Home

Product and service reviews are conducted independently by our editorial team, but we sometimes make money when you click on links. Learn more.

How Financial Robotic Process Automation Saves Money

Content sponsored in partnership with Synder

RPA can save your business time and money with error-free results. Learn how you can harness the power of automation to do more with less and make your business the best.

Robotic process automation (RPA) gives businesses a way to optimize operations, with tools to identify tasks that can be improved throughout a large-scale workflow, perform repeatable manual tasks behind the scenes, and notify team members when a person needs to step in. Also known as "digital transformation," RPA focuses on enhancing an entire end-to-end process and implements various software systems to focus on individual tasks.

By automating a given business workflow, you can get the job done in a fraction of the time, use less resources, reduce overall costs, and eliminate virtually all the errors you'd find from manual processing. Better yet, you can automate any kind of process, whether it's extracting information from an invoice, organizing data from unstructured sources like emails and text messages, or managing accounting for online retail.

As a matter of fact, one of the business areas where RPA is most commonly deployed is accounting processes, as it can help any company better manage its finances. Let's take a closer look at some of the ways RPA can help upgrade these processes throughout an enterprise.

1. Automation solves the most common accounting problems.

Precision is the priority for fundamental bookkeeping, and with the right foundation, you can keep your accounts straight no matter how complex they get. Because of its tedious nature, many businesses think they can procrastinate basic accounting, but lazy approaches can create chaos at the last minute, which could cost an organization thousands of dollars.

With accounting e-commerce software like Synder, you can automatically integrate your accounting platform with various sales channels, such as Shopify, Stripe, Etsy, Square, PayPal, Amazon, eBay, WooCommerce and other popular payment platforms. Because RPA can process information faster and without errors, your records are always up to date and compliant for future audits or basic recordkeeping. One of Synder's many helpful functions is its excellent multicurrency management feature, which automatically calculates conversions using official bank exchange rates and correctly records the payments in the accounting system.

By keeping deep, methodical records of every financial transaction automatically, RPA can deliver all the records you need whenever you need them. Some automation platforms, such as Synder, automatically record ongoing transactions and import historical payments from Excel or other apps in QuickBooks or Xero. Capturing necessary business details such as item and customer information, taxes, shipping and processing fees, and locations, it provides you with instant, thorough, and accurate reports for business analysis and tax filing. The second any sort of activity happens, RPA jumps in to track and record everything, keeping you out of any compliance-related or clerical chaos, so your books are ready for the reconciliation.

2. Automated sales and invoicing improves finance management.

The order processing system any company uses is critical to its cash flow and day-to-day operations, requiring a much more cumbersome, resource-draining ordeal filled with manual processes that leave you wide open for errors. But when you use RPA to engineer a new workflow filled with tools to automatically input data wherever it needs to be, you can increase output and accuracy while lowering operational costs.

Financial RPA platforms can instantly import online payments into your preferred accounting software, automatically categorizing the data in your books and removing any duplicates to avoid those minor math mistakes that could cost you a fortune. In fact, Synder gives your accounting department a way to accept credit card payments from any online sales portal, generate instant sales insights, or create, send, and close invoices automatically upon payment.

With an RPA service, you get tools to handle specific tasks like automatic synchronization of accounts, syncing historical transactions, interact with other accounting platforms like QuickBooks and Xero, or even check the results of coordinated accounting activities. On top of that, you get all the information you need to improve accuracy, lower costs, and ensure compliance.

Moreover, Synder helps e-commerce businesses automate the payment processes, creating invoices and payment links. With its invoicing feature, you can easily create and send invoices, offering a wide choice of payment methods to your customers, including credit card payments. This makes payment super convenient for customers, thus ramping up the payment fulfillment. Also, simple payment links help you turn any of your social media pages (like Facebook and Instagram) into a checkout page with both one-time and recurring payment options, allowing you to get paid instantly. The cherry on top is that all your payment information goes to the right place in accounting right away, automatically closing your open invoices.

By using an RPA solution that incorporates cutting-edge tools like artificial intelligence, optical character recognition (OCR), and machine learning, you can easily collect, analyze, and process both structured and unstructured information from multiple sources to increase processing speed and accuracy, reduce costs, and provide fast, flawless service to your clients.

 

3. You can file payroll taxes the easy way.

Almost half of small businesses pay an average of $845 every year in perfectly preventable payroll tax fines. That's because a lot of these small businesses don't know how to keep up with employment regulations, so they make little mistakes like filing independent contractors as employees, calculating overtime salary as regular wages, or simply not keeping clear payroll records.

With RPA such as Synder helping with your organization's finances, you can keep clear, comprehensive, and flawless records of every transaction and even calculate payroll tax deductions based on real-time transactions. With RPA maintaining your records and performing necessary tasks all at the right time, you can be sure you're up to date and compliant so you don't face any last-minute surprises during tax season. 

4. RPA leads to satisfied customers and a happy workforce.

Because RPA eliminates the more mundane parts of the job, your staff can focus on the work that matters most to them, whether that's providing attentive service during a support call or creating a compliant new customer account. In other words, RPA lets you eliminate the "copy and paste" part of your job.

As tedious tasks are removed from your to-do list, you get more time to dive deep into the parts of running your business that require the most skill, or simply refine the elements you enjoy. You could even focus on ways to improve your skill set or learn something new. The fact that employees can save an average of eight hours of work every week through automation means they get an extra bit of freedom on the job, helping create a far more engaged workforce.

As your clientele gets consistently high-quality service, you'll start developing the business-client trust that keeps customers coming back for more. And with accounting automation software such as Synder to easily scale with your entire enterprise, you'll be ready for whatever comes next.

With Synder, you can:

  • Reconcile your books with your checking account in one click.
  • Send invoices and monitor outstanding balances. Open invoices will be automatically closed with received payments.
  • Receive credit card payments online. Clients easily pay while your books are updated at the same time.
  • Bring in previous or current data with no limits.
  • Never worry about duplicates. This is a unique feature that makes your books 100% safe from creating transactions twice by accident. When you try to sync an existing transaction, Synder will notify you.
  • Revise or roll back transactions that were mistakenly entered or refunded.
  • Accept multicurrency transactions. You can add as many currencies as you need.
  • Generate 100% accurate reports for each accounting period.

If you need an automation platform that can do all this and more, look no further than Synder. If you're interested in trying Synder for yourself, you can book a free demo. Use the promo code "Business.com" to get 50 free syncs.

Image Credit: g-stockstudio / Getty Images