Finance & Accounting Operations

All you need to know about standardization, automation, and digitization in finance and accounting operations.

Eliminated unneeded process variance. Introduce game-changing automation. Boost speed, efficiency, compliance, and internal or end-user customer experience… all at the same time. It’s possible—it’s easy—with The Lab, North America’s undisputed authority for transformation-enabling standardization, robotic process automation, and advanced analytics for finance and accounting operations, with all our work performed remotely by our U.S. experts in Houston.

From end-to-end (E2E) process mapping for Accounts Payable to our incredible robotic Invoice Processing Factory, we invite you to to take advantage of the thought-leading articles, case studies, and videos below. Then contact us to book your no-obligation 30-minute screen-sharing demo.

For nearly 30 years, The Lab has helped finance organizations standardize their knowledge-work operations, wringing out new efficiencies, uncovering newfound capacity, and discovering opportunities to effectively apply the latest digital automation technologies. We’ve even standardized the process of standardization. We boast the world’s largest repository of finance KPI definitions, benchmarks, best practices, pre-built dashboards, process map templates, and automation use cases. So we can, and do, make it happen fast.

This global financial-services firm was still adjusting to the operational impact from several mergers when a new CFO was recruited from within and charged with consolidating and streamlining her new finance organizations. She was also determined to upgrade their effectiveness—everything from general-ledger operations and AP through hedging against turnover.

Automate your invoice processing with robotic process automation or RPA robots from The Lab. It takes a human about ten minutes to process a single invoice. The bot does them in 25 seconds each. That’s 24 times faster! And it’s completely automated, from end-to-end, error-free.

Accounts Payable, or AP, is a pillar of the finance and accounting function. According to AP software-maker MineralTree, as companies seek ways to manage their cashflow more efficiently, they want to transition AP-related processes from a “cost center” to a more strategic “profit center.” It’s a laudable goal, but how do you achieve it?

You know that the core of any finance operations-transformation effort revolves around the process. Whether it’s an operational process or a customer-journey process, it’s the bedrock for every must-do initiative on your strategic...

The Lab’s patented Nano-Scale Standardization™ methodology helps finance operations to supercharge their automation initiative with robotic process automation or RPA, achieving breakthrough gains in sales, operating productivity,...

Your finance operation has literally hundreds of opportunities for robotic process automation or RPA. Accounts payable, expense processing, monthly close & reporting... you name it.   You need to get automated, fast....

The new COO of this retailer’s Global Shared Services (GSS) Center had spent nearly her entire career in similar global-scale shared-services centers. Five years prior, she was recruited by a colleague who had earlier joined the retailer from a large defense contractor’s shared-services organization where they had both worked. Her career move paid off with the COO title. The position was moderately challenging but delivered no big surprises—until now. After completion of the largest IT upgrade investment in the retailer’s history, senior management decided to relocate selected regional store-support operations into the nearest GSS.

The following list is a composite, developed from The Lab’s experience with multiple clients and industries. No single client (thus far) has encountered all of these challenges in a single engagement. It is included here as a “heads up” to The Lab’s RPA sponsors at all clients in an effort to jointly address and preempt the most common causes of delay and misunderstanding for automation engagements.

WHAT IS ROBOTIC ACCOUNTING? Robotic accounting, or robotic process automation in accounting, is defined as the use of automation applications, like UiPath and Blue Prism, to reduce the amount of human labor required to process accounting and finance department transactions. What does that mean in plain English? Just think of “accounting robots” as a tool that can reduce the effort needed to move routine data between different accounting systems and outside applications, instead of just being confined to one. Accounting RPA is often perceived as a human replacement, but accounting robotics is more of a “bionic arm” that can help finance and accounting operations staff process work faster by reducing data movement work.

Our previous article in this series shone a spotlight on the lean six sigma finance transformation challenges in the fiercely competitive world of retail operations. This article zeroes in on an equally high-pressure environment: Retail...