24/7 operation of accounting practice made possible by robots

Problem:

Our client is a mid sized accounting firm in the Midwest region. They had requirements in several areas. Some of them were

Accounts reconciliation was consuming excessive time and yet incomplete.
Accounts payable function is not properly taken care of and they started to receive complaints for delay of payments.
Clients were not receiving their financial statements in time and deadlines were extended.
Due to workload intensity, human errors were creeping up in all these areas.

Client’s expectation from Integra

Our client understood that the problem is not about adding headcount. They needed a practical and feasible approach. As progressive thinkers, they wanted to adapt the latest technology in order to bring stability to their accounting practices.

Their team brought the following checklist to be addressed by us

Their clients should be in a position to run financial statements at their discretion, an updated and accurate books of accounts, should be run on an as needed basis.
Mitigate the delays in accounts payable process and ensure that invoice capturing is done accurately with very less human intervention.
Accountants work tirelessly to update their excel sheets or accounting software by fetching datas from various sources. Need a process where data fetching and entering is done with precision and without errors.
Able to automate simple but right processes on a shorter notice and bring productive results.
Should be flexible enough to scale as per the future need without disrupting the current set-up.

Our solution to the problem 💡

Our technical and subject experts dived deep into the problems and found processes that can be automated at ease. The willingness of the firms’ accountants allowed our team to move rapidly in testing the areas which can be solved. Furthermore, they guided us to the problems which helped them to reduce their workload to a greater extent.

A collective and collaborative approach helped to bring implementation changes at an earlier period than anticipated.

Tasks handled 📋

Integra team implemented the following bots to take care of client processes.

Bookkeeping robots - These bots take care of the entire bookkeeping process and only send the exceptions to the accountants to check.
Auto-fetching bots - of datas from various websites and portals, extracting the information.
Auto-posting bots - in proper ledger with the right figures.
Reconciliation bots - done on a daily basis without waiting for a month or year end closing.
Auto-accounts payable bots - process cycle is started once bot start receiving standard invoices and follow the payment cycle.
Interactive dashboard - access given to every client in order to know their financial standing virtually as and when needed. They can generate various forms of reports for decision making purposes.

Result 👍

The dependability by using automation helped our client revolutionize their working practice. The benefits they achieved were

Non-disruptive operations due to 24/7 functioning of the robotic bots.
Reliable and accurate output of the results.
Customized functions that produce expected outcomes accurately every single time.
The routine and unnecessary expenditure incurred by the firm by using part time accountants during the closings or tax seasons had become redundant.
The firm is now ready for increasing and expanding the operations due to mundane tasks covered through automation.