When a company employs robotic process automation, that company sees improved efficiency and higher accuracy, among other benefits. The software performs many functions that were previously done by people – tasks like data entry and sending email notifications. Robotic process automation lightens the load and allows employees to focus on high priorities, like their clients.
When robotic process automation is applied to the accounting field, the company gains an accounting virtual workforce. We call this solution robotic accounting automation. The accounting virtual workforce allows for the automation of a number of processes and tasks. Here at DocuPhase, we categorize these automations by function. The bits of our software that perform these functions are called Bots (short for robots).
There are Bots for everything. They can store and share documents, enter data, sync data across systems, perform automated approvals, and much more. In this post, you’ll get to know our favorite accounting automation Bots and what we like about each of them.
AlertBOT – This member of your accounting virtual workforce is responsible for notifying human team members when they need to perform a task. This means no more tracking down and pestering your team. They can be notified automatically when something needs to be done or when a document has not been received.
KeyBOT – Within your automated accounting system, the KeyBOT will probably offer the most time savings, when stacked up against the other Bots. As new documents are submitted to DocuPhase, they are read through OCR technology, and key information is automatically retrieved and recorded. This means that you won’t have to spend your time on the 10-key, entering data for each document you electronically file.
MatchBOT – No, it’s not a dating service, but you’re still going to love it. The MatchBOT performs 3-way matching quickly and accurately. It eliminates human error and saves you from another tedious task.
SyncBOT – This function may not be glamorous, but it performs important work on the back end. SyncBOT integrates and synchronizes information between systems, forms, and websites. With robotic accounting automation and SyncBOT, your systems can be connected at any level.
EmailBOT – Your automated accounting system wouldn’t be complete without this handy email fetcher. EmailBOT patrols your email account, looking for specific messages and attachments. Within robotic accounting automation, this means it’s looking for things like invoices. Once found, they are automatically entered into DocuPhase and filed appropriately.
This is not a full catalog of Bots and their functions, but these are the Bots that stand out to us as game changers when used in an automated accounting system. They have the ability to transform your tedious, paper-based processes, and turn your Accounting department into a well-oiled, efficient machine. They are revolutionizing the workplace.
A final word of warning: Once you’ve met these Bots, you won’t want to work without them.
To learn more about RAA bots, schedule a free demo.