Relanto Streamlines Financial Reporting for Leading Software Provider, Achieving 50-60% Reduction in Processing Time
Summary:
A Hi-tech client, specializing in team collaboration software, struggled with slow and inefficient financial reporting due to complex data integration and outdated tools. They sought automation to streamline processes, reduce manual effort, and enhance reporting efficiency, enabling a focus on strategic tasks.
Challenges:
Diverse Data Sources
Difficulty in consolidating financial reports from multiple systems, including banks, ERP systems, and custom applications.
Manual Data Handling
High manual effort required for data collection and standardization, impacting efficiency and accuracy.
Unreliable Reporting Tools
Frequent crashes and delays caused by macro-heavy Excel files complicating the reporting process.
Extended Report Generation Time
Time-consuming report generation (8-10 hours) that restricted the ability to perform in-depth analysis and manage cash collection.
Limited Time for Strategic Tasks
Minimal time available for strategic financial analysis and decision-making due to the lengthy report generation process.
Objectives:
- Primary Goal- Reduce manual effort and improve efficiency for better strategic analysis.
- Secondary Goal- Decrease report generation time and reduce system crashes for better performance.
Suggested Solution:
To address the challenges faced by our hi-tech client, we implemented a comprehensive solution designed to streamline their financial reporting process.
First, we leveraged UiPath to automate the downloading of financial reports from various systems, including banks, ERP systems, and custom applications. By inputting the appropriate parameters, UiPath ensured a seamless and efficient data extraction process.
Next, we developed a custom solution to manage the large Excel files. This involved breaking down the file contents into smaller, manageable chunks and enabling parallel processing. This approach not only prevented crashes but also significantly reduced report generation time.
Finally, we created a custom VB script to verify that the bot-generated reports adhered to the client’s current standards and formatting. This ensured consistency and accuracy across all generated reports.
Through these tailored solutions, we effectively reduced manual effort, enhanced reporting efficiency, and provided the client with the tools needed for better strategic analysis and decision-making.
Outcome:
- 50-60% Reduction in Processing Time: Significant decrease in time spent on financial reporting. This acceleration allows for quicker financial insights and more timely decision-making.
- Improved Accuracy: Enhanced precision in report generation and data handling. This leads to more reliable data and reduces the likelihood of errors or discrepancies.
- Increase in Employee Satisfaction: More focus on strategic tasks and less time spent on tedious reporting. This shift boosts job satisfaction and enhances overall productivity.
- Focus on Collections: Ability to prioritize collections over month-end closure activities. This ensures better cash flow management and reduces the backlog of accounts receivable.
- 100% Compliant Process: The bot adheres to all prescribed process steps, ensuring full compliance. This guarantees that all regulatory and internal standards are consistently met.
