As the Office of Finance becomes more and more strategic in adding value and providing guidance to other parts of business, it’s trying to gain maximum efficiencies internally in order to have its employees spend their time on strategic initiatives and not on manual, repetitive tasks. These shifts can not only drive broader organizational strategy and greater business alignment, but also boost employee productivity increasing their engagement levels by providing them with more challenging projects. To solve for this, finance leaders across the world are trying to implement Robotic Process Automation (RPA) tools. RPA tools are software programs that automate repetitive tasks and workflows that require very low or no judgement to perform. As the Office of Finance makes the shift from tactical to strategic value creator and implementing more RPA agents to automate daily/monthly processes, one of the major challenges they face is driving consolidated automation across multiple systems to minimize human intervention in repetitive processes. Our 3rd Party RPA Connectors solve this by helping drive automation across a broader financial ecosystem while interfacing directly with our Record to Report (R2R) solutions. This is done as part of our Record to Report Automation Framework which also provides Trintech ERP Bots and Risk Intelligent RPA so companies can choose the RPA tools and strategy that is right for them.
Our Record to Report Automation Framework coupled with our overall System of Controls gives financial leaders a springboard to drive organization-wide transformation. One of the key capabilities we provide are pre-built connectors for 3rd Party RPA tools, enabling automation across a combination of solutions that the Office of Finance requires to address their needs. These Connectors provide the ability for RPA agents to gather the necessary information for the R2R process, and feed it into our solutions. This includes directly driving tasks there and, in-turn, utilizing integration points to automate workflows within other systems. An example use case for this is the RPA agent’s ability to automatically gather required files/attachments needed to perform an Account Reconciliation task, utilizing our connector to add these as part of the reconciliation, and posting Journal Entries directly within the ERP system/s to complete the reconciliation process. This use case helps remove the manual effort for a professional to go into various systems, find the necessary files, and then upload them into the R2R solution to complete reconciliations, close tasks, etc., which significantly reduces the overhead involved in period-end close process.
To help our customers take the next step in their transformation journey and drive towards more automation with effectiveness, we provide a pre-built integration with a leading RPA provider in UiPath©, offering the following capabilities:
These capabilities reduce manual touch-points and the overhead for financial professionals during the usual crunch time of the financial close, and mitigate risks associated with manual export/import and data entry.
Other providers in the market focus on automating just one key process or one application, creating silos of efficiencies but increasing overall manual work required to ensure alignment between systems. Our priority at Trintech is to ensure that we’re helping our customers reduce overall costs and drive deeper automation, while decreasing their overall risk profile. These capabilities help our customers close faster, and with more confidence.
Continuing on our blog series, we will now uncover Trintech’s Record to Report Automation Framework Pillar 4 – ERP Bots.
Written by: Dhawal Godhwani, Vice President – Product Management at Trintech
Part 1 – How a System of Controls Can Move Your Financial Reporting from Flipping a Coin to a Sure Investment
Part 2 – How to Improve Controls, Reduce Risk and Lower Costs with a Record to Report Automation Framework
Part 3 – R2R Automation Framework: ERP Connectors
Part 4 – R2R Automation Framework: APIs
Part 6 – R2R Automation Framework: ERP Bots
Part 7 – R2R Automation Framework: Risk Intelligent RPA
Part 8 – R2R Automation Framework: Artificial Intelligence