Utah-based IT firm is automating accounting and payroll with…

Estimated learn time: 5-6 minutes

Managing your organization’s funds will be burdensome—each in prices and time. However many individuals are realizing they do not must be doing all the nitty-gritty work. Bots can do it as an alternative, often for a fraction of the associated fee.

Companies as we speak are enhancing effectivity and lowering prices by clever accounting bots, or robotic course of automation (RPA). Based on McKinsey World Institute, present expertise can automate 42% of finance actions and practically automate one other 19%. Companies utilizing this expertise are growing productiveness, seeing extra correct outcomes, and saving cash.

Even the Inner Income Service (IRS) is utilizing RPA robots, based on Federal Information Community. The article says, “In 2020, the procurement division was dealing with a decent deadline to change its contract clauses to stick to adjustments in federal laws. Utilizing the ability of RPA, Webbers’ workforce executed practically 1,500 contract modifications in 72 hours, a course of that manually would have taken one 12 months. That automation challenge lowered administrative burden on contracting officers, eradicated information errors, emailed the modification to distributors after which uploaded documentation into the contract file repository.”

If that is not sufficient to entice you, here is a better have a look at how an automatic accounting course of can increase what you are promoting.

What’s Robotic Course of Automation?

Robotic Course of Automation is precisely what it seems like: Robots do your day-to-day, repetitive accounting duties. These software program robots can mimic your actions (similar to clicking a mouse, coming into information, sending emails, studying invoices, and many others.) and automate nearly every part you do in a secured cloud server. They combine a number of programs to deal with all types of software program, together with Quickbooks, Excel, Billing.com, buyer relationship administration (CRM) and others.

Utah-based IT firm is automating accounting and payroll with AI bots
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Accounting bots save $$ and enhance accuracy for companies, accounting corporations and CPAs

Think about the distinction it might make if 80%–90% of your accountants’ guide duties might be automated by RPA. Not solely would this save 1000’s of {dollars} and firm hours (once more, consult with the info above) however it might have a major impression on CPA and worker morale. With 100% accuracy and no human errors, productiveness would soar and companies might scale with none additional prices.

The excellent news for Utahns is that it is now simpler than ever to implement robotic accounting due to a neighborhood firm.

Intelgic helps companies and CPA corporations in Utah automate all types of accounting processes with its accounting bots. Whether or not your wants are in accounts receivable, accounts payable or account reconciliation, they have a bot that may assist you to accomplish duties with ease and effectivity.

Intelgic’s Accounts Payable (AP) Bot

Intelgic’s AP Bot automates 80–90% of your bill processing work, which saves 40–60% on bill processing prices. It additionally prevents you from paying duplicate, false or fraudulent invoices and offers higher predictions and money estimation.

The AP Bot displays your accounts payable inbox, pulls bill particulars, handles and harmonizes funds and performs three-way matching for invoices, buy orders and receipts. You possibly can study extra concerning the AP Bot right here.

Bill processing with AI bots

When you’re processing your invoices manually, likelihood is good that you simply’re spending greater than $10 to course of only one bill. Not solely is it costly, however it might take as much as 9 days to course of that bill. Between manually coming into information, matching line gadgets and lining up the acquisition orders (PO), you are spending lots of time and manpower on one factor.

AI bots will learn emails with invoices and enter the info into your ERP or accounting software program. From manufacturing companies to monetary corporations, adopting this highly effective AI expertise can prevent money and time processing invoices.

Intelgic’s Accounts Receivable (AR) Bot

By automating your accounts receivable course of, you possibly can guarantee better accuracy and eradicate squandering precious time throughout month-end closing. Intelgic’s AR Bot helps you eradicate about 90% of guide AR outcomes, which frees as much as six hours of your AR supervisor’s time per day.

Amongst different duties, the AR Bot creates invoices and follows up on collections, tracks and processes buyer funds and makes journal entries. For a full record of its capabilities, click on right here.

Utah-based IT firm is automating accounting and payroll with AI bots
Photograph: Peshkova/Shutterstock.com

Intelgic’s Account Reconciliation Bot

Lastly, account reconciliation is definitely essentially the most tedious and time-consuming activity for any accounting division. Based on a survey by Ernst & Younger, as much as 59% of a monetary division’s sources become involved in driving transaction-intensive operations. As a lot as 95% of their effort will get wasted on transactions which are already legitimate.

Surprisingly, most individuals nonetheless deal with this course of manually. An Institute of Administration Accountants survey discovered that 61% of finance organizations stay “extremely dependent” on spreadsheets. Meaning accountants are spending extra time on one thing that is more likely to be inaccurate.

Intelgic’s Account Reconciliation Bot can repair this drawback by enhancing your monetary report accuracy. It handles financial institution reconciliations, bank card reconciliations and third-party processors (Amazon, Shopify, app shops, and many others.). Because the bot can deal with infinite transactions, this improves your course of visibility and saves three hours per day for every employee. To study extra concerning the Account Reconciliation Bot, click on right here.

Procurement bots

Bots can automate buying by checking the stock and discovering out gadgets that have to be ordered and discovering out the seller who provides these merchandise. Bots can both ship RFP or generate buy orders mechanically.

Finish-to-end robotic accounting implementation

If the method of switching to an automatic accounting course of sounds daunting, relaxation assured that Intelgic shall be with you each step of the best way. From discovering your accounting practices to creating and implementing bots and integrating them together with your present system, they do all of it.

However Intelgic’s work does not cease there. Prospects can rely on continued assist and coaching with a private contact from a neighborhood Utah-based workforce — both on-demand or by a month-to-month retainer.

Begin saving money and time with course of automation. Go to intelgic.com for a free demo as we speak.

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