RPA (robotic process automation) as an efficiency booster in the area of finance and tax departments
At a time when efficiency enhancement and cost optimisation are the focus of many businesses, robotic process automation (RPA) has established itself as a high-performing technology. For finance and tax departments in particular, RPA offers a variety of ways in which to automate repetitive tasks and to use the valuable time thus gained for more demanding activities - and ultimately therefore the possibility to deploy RPA as an efficiency booster.
Automated processing …
Robotic process automation (RPA) is a technology that makes it possible for predefined sequences of process steps to be automatically executed by software robots (so-called ‘bots’). These bots are able to emulate complex interactions on digital platforms by simulating mouse movements, keyboard inputs and screen clicks. In doing so, they operate according to clearly defined rules and can be seamlessly integrated into existing IT systems. The high scalability of RPA means that repeatable tasks can be executed on a large scale and with consistent precision.
… opens up opportunities in day-to-day work
Administrative and repetitive tasks, which in the daily routine of a finance and tax department are perceived as being more of a burden than an opportunity, can be automated on a large scale. This leads not only to a reduction in human errors, but also to considerable savings in time. The time that is gained can be used for more complex and analytical tasks that require the specialist knowledge of the employees. Furthermore, RPA improves the speed and accuracy of administrative processes and provides increased efficiency in departments with high workloads. Bots work 24/7 and do not get tired. The human error rate can be eliminated with careful implementation provided that process reliability is ensured and no manual errors can occur.
Practical examples …
RPA has a wide range of applications in finance and tax departments and these relate to both administrative tasks as well as actual business processes. Some examples of the practical application of automation are:
Administrative area:
- Inputting and updating customer data
- Processing and approving leave requests
- Entering and evaluating feedback forms
- Generating and sending invoices
- Automated processing of e-mails
- Automated workflow for new hires
Business processes:
- Monitoring and management of open items
- Evaluation of data related to GoBD [German Principles of Proper Keeping and Retention of - Accounts, Records and Documents in Electronic Form] and collecting anomalies, e.g., in VAT.
- Monitoring and management of contracts and specific contract contents
- Monitoring incoming payments
- Producing regular status reports and other reports
- Transferring data for the preliminary posting of advance VAT returns
- Entering and checking payment deadlines from assessment notices
- Verifying the validity of VAT identification numbers
… and implementation phases
The implementation of RPA requires careful planning and execution in order to ensure seamless integration into the workflows. The process can be subdivided into four main phases:
1. Process selection and evaluation - It is essential to identify appropriate processes that are rules-based, repeatable and clearly structured.
2. Design and development - The processes are documented in detail and a plan for the automation is prepared. The programming is carried out in the software solution provided for the bots. Close collaboration with the respective process owners is crucial in order to successfully realise the emulation of the manual processes.
3. Testing and validation - To ensure that the RPA solutions are working without errors they are tested for accuracy, reliability and system integration.
4. Implementation and training - After a successful validation, the RPA solution is gradually phased in and bot users are appropriately trained.
