what is robotic accounting: Automate accounting with AI and RPA

What is robotic accounting?

Robotic accounting is a method of automating accounting processes and tasks using robotic process automation (RPA) and document AI tools and technologies. Robotic accounting automates a significant portion of the tasks involved in various accounting processes such as accounts payable (AP), reconciliation, and accounts receivable (AR). This helps businesses of all sizes, from CPA firms to large accounting departments in enterprises, to improve their efficiency, accuracy, and productivity.

How robotic accounting automates?

Robotic accounting is used for end-end accounting process automation.

RPA in accounting

Accounting processes typically involve many repetitive, rule-based, and manual tasks that can be time-consuming and prone to errors. However, with the help of software robots or bots, these tasks can be automated, including data entry, reconciliation, and processing documents.

Document AI in accounting

Document processing is a critical part of accounting, and this involves dealing with a large number of documents such as bills, receipts, invoices, bank statements, and credit card statements. Document AI is used to extract relevant data from these documents and process them further, reducing the need for manual intervention.

By combining RPA with Document AI, we automate up to 60% to 80% of accounting tasks, making the accounting process efficient, smart, error-free, fast, and cost-effective. This allows accounting professionals to focus on more strategic tasks such as customer acquisition, analysis and decision-making while reducing the time and resources required for routine tasks. Overall, the integration of RPA and Document AI offers significant benefits to businesses of all sizes including CPA firms to the accounting function of large enterprises by improving accuracy, speeding up processes, and reducing costs.

What can be automated with robotic accounting?

Account receivable (AR)

Automate almost every task in the AR process using AI & RPA and save time and money with 100% accuracy.

Create Invoice and follow up on collection

Pulls client details from CRM or additional sources
Constructs custom invoices by determining the line items for each client in the ERP system Or create invoices through the software system that you use.
Sends invoices through email or the application that you use.
Sends payment reminders through automated calls and texts for aging invoices.
Responds to customer questions and demands.

Track and process customer payment

Can read images, PDFs, checks, ACH payments, wire receipts, and credit card dealings to use for payments from clients toward their open invoices.
Can extract checks from the bank lockbox and do the further processing.
Can apply customised rules and logic for repayments, partial payments, refunds, credit notes, etc.
Brings humans in loop for any discrepancies.

Reconcile and journal entries

Do the reconciliation on deposits automatically
Reports on any uncleared entities or missing transactions from POS or e-commerce portals and brings human in the loop.
Will record receivables and account for bad debt.
Utilize ASC 606 norms to calculate and document deferred payment entries.

Account Payable (AP)

Robots and AI can automate 80% to 90% of invoice processing work and save 40% to 55% on their invoice processing costs.

Read Inbox, vendor portal and capture invoice data

Read inbox that has seller invoices, download invoices.
Monitor vendor portal and download invoices.
Source invoices from other sources
Capture invoice data such as PO no, amount, line items, date etc. with AI and OCR technologies.

Validate and Perform the three-way matching

Pull PO, Receipts and other related data from ERP or other sources.
Validate vendor.
Match invoice, purchase order and receipts/GRN (inventory) to validate the invoice.
Use business rules for tax and GL code etc.

Handle payments

Follow business rules and apply splits.
Make journal entries.
Reconcile payments with the bank account

Account Reconciliation

Account Reconciliation is the most tedious and time consuming task for any account department. Survey says that more than 90% time get consumed only for the transactions that are already matched and valid.

Bank reconciliation

Integrated system that communicates with multiple systems and sources such as bank, ERP, Checks, AR, etc. and do the automatic reconciliations.
Check deposit reconciliation.
Other payment reconciliations .
Flag exceptions for humans.

Credit Card reconciliations

Read and capture transactions through Credit card portal, excel etc.
Do reconciliation.
Flag exceptions.

External processors

Read and capture transactions sent by Amazon, Shopify, App stores or any aggregator.
Do reconciliation
Flag exceptions

Why Intelgic

Intelgic has its own RPA tool and Document AI platform that are used to build fully customizable solutions for finance and accounting operations of companies of all sizes. Our solution can easily be integrated with any existing accounting system.