Financial Package and Consolidation Process

Financial Package and Consolidation Process

Overview

The client had offices in multiple locations, so they needed automation to pack financial data from all its entities and consolidate it into one database.

Before consolidating, all the financial data operations must be extracted from all client entities in different business locations. Additionally, the consolidated data must be checked for integrity, duplication, and redundancy.

Problem Statement and Challenges

It becomes tough to obtain real-time financial statistics for an organisation if they have entities in multiple locations, which is the case with the client.

This is why the client wanted the process to be automated to enhance efficiency and bring transparency from a top-down level.

Solution

We analysed the problem and configured a Digital Workforce RPA Bot to automate the financial packaging and consolidation process. The automation ensures that all the logical financial operations are implemented during extraction from each business entity and the consolidation process.

Additionally, a huge chunk of financial data was stored in PDFs instead of excel sheets, which is challenging for the bot. But upon finding a PDF file, the bot also extracted information from carrying out all logical financial operations.

A report for each extraction and consolidation is sent to the concerned business as an email notification with the help of email automation rules.

With the help of SQL Server Management Studio (SSMS), we also recorded the success/failure status for each extraction and consolidation.

Finally, a Global Exception Handler is set up to prevent data loss in case of unexpected query failure or exception.

  • Digital Workforce RPA Bot
  • Financial Data Extraction Carrying Logical Operations
  • Financial Data Consolidation Carrying Logical Operations
  • Global Exception Handler
  • Email Notification
  • SQL Server Management Studio
  • UiPath
  • MS Excel, Outlook and VBA

Results and Success Criteria

The client observed a much faster financial packaging and consolidation than the previous implementation. It helped the client visualise the data clearly and optimise better business workflow, and decide with much certainty due to the presence of real-time data.