Tax, Accounting, & Finance Digital Transformation, Innovations- ByteScout

Tax, Accounting, and Finance Digital Transformation

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Risk Management Ultimate Guide
What is Risk Management Why is Risk Management Important? Strategies and Processes of Risk Management Approaches Risk Management Limitations Risk Management Standards Examples What is Risk Management Risk management can be described as the meticulous procedure of recognizing, isolating, evaluating, and regulating risks that can affect an institution’s finances or assets. Such risks can be as a result of several factors, which may include economic improbabilities, catastrophes, human errors, and other liabilities. In recent years, [...]
Banking and Finance Innovations in February 2020 (Industry Digest)
The financial services industry has been evolving with fintech disrupting the status quo across the entire spectrum of the industry. We analyze innovations across the front office (customer engagement), middle office (automation), and back-office (settlement processes). Table of Contents: Summary Building and Communicating Customer Loyalty more effectively Micro-customization: Personalizing customer insights Augmented Reality to communicate card benefits Chatbots – Using voice & becoming interoperable Automating Middle Office Tasks using RPA Blockchain to secure transaction processing [...]
5 Main Areas of Digital Transformation
Many organizations are actively going through digital transformation, irrespective of the actual industry, irrespective of the organizational structure. Digital transformation presents a wide variety of lucrative incentives such as better sales models and higher customer satisfaction. TABLE OF CONTENT Summary Healthcare Finance Logistics and E-Commerce Telecommunication Hospitality Summary There are certain differences between the transformation of a sector from another. Every organization is different - the organizational structure, processes, and culture vary even between organizations [...]
Digital Trends and Ongoing Transformation in the US Finance Industry
The financial services sector in the US is undergoing a dramatic technology-led evolution that is changing the landscape of the entire industry. Some of the most pronounced disruptions have been caused by: Artificial Intelligence (AI) across the investment workflow. Incorporation of Big Data. Evolution of new-age payment systems and apps. Blockchain Among these trends, we explicitly analyze the impact of AI on the wealth management industry in the US. AI has pervaded all aspects of [...]
Process Automation in Loss Run Reports
RPA, or Robotic Process Automation, is revolutionizing insurance through the use of front-end, desktop-level, and no-coding bots that handle the routine keystroke level processes. RPA is making significant changes in the way that insurers operate, thereby improving customer service and reducing cycle time while reducing overhead. To understand RPA in simpler terms, consider bots which are configured for each computer, to carry out the repetitive tasks in insurance work, such as data entry.  Here in [...]
Role of RPA in Accounts Payable
Introduction to accounts payable The money that a company owes to its suppliers for the goods and services received comes under the category of accounts payable. Until you have a payment due for an order, it is seen as a liability in the books of accounts and is dependant on the bill amount. Accounts payable processes are complex, repetitive, and time-consuming processes demanding great involvement from employees. Some organizations, therefore, depend on outsourcing to BPOs [...]
RPA in Accounts Receivable
With the advancement of technology, we are proceeding towards such an era where human efforts can be hugely lessened with the use of artificial intelligence. RPA (robotic process automation) is a technology of that particular domain. It is mainly designed to handle laborious, repetitive tasks smoothly. What are accounts receivable? Accounts receivable is the pending transaction, which is due to be received by the owner. It is considered as a current asset in the balance [...]
How RPA is Changing Finance and Accounting
Accounting and financing both the profiles are known as one of the topmost job profiles across the globe. And the implementation of RPA doesn’t replace the accountants or financiers from their jobs, even helped them to lessen their workload and freeing them to step into the advisory and new strategic world.  If you are an accountant, financier, or banker, you must have experienced a delay in your work, even delay which happens always. RPA helps [...]
RPA Use Cases in Accounting
Robotic process automation (RPA) is quickly transforming the accounting and finance operations, quicker than any other section of advanced technology. Robotic accounting software is a frequently accepted solution for the constraints of legacy and diverse methods seen in the banking and accounting services, which have had an immediate impact on the operational performance of back-office economics services and private customers of experienced services functions. Let’s take a look at some of the RPA use cases [...]
Robotic Process Automation (RPA) in Finance: Use Cases
Robotic process automation (RPA) has been redefining automation in finance and accounting. It would not be an over-emphasis to conclude that the shift is faster than any form of technologies in existence. However, the question has always been, "Why is RPA gaining so much momentum?  For newbies, RPA will simplify data by 80% in financial close, accounts payable, tax accounting, and lots more. RPA optimizes credit card processing RPA Finance Processes secures endpoint against  cyber [...]