Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company’s operations, financial position and cash flows.
Financial statements are written records that convey the business activities and the financial performance of a company. Financial statements are often audited by government agencies, accountants, firms, etc. to ensure accuracy and for tax, financing, or investing purposes. Financial statements include:
-Cash flow statement
The balance sheet provides an overview of assets, liabilities, and stockholders’ equity as a snapshot in time.
Accounts Receivable (AR)
Accounts receivable is the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers. Accounts receivables are listed on the balance sheet as a current asset. AR is any amount of money owed by customers for purchases made on credit.
Accounts Payable (AP)
Accounts payable are amounts due to vendors or suppliers for goods or services received that have not yet been paid for.The sum of all outstanding amounts owed to vendors is shown as the accounts payable balance on the company’s balance sheet.
A construction Company with global presence has all its Financial statements maintained by an Accounting Software.
Given that making data entries into the respective forms of the Accounting Software is a time consuming manual task the Company decided to automate the Accounts Receivable and Accounts Payable entries into their proprietary Accounting Software.
A completely unattended automation with extended validations to accurately manage the Invoice Entries was implemented using a leading RPA platform.
The Objective is to automate the Accounts Receivable and Accounts Payable processes
The business objectives and benefits expected by the Business Process Owner after automation of the selected business process are:
- Zero Manual Errors
- Faster Processing Time
- Better Audit system for Reconciliation
- Exhaustive Validation of input data