Overview
The Accounting Department at a Global Law Firm manually voids stacks of checks within their accounting system, averaging tens of thousands instances each month. Recognizing the labor-intensiveness, Business Analysts sought automation. A solution combining OCR for check data extraction and bank feed integration to determine voiding needs was implemented.
Challenges
The accounts department faced the following challenges while voiding checks in their accounting system:
- High Manual Workload: Voiding such high volumes of checks monthly was a time-consuming and labor-intensive task for the finance team.
- Data Accuracy: Ensuring accurate data entry from checks and bank feeds was essential to avoid errors in voiding checks and invoices.
- Matching Complexity: Matching the correct bank feed account number with the corresponding CSV file required precision, as errors could lead to incorrect voiding.
- Data Security: Handling sensitive financial data required secure storage and transfer of information
Solutions
The following solutions were offered after an RPA consulting with accelirate to address the challenges posed.
- OCR Data Extraction & Check Status Determination: Utilizing OCR technology, the bot extracted check information and accessed the Law Firm’s bank feed to determine check status (outstanding, unpaid, unused).
- Data Management & Check Matching: Information from OCR was logged in CSV files, and the bot matched bank feed account numbers with CSV files for precise data entry.
- Check Voiding & Reporting: The bot automated voiding of matched checks and streamlined report generation.
- Data Security Measures: To ensure data security, the bot moved output files to a secure location accessible only to authorized personnel.
Results
- Efficiency & Accuracy: RPA Implementation significantly reduced the manual workload, improving data accuracy and minimizing errors in the accounting system.
- Streamlined Processing: The bot efficiently matched and voided checks, ensuring accurate accounting records.
- Enhanced Data Security: Sensitive financial data was securely managed, accessible only to authorized personnel.
- Time Savings: The bot’s efficiency led to faster check processing, resulting in time savings for the accounting department.