Financial Process Automation (FPA)
Organizations adopting intelligent automation across the enterprise are turning to finance as one of the best places to start their digital transformation. According to a recent Forbes Insight survey, “financial transactions or reporting” was listed in the top five most frequently automated processes. But what is IA and what does it do for finance and accounting processes?
It’s widely accepted that removing paper-based processes from accounts payable is a best practice. So why is it that paper still continues to dominate in many organizations? According to Billentis Market Report for eInvoicing, 70% of all invoice processing globally is still paper-based.
Did you know 50-90% of financial processes can be automated by capture and workflow automation software? If you are still searching, transferring, copying, pasting, sorting and filing information, chances are you are mired in paper and manual processes.
Welcome to Kofax Conversations – Thought Leaders Talk “What’s Next” in Digital Banking. This is the first blog in an exciting series showcasing video discussions with thought leaders in the financial services industry.
Looking to improve productivity in your procure-to-pay processes? Forty-five percent of P2P organizations believe robotic process automation will be an area with the greatest impact on the way accounting gets done.
We continue to find gaps in automated processes where there are activities and tasks between systems, such as keying and re-keying information from one application to another, logging into supplier portals to gather information, and manual updating of financial data or ERP applications from Excel spreadsheets.