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 stressful – both in terms of costs and time. But many people realize that they don’t have to do all the substantive work. Robots can do this instead, usually for a fraction of the cost.

Businesses today are improving efficiency and reducing costs with smart accounting bots, or Robotic Process Automation (RPA). to me McKinsey Global InstituteCurrent technology can automate 42% of financial activities and almost another 19%. Companies using this technology increase productivity, see more accurate results, and save money.

Even the Internal Revenue Service (IRS) uses RPA bots, according to Federal News Network. The article says, “In 2020, the procurement department was facing a tight deadline to amend its contract clauses to comply with changes in federal legislation. Using the power of RPA, the Webbers team implemented nearly 1,500 contract modifications in 72 hours, a process manually that would have taken one year.” This automation project reduced the administrative burden on contract administrators, eliminated data errors, emailed the modification to vendors and then uploaded the documents into the contract file repository.”

If that wasn’t enough to tempt you, here’s a closer look at how automated accounting can boost your business.

What is robotic process automation?

Robotic process automation is exactly what it sounds like: Robots do repetitive, daily accounting tasks. These software bots can simulate your actions (such as mouse clicking, entering data, sending emails, reading bills, etc.) and automating almost everything you do in a secure cloud server. They integrate multiple systems to handle all kinds 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 it could be 80% to 90% of your accountants’ manual tasks Automated by RPA. Not only will this save thousands of dollars and company hours (again, see the data above) but it will have a huge impact on CPA and employee morale. With 100% accuracy and no human errors, productivity will rise and the business can expand without any additional costs.

The good news for Utahns is that it’s now easier than ever to implement automated accounting thanks to a local business.

intelgek Companies and CPAs in Utah are helping to automate all kinds of accounting processes using their accounting robots. Whether your needs are in accounts receivable, accounts payable, or account reconciliation, they have a bot that can help you get things done easily and efficiently.

Intelgic’s Accounts Payable (AP) Program

Intelgic’s AP Bot automates 80-90% of your billing processing business, saving 40-60% on billing processing costs. It also prevents you from paying duplicate, fake or fraudulent bills and provides better forecasts and cash estimates.

AP Bot monitors your Payroll inbox, pulls billing details, handles and coordinates payments, and triple-matches invoices, purchase orders, and receipts. You can learn more about AP Bot here.

Processing invoices using artificial intelligence robots

If you process your invoices manually, you are likely to spend more than $10 to process just one invoice. Not only is it expensive, but it can take up to nine days to process that bill. Between entering data manually, matching items, and arranging purchase orders (PO), you spend a lot of time and manpower on one thing.

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

Intelgic Accounts Receivable (AR) Robot

By automating your accounts receivable process, you can ensure greater accuracy and eliminate wasting valuable time during month-end closing. Intelgic’s AR Bot helps you eliminate about 90% of manual augmented reality results, saving up to six hours of AR manager time per day.

Among other tasks, the AR Bot creates invoices, tracks collections, tracks and processes customer payments, and makes journal entries. For a complete list of its capabilities, click here.

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

Intelgic Account Reconciliation Robot

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

Surprisingly, most people still handle this process manually. that Survey of the Institute of Management Accountants It found that 61% of financial institutions are still “highly dependent” on spreadsheets. This means that accountants spend more time on something that is likely to be inaccurate.

The account reconciliation bot from Intelgic can solve this problem by improving the accuracy of your financial report. It handles bank and credit card settlements and third party processors (Amazon, Shopify, App Stores, etc.). Since the bot can handle unlimited transactions, this improves the visibility of the process and saves three hours per day for each worker. To learn more about the Account Reconciliation Program, click here.

Purchasing bots

Robots can automate the buying process by checking inventory, figuring out which items to order, and knowing which seller is providing those products. The bots can either send an RFP or create purchase orders automatically.

Comprehensive automated accounting application

If the process of switching 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 creating and implementing bots and integrating them 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 in Utah – either on demand or through a monthly agent.

Start saving time and money by automating processes. Visit intelgic.com Get a free demo today.

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