Saving valuable time by automating confirmation processes using Robotic Process Automation (RPA)
In Audit, sending of confirmations to ascertain balances is a manual yet integral process. The process is tedious and has to be performed numerous times, taking up to 18 hours per Audit client.
Here’s where RPA comes into play to help save time and make the process more efficient.
What is RPA
RPA is a software technology for building, deploying and managing software robots that can learn, mimic and execute rule-based processes. Instruct RPA robots how to perform a process, and the robot can operate round the clock with 100% reliability and precision.
RPA robots are usually used to automate mundane and repetitive tasks, such as copy-paste tasks and moving files from one location to another. In this case, RPA robots can be used to send bank confirmations.
Use of RPA to send confirmations
Using the sending of bank confirmations as an example, the steps are:
- Extract info from an excel file for fields in the bank confirmation template
- Send email to the bank with attached completed bank confirmation template and authorisation letter
The steps above take 7 minutes. With the use of an RPA robot, it is shortened to 15 seconds. That translates to time savings of 28 times!
Building of RPA robots
There’s the fear that RPA robots are difficult to build and maintain. However, RPA can be easily learned, and configuration of RPA robots is as intuitive as recording a video – hitting record, play and stop buttons, and using drag-and-drop actions to move files around.
For Loke Lum PAC, the development and deployment of robots was ready in less than 2 months, which involved Singapore Polytechnic students understanding the process, working with staff processing confirmation to co-develop the script, and implementing and test-running the script. Within half a day, they were able to transit to the new automated process with no disruption to existing work.
Embark on your RPA journey now
Improve your company’s efficiency through RPA now. SAC provides funding support for adoption of baseline RPA in these areas – Audit, Accounting, Taxation, Corporate Secretarial Services, and Human Resources & Administration.