Tedious, manual tasks in month-end closing automated

With a customised RPA solution designed by Ciphix, a global car manufacturer was able to automate their financial month-end closing process. Which enabled our client to save a lot of time and focus on their core business, especially during peak periods.

4 weeks implementation

FOR ANY ORGANISATION WITH COMPLEX FINANCIAL SYSTEMS

Use case: Automation of control layers within the monthly financial statement

The digital assistant built with advanced RPA technology was able to master all manual tasks involved in the month-end closing, correct errors in the booking, and save the valuable time of highly-skilled finance employees.

Robotic Process Automation
RPA technology allows anyone to configure computer software or develop a robot to automate manual tasks. Give employees the freedom to focus on doing what they do best. Opt for software robots powered by RPA & AI and implemented by Ciphix. Transfer your repetitive, manual tasks to digital employees.

“Frequently recurring and administrative actions are fully automated with RPA. The daily process of adjusting prices is fully automated, as is the sending of emails to the relevant stakeholder. This saves the organisation a huge amount of time.”

Month end-closings per year

Digital assistant

144

Hours saved each year

OPPORTUNITY TO INTEGRATE RPA TECHNOLOGY

Manual corrections involved in month-end closing process

Our client came to us with a problem: their outdated Information Management System could no longer meet the needs of their evolving business. The system did not have the capacity to properly: process negative interest, transfer short-term loans or process loans of less than one year old. Which meant that when any of these actions occurred in the system, a member of their staff would need to go in and manually make corrections during each financial month-end.

These manual corrections required a lot of time each month – but they were necessary to ensure that the incorrect amounts did not lead to larger accounting errors during the closing. The car manufacturer asked Ciphix to design a solution which would eliminate the manual corrections without compromising the quality of the financial reporting. A solution that would give their Finance team more breathing space each month, and time to focus on finalizing rather than correcting.

Interested in learning more about how automation can save your organization time on financial related tasks? Learn more from our experts…

RPA POWERED DIGITAL ASSISTANT AUTOMATES MONTH-END CLOSING

Simplify the complex with automation

Based on the needs of our client, Ciphix designed a digital assistant with RPA technology. As a starting place, we converted the logic bundled in Excel for the robot or as we like to call it, the digital assistant.

The digital assistant is now able to execute complex elements of the month-end process and replaces the need for manual corrections:

Automatically applies complex formulas during the month-end process
Filters existing contracts so that loans with a term shorter than one year are recognised and properly entered into the financial reporting
Identifies loans with negative interest rates and corresponding amounts then immediately load them into the balance sheet
Executes calculations and collects relevant documents

Now, highly qualified finance staff can save up to 12 hours per month and spend this time on more valuable tasks. In addition, the risk of errors is greatly reduced and the monthly closing can be completed more efficiently. All thanks to one customised, sophisticated digital assistant built with advanced RPA technology.

The car manufacturer is very RPA-minded and is continuously exploring opportunities to automate other manual processes with Ciphix.

Learn more about how your organisation might embark on your own Digital Workforce Journey.

APPLIED TECHNOLOGIES