Invisible helpers behind better financial management services
Robots don’t get tired or bored. This is why the quality of their work is always consistent. In financial management, robots are used for repetitive and time-consuming tasks. With robots working in the background, even around the clock, financial management professionals can focus on things that matter most to the client.
More time to things that need attention
The role of a software robot in the compilation of a monthly balance sheet itemisation is a good example: the robot will retrieve the balance sheet items, which removes the simple yet time-consuming work phase from the accountant’s desk.
The accountant will have more time to analyse and correct the balance sheet itemisation and look deeper into the types of items included.
Based on a carefully itemised balance sheet, the accountant can make the necessary conclusions. Things that need attention will be noticed in time, and there will not be any surprises.
Assuring humans' work
At Accountor, robots also assure the quality of humans’ work. A software robot checks that the invoices of a company’s partners, such as suppliers and subcontractors, are always entered into the correct accounts.
In a fictional example, the company’s electricity bills would always be entered into an account called Electricity. Through it, the entrepreneur monitors the electricity bills and also bases the budgeting of the next year’s electricity costs on the account’s balance. If, due to a human error, electricity bills were entered into another account, the continuity of accounting would no longer be intact. In the old world, the matter would be detected after a verification by the accountant, and the entries would be corrected.
Today, robots take care of these verifications, thanks to which any changes can be detected and corrected right away.
In this example, the client benefits from the cost monitoring always being up-to-date, and they can confidently base their budgeting on the account balance, for example.
Robots' background work enables quick delivery in payroll services
In payroll, most of the services consist of additional work requests from the client. These can include compensation claims, pay statements or requests for statistics. All of these are documents that clients need quickly, and to deliver them, the payroll specialist must be familiar with the company and its situation.
For payroll specialists to respond to clients’ requests more rapidly, the simpler background tasks are given to robots.
Such tasks include retrieving salary data, among others. Clients save their tax cards, copies of employment contracts and statements of medical leaves on the Extranet, which is a secure channel between the clients and Accountor. Each night, robots fetch the data sent via the Extranet. When the payday of the client company draws closer, the data is available to the payroll specialist in client folders in cloud storage where the robot has saved them. Also, in cases where a temporary payroll specialist is substituting, for example if the company’s dedicated payroll specialist has fallen ill, the temp can easily access the data needed for payroll service.
Performing time consuming checks for up-to-date records
Thanks to software robots, Accountor can perform checks that would be unfeasible for humans due to the time they consume. A monthly personal report is formed for each employee of Accountor’s payroll clients. These reports include holidays and other leaves for the current and previous holiday years. The amount of data is immense. A robot verifies the accuracy of each person’s report every month by comparing it to the respective report from the previous month. Employees of client companies can trust that any deviations due to potential system or data errors are detected immediately. Similarly, the client company is always able to record up-to-date and correctly calculated holiday pay reservations into the liabilities on their balance sheet.
When the salaries are paid, a robot will check that the payment succeeded and the sum was correct. It will read the payment feedback message from the bank, compare the payment to the corresponding report and notify the payroll specialist of the verification. This way, the payroll specialist can move on to the next task right after salary payment.
Thanks to robots, accountants and payroll specialists have more time to look deeper into the client’s situation. And when their job becomes more meaningful, the client will see this in an even better service.