, they do it all.
But Intelgic’s work doesn’t stop there. Customers can count on continued support and training with a personal touch from a local Utah-based team — either on-demand or through a monthly retainer.
Start saving time and money with process automation. Visit intelgic.com for a free demo today.