When a robot develops your bookkeeping – automated accounting and settlement

16 August 2019 Anna

Accounting is an area, where the technological development is highly noticeable. Until recently, in most companies, a majority of the tasks connected with accounting were performed by specialised employees. However, nowadays more and more businesses decide to robotise their finance and tax departments.

The automation of accounting processes consists in developing special software that take over the most routine and time-consuming (and thus, the least liked) duties from a regular worker.

What does accounting process automation look like in practice?

Improved circulation of documents

Automation is a key element of the digitalisation of document circulation. If the circulation and recording of invoices are automated, the software takes over the tasks related to all kinds of documents, including:

  • recording accounting data,
  • copying data from invoices to systems,
  • generating accounting contracts.

Compliance with new regulations

Since 2015, Polish government has been introducing certain regulations on accounting operations. The automation solutions implemented by software house are fully compliant with all new regulations.

One of such requirements is the Standard Audit File (SAF) – it is a set of files containing the data about economic operations for a given period. The aim of the introduction of SAF was to improve the efficiency of tax authority operations by shortening the duration of their activities and reducing the related costs. Business entities are obliged to generate SAF files and send them to the Tax Office, and a robot may use them to perform an analysis of the financial standing of the enterprise.

Automated transfers and payments

Until now, employees had to make all payments personally. Currently, many such tasks as payment of salaries, monitoring sale and purchase transactions or calculating bonuses may be entrusted to robots. The implementation of special software also allows for automated transfer of funds and settlement of bank balance statements, which fully supports Split Payment – a mechanism that allocates payments to two separate accounts – the supplier’s account and a special VAT account.

Another benefit of RPA is integration with electronic banking systems, which enables to download transaction history in form of files in the MT940 format, which facilitates automated import of data to the accounting system.

Automated debt collection

Robotisation of debt collection processes shortens the duration of the whole process and reduces the generated costs.

The software collects data about invoices from the financial system, so that it may constantly monitor payments and send reminders in form of text messages or e-mails to customers. In the event of outstanding payments, the software automatically generates and delivers calls for payment and, optionally, further notifications. If the debtor still delays payment, in spite of the notifications received, the software submits the case to a debt collection agency.

What are the benefits of accounting and settlement automation?

Duties related to accountancy require special precision and attention. It is an area especially prone to human errors. Robots minimise the risk of errors, which significantly improves the performance of the enterprise.

Robots take over the following tasks:

  • settlement – the robot may, among others, settle travel expenses or remunerations,
  • recording invoices – the robot mechanically collects the required information from the document and logs into the accounting system, where it enters the relevant data.
  • checking transactions – the robot verifies the correctness of documents and payments and sends a daily summary containing information about errors and atypical transactions.

While the robot is dealing with these tasks, the traditional worker may focus on the customer and their business: prepare financial forecasts for the customer, help the customer make a business plan, assist them in making investment decisions and organising financing, search for legal tax savings for the customer, follow all legislation changes, broaden their knowledge and improve competences.

Conclusion

The standard image of an accountant surrounded by piles of documents is gradually disappearing. Automated accounting offers companies an opportunity to improve performance and reduce the incurred costs. Robots relieve humans by allowing them to use their resources to handle more demanding and creative tasks. Robotic process automation is not a threat to the sector, but a chance for more dynamic development.

Our realisations in accounting automation

We automated part of the processes for the LeaseLink platform that enables fast transfer leasing payments for corporate purchases.Our proprietary system automated the process of recording invoices and transferring data, contracts applications and transactions, as well as the accounting processes of the software (more information:https://www.mintsoftware.pl/blog/leaselink-historia-sukcesu/).

We developed a factoring system for Pragma Faktoring S.A.which is currently the most important factor outside the banking sector.The system created by our company enabled the automation of factoring and related processes, e.g. sales process support and processing operations and settlements, as well as generating reports and limiting the amount of manual work (more information:https://www.mintsoftware.pl/system-faktoringowy/).

What can we do for you?

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Are you in need of dedicated software or process automation and robotisation?

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