Utah-based IT company automates accounting and payroll with AI robots

Estimated reading time: 5-6 minutes

Managing your business finances can be tedious, both in terms of cost and time. But many people realize that they don’t have to do all the groundwork. Bots can do this instead, usually for a fraction of the cost.

Businesses today are improving efficiency and reducing costs with smart accounting robots, or robotic process automation (RPA). According to McKinsey Global Institute, current technology can automate 42% of financial activities and automate almost another 19%. Businesses using this technology increase productivity, get 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 purchasing division faced a tight deadline to change its contract terms to comply with changes in federal law. Using the power of RPA, the Webbers team executed nearly 1,500 contract changes in 72 hours, a process manually would have taken a year. This automation project reduced the administrative burden on procurement officers, eliminated data errors, emailed the amendment to vendors, and then uploaded the documentation to the contract file repository.

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

What is Robotic Process Automation?

Robotic process automation is exactly what it sounds like: robots do your day-to-day repetitive accounting tasks. These software robots can mimic your actions (like clicking a mouse, entering data, sending emails, reading invoices, etc.) and automate 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.

Utah-based IT company automates accounting and payroll with AI robots
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Accounting bots save dollars 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 via RPA. Not only would this save thousands of dollars and hours of work (again, refer to the data above), but it would have a significant impact on CPA and employee morale. With 100% accuracy and zero human error, productivity would skyrocket and businesses could scale at no additional cost.

The good news for Utahans is that it’s now easier than ever to set up robotic bookkeeping thanks to a local company.

Intelgic helps businesses and accounting firms in Utah automate all kinds of accounting processes with its accounting robots. Whether your needs relate to accounts receivable, accounts payable, or account reconciliation, they have a bot that can help you complete tasks with ease and efficiency.

Intelgic Accounts Payable (AP) Bot

Intelgic’s AP Bot automates 80-90% of your invoice processing work, saving 40-60% on invoice processing costs. It also prevents you from paying duplicate, fake or fraudulent bills and provides better forecasting and cash flow estimation.

AP Bot monitors your accounts payable inbox, 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 your invoices manually, chances are you’ll be spending over $10 to process a single invoice. Not only is it expensive, but it can take up to nine days to process that invoice. Between manual data entry, line item matching, and purchase order (PO) alignment, you’re spending a lot of time and labor on one thing.

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

Intelgic Accounts Receivable (AR) Bot

By automating your accounts receivable process, you can ensure greater accuracy and avoid wasting valuable time on the month-end close. Intelgic’s AR bot helps you eliminate approximately 90% of manual AR results, freeing up to six hours of your AR manager’s time per day.

Among other tasks, the AR Bot creates invoices and tracks collections, tracks and processes customer payments, and performs journal entries. For a full list of his abilities, click here.

Utah-based IT company automates accounting and payroll with AI robots
Photo: Peshkova/Shutterstock.com

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 financial department’s resources are involved in conducting transaction-intensive operations. Up to 95% of their efforts are wasted on already valid transactions.

Surprisingly, most people still approach this process manually. A Institute of Management Accountants Survey found that 61% of finance organizations remain “highly dependent” on spreadsheets. This means 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 reports. It handles bank reconciliations, credit card reconciliations, and third-party processors (Amazon, Shopify, app stores, etc.). Since the bot can handle infinite transactions, it improves your process visibility and saves three hours per day for each worker. To learn more about the Account Reconciliation Bot, click here.

Sourcing bots

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

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 learning about 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 Utah-based team, either on demand or through a monthly retainer.

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

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