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Automation for Financial Statement Reporting
A large Financial Services Firm employed 100 financial controllers to manage client finance needs. At the end of each month each controller was responsible for preparing, formatting, and sharing the polished financial statements for each of their clients individually. This crucial and manual process was consuming thousands of productivity hours and was prone to error as it was entirely manual, repetitive, and extremely tedious.
To eliminate errors and reduce time spent on the process, the financial services firm turned to OpenBots Studio to automate the process using open source automation. The bot developed was able to export the financial statements from the firm’s QuickBooks, standardize and format the exported data in Excel, and send the file to the finance control manager for final approval. Once approved, the file could be shared with the appropriate client.
To streamline this solution, the bot developed was an RPA bot, or virtual assistant/desktop automation. The reason RPA was used was to allow the financial controllers to keep their daily work routine and trigger the automation to run on-demand whenever the clients files were prepared and ready to be finalized and delivered at the end of each month. This solution was able to eliminate the need for employee manual effort and even optimized the process as the original task involved sending the file back and forth between the manager and original controller for critiques and edits over and over again until it was perfect.
The automation saved over 1,000 hours of manual work for the controllers monthly, completely eliminated errors on the financial reports and increased controller workload capacity by 10%. The 10% increase allowed for each controller to take on more clients and reduced the need for the firm to hire quickly to support their growth.
