General ledger process in finance & banking
General ledger automation through Robotic process automation (RPA)
- The financial statement of every organization is released to the public to be viewed and accessed by shareholders, stakeholders, and media. A customer chooses to invest or interacting with a banking institution only after the financial health of the bank is sound. Hence, to make such statements, every bank has to maintain a Ledger Book of Accounts where thousands of entries need to be made daily. Such books carry information related to Revenue, Assets, Liabilities, Expenses, and other information. Hence, with such detailed entries, errors are bound to occur. Any error in the report will damage the bank image to a very large extent.
- RPA can help maintain a ledger book effectively and accurately. A statement is created by a bot by updating information from multiple legacy systems. A Robot integrates, verifies, and makes sure that the ledger is maintained error-free. As RPA is an independent technology, it can work with multiple legacy systems and even format the data as required.
- This is a huge cost-reducing and time-saving process for Bank if it plans on automating its Ledger Maintenance process through RPA implementation.
