How QX is leveraging automation to transform finance & accounting functions

Intelligent automation technologies (robotic process automation, artificial intelligence, machine learning) are transforming how the world works. Accounting tasks – especially the ones that are step-based and repetitive in nature – can be easily automated.

While AI is unlikely to replace accountants any time in the future, the last few years have seen a lot of talk about automation. However, a large number of accounting departments are still using paper and Excel sheets. Digitisation is becoming more and more common, but stories of successful automation are few and far between.

Many in the industry embraced the idea of AI as a silver bullet – as a mystical beast of burden that would carry the heaviest load in accounting departments. Over time, as businesses and vendors invested in solutions that actually work, the optimism was tempered by the acquaintance with the fact that not every accounting process can be transformed. Today, finance leaders are well aware of the challenges around the same:

• Difficulty of knowing where to begin, especially when the processes are even fully digitised
• Lack of appetite for the huge investment that AI solutions entail, especially when the impact on the bottom line is not crystal clear
• Fear of jumping on the automation bandwagon and becoming a guinea pig for untested solutions
• Lack of operational understanding, hindering solutions providers in creating solutions that actually work

Realising the benefits of automation

At QX, we provide finance, accounting and payroll services to industry leaders in the US and UK. As we specialise in processing high volumes of transactions, we see a great opportunity in intelligent automation, especially through robotic process automation and cognitive solutions. To help our clients benefit from automation, we have set up an Automation CoE, with focus on building customised solutions that help improve process efficiency and improve accuracy by automating labourious, repetitive and mundane activities.

Our twin talents – in-depth operational understanding plus technology excellence – allow us to build solutions that work as advertised. In the words of Sourav Patnaik, Sr. Vice President and Head of Intelligent Automation at QX, “The chasm between operational teams on the floors and automation teams is one of the main reasons behind limited success of RPA in BPO/KPO space. The QX Automation CoE works very closely with the operations teams and clients to identify activities that can be automated. Access to in-depth process understanding and business context enables the automation team to devise highly effective solutions that work in the real world.”

Our solutions are powered by ADAM and EVE. ADAM takes complete control of all repetitive, time-intensive, mundane tasks while EVE handles all the analytical activities.  ADAM and EVE work as ‘buddies’ that free our staff from performing robot-like repetitive activities and allow them to focus on activities that require skills unique to humans: creativity, critical thinking and strategy.

We are betting big on robotic process automation and cognitive solutions and see an opportunity to automate a wide range of finance, accounting and payroll activities. Clients who implement these solutions will yield rich rewards including:

1) Reduced costs

• Cost savings: Elimination of human errors boosts accuracy, reducing the time and money spent on rectifying errors
• Resource redeployment: With automation reducing the cycle time, FTEs can be redeployed to other processes
• No licensing cost: No additional cost involved from automation licensing perspective

2) Improve productivity

• Scalability: Enhanced scalability due to availability of virtual workforce (ADAM) to handle volume spikes.
• 24/7 operations: Round-the-clock operations support using ADAMs and EVE.
• Quality: Mature process robots  deliver 100% accuracy day after day, ensuring quality of services.

3) Boost operational efficiency

• 100% compliance: Ensure complete compliance with regulatory and internal policies.
• Risk mitigation: Significant reduction in risk due to elimination of manual errors.
• Optimised operations: Streamlined processes, faster processing and data management improve service delivery.

Learn more

Are you looking for a finance & accounts outsourcing partner who can help you streamline processes and assist you with your digital transformation journey? Check out our finance & accounting automation solutions for more details, or get in touch with us and speak with our automation experts.

Originally published Sep 25, 2019 09:09:43, updated Jul 29 2024

Topics: Process automation