Reporting is an essential process to effectively keep track of shortages, be updated with regulatory changes, and monitor risk. Generating a report from records is one of the most demanding and labor-intensive tasks for a company. With everything being revolutionized with technology, record keeping and reporting are not far behind. When it comes to accounting and finance, reporting is under constant scrutiny as it can influence investors and shareholders.
Companies, especially the considerably larger ones, need to go through multiple records spread across numerous departments to ensure proper reporting. But, filing reports are considered the most stressful activity as one irregularity can throw the whole process. There could also be delays due to mistakes, and inaccuracies in data are not uncommon in the reporting process.
RPA and Reporting
It is estimated that companies that function on the higher end complete reporting in 4-5 days. Those on the lower end take more than ten days to complete their reporting process. While 4-5 days is rather effective, 10+ days mean losing productive days performing tasks that can be automated. With standardized, automated procedures and controls, efficiency can be impressively increased.
The existing automation solutions might offer a temporary, simpler fix, but Robotic Process Automation (RPA) is transformative. The important task is to identify the processes that can be successfully automated. Once RPA is employed, even the extremely complex tasks of reporting can be fully automated.
The Process of Automated Reporting
The first step in an automated reporting program would need to function the data. We need to set up a template and automate certain processes. The main agenda here is collecting data that is distributed across multiple departments. Therefore, the important process to automate is to identify the required data, locate it and extract the same. The extracted data is then run through the program.
After running it through the program, the platform will identify errors. Any anomaly or mistake in the records or any deviation from the prescribed regulation will raise a red flag. In case of any miscalculation, the respective team will be notified to take further action. Once the errors are fixed, the program then proceeds to compile the data. The next step is to organize the data into a required, structured format.
Automating reporting process will ensure that there is less room for error. It dramatically reduces human involvement, allowing them to focus on less repetitive tasks and rectify errors.