Cash flow remains the number one killer of businesses today. For too long forecasting the future has been dependent on old data, but with live data organisations can be better informed.

Prepare and review daily cash: RPA (Robotic Process Automation) is a tool which interacts with software, systems and the internet as a person would. It can gather and collate information in a matter of seconds making it ideal for daily cash reports.

Balance Reporting: Similarly automation can be used to serve balance reporting with live data. Many of Proservartner’s clients will have a bot feed into a custom dashboard so they can see data in a quick and accessible way but can also be downloaded in whichever format is desirable such as excel.

Forecasting: When correctly implemented, RPA can automatically extract data from an organisation’s ERP or accounts system and feed it directly into the cash forecasting system. With an automated cash forecasting process, as soon as new details become available, data can be refreshed and presented on an intuitive dashboard offering the ability to drill down to the required degree of granularity or roll-up to broad headline numbers. As more, and better quality data becomes available, decision-making and planning are therefore enhanced. Similarly, RPA’s ability to extract data from various sources creates opportunities to improve analytics which in turn enhances the treasury of finance team’s forecasting ability.

Collecting bank reconciliations: Logging onto secure online banking can be a surprisingly time consuming task, especially where multiple branches/verticals have different accounts or banks associated with them. A bot can log in and collect bank reconciliations, automation can then be used for the comparison. Most companies still manually reconcile their balance sheet accounts using Microsoft Excel which has been an accepted method for many years. However, this means that reconciliations are labour-intensive and come under pressure during month-end. Even where businesses are using online accounting tools, time spent on account reconciliation can be dramatically reduced through the use of Robotic Process Automation which will match and verify the information in a matter of seconds.

If you’d like a no-obligation chat about how your organisation can leverage automation why not get in touch with our friendly team today?