Utah-based IT firm is automating accounting and payroll with AI bots

The Utah-based IT company is automating accounting and payroll with artificial intelligence robots

Estimated reading time: 5-6 minutes

Managing your company’s finances can be costly and time consuming. But many people are realizing they don’t have to do all the nutty work. Bots can do it instead, usually for a fraction of the cost.

Businesses today are improving efficiency and reducing costs through intelligent accounting bots or robotic process automation (RPA). According to the McKinsey Global Institute, current technology can automate 42% of financial activities and nearly automate another 19%. Companies using this technology are increasing productivity, getting more accurate results and saving money.

The Internal Revenue Service (IRS) also uses RPA robots, according to the Federal News Network. The article says, “In 2020, the procurement division was facing a tight deadline to change its contract clauses to adhere to changes in federal legislation. Using the power of RPA, Webbers’ team performed nearly 1,500 contract changes in 72 hours, a process that manually would have taken a year. That automation project reduced the administrative burden on contractors, eliminated data errors, emailed the change to suppliers, and then uploaded the documentation to the archive. of the contract files “.

If that’s not enough to entice you, here’s a closer look at how an automated accounting process can grow your business.

What is robotic process automation?

Robotic Process Automation is exactly what it sounds like – robots do your daily, repetitive accounting tasks. These software bots can mimic your actions (like clicking the mouse, entering data, sending emails, reading invoices, etc.) and automating almost everything you do on a secure cloud server. They integrate multiple systems to manage all types of software, including Quickbooks, Excel, Billing.com, Customer Relationship Management (CRM), and others.

The Utah-based IT company is automating accounting and payroll with artificial intelligence robots
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Accounting bots save $$ and improve accuracy for businesses, accounting firms, and CPAs

Imagine the difference it would make if 80% -90% of your accountants’ manual tasks could be automated through RPA. Not only would this save thousands of dollars and business hours (again, refer to the data above), but it would have a significant impact on CPA and employee morale. With 100% accuracy and no human error, productivity would increase and businesses could scale at no additional cost.

The good news for Utahns is that it’s now easier than ever to implement robotic accounting with a local company.

Intelgic is helping CPA firms and companies in Utah automate all kinds of accounting processes with its accounting robots. Whether your needs relate to Accounts Receivable, Accounts Payable, or Accounts Reconciliation, they have a bot that can help you get things done with ease and efficiency.

Intelgic Bot Accounts Payable (AP)

Intelgic’s AP Bot automates 80–90% of invoice processing work, saving 40–60% on invoice processing costs. It also prevents you from paying duplicate, fake or fraudulent invoices and provides better cash forecasts and estimates.

The AP Bot monitors the inbox of your accounts payable, extracts invoice details, manages and harmonizes payments, and performs three-way matching for invoices, purchase orders and receipts. You can learn more about the AP Bot here.

Invoice processing with AI robots

If you’re processing invoices manually, chances are you’re spending more than $ 10 to process just one invoice. Not only is it expensive, it can take up to nine days to process your invoice. Between manual data entry, line item matching, and purchase order (PO) alignment, you’re spending a lot of time and staff in one thing.

AI robots will read the emails with invoices and enter the data into your ERP or accounting software. From manufacturing companies to finance companies, adopting this powerful AI technology can save you time and money in invoice processing.

Accounts Receivable Intelgic (AR) Bot

By automating the credit management process, you can ensure greater accuracy and eliminate wasted time during the month-end close. Intelgic’s AR Bot helps you eliminate about 90% of manual AR results, freeing up up to six hours of your AR manager’s time per day.

Among other activities, the AR Bot creates invoices and follows receipts, tracks and processes customer payments and makes journal entries. For a full list of its capabilities, click here.

The Utah-based IT company is automating accounting and payroll with artificial intelligence robots
Photo: Peshkova / Shutterstock.com

The Intelgic Account Reconciliation Bot

Finally, account reconciliation is easily the most tedious and time-consuming task for any accounting department. According to an Ernst & Young survey, up to 59% of a finance department’s resources are involved in driving transaction-intensive operations. Up to 95% of their effort is wasted on already valid transactions.

Surprisingly, most people still go through this process manually. A survey by the Institute of Management Accountants found that 61% of financial organizations remain “highly dependent” on spreadsheets. This means that accountants are spending more time on something that is much more likely to be inaccurate.

Intelgic’s Account Reconciliation Bot can solve this problem by improving the accuracy of your financial reporting. It manages bank reconciliations, credit card reconciliations and third party processors (Amazon, Shopify, app store, etc.). Since the bot can handle infinite transactions, this improves visibility of the process and saves three hours a day for each worker. To learn more about the Account Reconciliation Bot, click here.

Procurement robot

Bots can automate purchases by checking inventory and discovering the items that need to be ordered and discovering the vendor supplying those products. Bots can send RFPs or generate purchase orders automatically.

End-to-end robotic accounting implementation

If the process of moving to an automated accounting process seems daunting, rest assured that Intelgic will be with you every step of the way. From discovering your accounting practices to building and implementing bots and integrating with your existing system, they do it all.

But Intelgic’s work doesn’t stop there. Customers can count on ongoing support and training with a personal touch from a local team based in Utah, on request or via a monthly subscription.

Start saving time and money with process automation. Visit intelgic.com for a free demo today.

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