2 Examples of Automation in Finance

Are you spending plenty of time on finance processes? Consolidating the cash book balance monthly and never seems to match with the bank balance? Having to manually check every single invoice your company receives?

Did you know that you can make use of automation in finance? Try using our cognitive automation software Gleematic to help you. These are 2 processes that Gleematic can help you automate.

Accounts Payable Process

Gleematic has a function called machine learning which allows you to train the robot. Past invoice data is given to Gleematic, for it to understand the patterns and meaning of each field. After training, Gleematic is able to process and understand invoices effectively.

Once Gleematic receives an invoice, it will retrieve data from the invoice. Machine learning then analyzes the data. Gleematic then access the Purchase Order System and picks up the purchase order data, comparing the data from the invoice and purchase order. If the data matches, Gleematic will access the accounting system and update the system. If the data does not match, Gleematic will show an error message, prompting staff to double check if the invoice is correct.

Bank Reconciliation Process

Gleematic enters the system to check if the cash book balance is the same as the bank balance. If it is the same, Gleematic will have no further action. However, if the balance is not the same, Gleematic will check if all cheques have been presented. Gleematic will then add the cheque amounts to the cash book balance. If the balance is the same now, Gleematic will stop the process.

If the balance is still not the same, Gleematic will check for deposits in transit and deduct it from the cash book balance. If the balance is still not the same, Gleematic will continue looking for errors until the balance is the same or it will prompt an error message to the staff to double check. You can decide when Gleematic stops checking.

These are just two out of the many processes that Gleematic can automate. Gleematic can help you save time as it works 3-5 times faster than a human. Gleematic also do not get sick and can work 24/7. With Gleematic, your staff can be freed from repetitive tasks and be able to carry out more important tasks.

Contact us now for a FREE 1 hour consultation!

 

Written by: Elicia Yeo

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