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Article

Streamline financial close processes with analytic process automation

March 25, 2024 · Authored by Alyssa Galvan and Loren Den Herder

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Analytic process automation (APA) plays a crucial role in streamlining financial close processes. Technology platforms that utilize APA can help automate various tasks, reducing required time and effort, and potentially increasing accuracy and enabling real-time financial analysis.

By leveraging APA, along with intelligent automation processes, your business can focus more on strategic decision-making and less on manual, time-consuming tasks.

Explore the benefits of APA below as well as ways your business could potentially put it to work to leverage these outcomes.

What is analytic process automation?

APA refers to tools such as Alteryx and Tableau Prep. It functions by automating the process of compiling and preparing data from multiple source systems and sharing the data via a data analytics platform throughout an organization.

Benefits and ROIs of APA

Benefits of analytic process automation

Here are five use cases for APA in financial close processes.

1. Data consolidation

APA can gather and consolidate financial data from various sources in real time. This helps keep data used for financial reporting and analysis accurate and up to date.

2. Account reconciliation

APA can automate account reconciliation processes, such as verifying account balances and identifying discrepancies. It can analyze data from multiple sources, such as bank statements and general ledger data, and provide recommendations for reconciling accounts.

3. Financial consolidation

Baker Tilly Professional

Loren Den Herder

Managing Director

The technology can automate the consolidation of financial data from different departments or subsidiaries. This can make the process more efficient and accurate, providing a comprehensive view of the company's financial status.
4. Intercompany transactions

APA can automate recording and reconciling intercompany transactions. This helps control discrepancies, reduce time spent on manual reconciliation, and promote compliance with accounting standards.

5. Financial reporting

APA can automate financial reporting processes, such as generating financial statements and regulatory reports. It can automate data extraction, cleaning, and analysis, reducing required time and effort.

Have questions? Baker Tilly can help.

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