Robo accounting: Robotic accounting services

Accounting industry is going through a revolutionary shift in using robotic automation technology. Many forward-thinking accountancy firms (and accounts departments) have taken progressive steps towards using automation technology. Finance, accounting and payroll areas in most companies contain significant repetitive processes. This leads well into using robo accounting and automation to cut down the time involved in repetitive processes and significantly improve efficiency.

The artificial intelligence digital robotic accountants can perform the following tasks:

Accounts receivables

• Sending invoices/notices by emails
• A/R cash receipts processing
• Credit checks and approvals
• Customer data base maintenance

Accounts payables

• Supplier setup and maintenance
• Data entry of invoices into accounting system
• Check invoice discrepancies against PO
• Enter GL codes for each line items
• Automating invoice workflow and approvals
• Prepare vendor payments list

Operational finance and accounting

• Review pricing based on customer contracts and pre-approved price lists
• Calculate and process rebates
• Download detailed monthly sales data
• Calculate commissions
• Posting details to general ledger

Standard journal entries

• Create monthly journal entries by receiving templates from different business users
• Performing validation
• Posting to accounting systems

Bank and credit card reconciliation

• Automate download of bank/credit card statements for accounts
• Create files and store the documents in appropriate folders
• Reconcile balances and transactions
• Create balancing journal entries to handle discrepancies

Account reconciliations

• Download balances into approved format
• Perform data validation
• Create balancing journal entries to handle discrepancies

Financial review

• Collect data from multiple systems
• Prepare management reports and presentations

Payroll

• Add new staff and remove staff who have quit
• Maintain attendance records and reminders
• Data entry from timesheets
• Enter travel, pension, commission and similar information
• Check and identify error prior to processing
• Salary reviews
• Validation and reconciliation of payroll
• Prepare payment checks for approval
• Statutory tax reporting