Robotic process automation can take over most of the processes: your finance team determines the parameters, and then the robot takes it from there.
Seamlessly blending human and machine
Take European VAT reporting, for example: a high-risk, high-volume activity that requires companies to process every incoming and outgoing invoice per country per month. Producing a VAT report is a time-consuming, repetitive and traditionally a manual task: each month, the finance team downloads the data from the company’s ERP backbone and keys in the specific report parameters manually. They then copy/ paste the data into an Excel file for analysis, process the results, generate a report and send it by e-mail to the tax authorities.
Robotic process automation can take over most of the processes: your finance team determines the parameters – country, company, legal entity, period – and then the robot takes it from there. Without any human intervention, it captures the information, processes the results, sends the reports and saves the data in the records management system, all in an eyeblink and error-free. If wanted, companies can include a human validation step between report generation and sending.