Automate the data extraction, consolidation, and validation of data from various source systems such as ERP, CRM, and accounting software with RPA. The bots can then automatically compile the data including prior period comparatives, download ledger data, and create pivots, and summaries in a predefined format. The automation would also reconcile transactions across different ledgers, identifying and correcting any discrepancies. AI can be used for advanced analysis such as identifying outliers in the data and identifying any potential risks or discrepancies.
This reduces the dependencies on various teams within the finance department as they are consolidated in the RPA process which improves the efficiency and quality of data. It also reduces delays with the final month-end reports and statutory statements.