TRU Snacks Webinar Series - How to Automate Finance Using Accounting Robots
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This document discusses how accounting robots can automate finance processes using robotic process automation (RPA). RPA uses software to mimic human actions on a computer and automate repetitive tasks. The document outlines how RPA can automate accounting tasks like bank reconciliations, accounts receivable, accounts payable, month-end close processes, and financial reporting. It also discusses implementing RPA for these tasks in 3 to 6 weeks at a cost of $4,000 to $12,000 to quickly realize automation benefits. Next steps proposed are assessing processes for RPA, automating bank reconciliations, and automating accounts payable.
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TRU Snacks Webinar Series - How to Automate Finance Using Accounting Robots
- 1. How to Automate Finance Using Accounting Robots March 4, 2021 | TRU Snacks Webinar Series
- 2. Welcome & Introduction Director Citrin Cooperman ccatalan@citrincooperman.com Carlos Catalan CEO Plena Data dave@plenadata.com David Aditya Vice President Plena Data jackson@plenadata.com Jackson Oslter
- 3. Robotic Process Automation A software that has the capabilities to mimic human actions on a computer A sequence of steps, that lead to a meaningful activity or task is known as a process Task happens automatically without human intervention What is Robotic Process Automation (RPA)?
- 4. • A technology software that allows business users automate repetitive, and time-consuming activities • Examples: Bank Reconciliations, Running multiple reports, Democratization of the Technology RPA Technology Works With Any Existing Systems Implementation Takes 3 to 6 weeks based on process • Cost has become extremely accessible for middle-market companies (e.g. Cost varies between 4K to 12K.) • We have automated processes across QuickBooks, NetSuite, Excel, Outlook, etc. • Fast implementation projects based on selected processes driving automation benefits to the business Why RPA?
- 5. RPA in Accounting Reconciliation AR & AP Month End Close Financial Reporting Payroll and Commissions Taxes Invoice Data Entry CC Expense Accrual Journal Entries
- 7. BANK Deposits Withdrawals Transfers GENERAL LEDGER Transactions Journal Entries Invoice, Bills, POs Partial Payments CREDIT CARDS Expenses Credits Reconciliation Robots
- 8. Accounts Receivable Robots Create & Send Invoices Record Deposits Collect Payments Send Receipts Accrual JE Reconcile
- 11. Finance Reporting Robot ▪ Extract Data ▪ Clean & Format ▪ Business Logic ▪ Join & Consolidate ▪ Structure ▪ Present in Excel, PDF & Word ▪ Send via Email Gather Process Compile
- 12. We’ll work with you to select the best processes for automation and develop a business case to acquire the proper budget RAPID FINANCE ASSESSMENT We’ll work with you to automate the bank reconciliation process by understanding your process and systems BANK RECONCILIATION AUTOMATION We’ll work with you to automate the accounts payable process by understanding your process and systems ACCOUNTS PAYABLE AUTOMATION Schedule a scoping call with us to discuss the following…. Next Steps
- 13. Questions?
- 14. Thank You For Watching & Listening Carlos Catalan Director Citrin Cooperman ccatalan@citrincooperman.com David Aditya CEO Plena Data dave@plenadata.com Jackson Oslter Vice President Plena Data jackson@plenadata.com