Gleematic team joined the first Accounting and Finance Show in Asia on 16th -17th October 2018. It was held at Suntec Convention Center, Singapore. Over 70 of the latest and innovative technology providers exhibited along with Gleematic team.
We met over 2,000 Accounting and Finance Professionals from businesses and practices from across Asia and other parts of the world. This event provided six theatres (Digital Innovation Theatre, Money In Money Out Theatre, Accounting and Book Keeping Theatre, Practice Management Theatre, Business In the Cloud Theatre, and the last but not least, Future Finance Theatre) with different topics for discussion.
Our founder and CEO, Mr Christopher Lim, delivered a speech at the Digital Innovation theatre. His speech was about the ability of Machine Learning and A.I. Robotic Process Automation (RPA) to become “superpower” in accounting and finance.
A lot of professionals in accounting or finance functions would face time-consuming and repetitive tasks. For example, in account payable processes, the staff might be receiving invoices from suppliers via email as attachments. The staff would have to open the email, download the attachment, and transcribe the data into a spreadsheet or enter into accounting system/ ERP. Before posting, the staff would need to check the information in this invoice against that in a purchase order and/or Delivery Order. The information can only be posted after ensuring that everything is in place.
A.I. RPA will be a virtual worker to eliminate the rules-based tasks such as the example above. For a Robotic Process Automation (RPA) tool like Gleematic, users do not need to know programming to set up automation scripts. It works by mimicking mouse clicks and keyboard strokes.
Beside account payable processes, A.I. RPA also able to works on account receivable processes, bank-reconciliation and even does the financial forecasting.
At the end of the discussion, our CEO also highlighted important pointers to take note before they implementing RPA. It’s important to define the aim or the result desired for implementing RPA. Users will have to map out clearly where the RPA will start the processes, how to detect “completion”, and even what will happen after the automated scripts.
Gleematic team hopes the discussion gave enough information and motivation for finance and accounting professionals to consider A.I RPA in their business.