Robotic Process Automation to Expedite and Streamline Tax Processes

Company utilized Robotic Process Automation (RPA) to improve the capabilities of their client accounting tool for financial reporting which allowed the company to automate all manual report center processes and generate reports in less than 30 minutes for each client.

Client:

Ernst & Young Global Limited (EY) operates as a multinational network of professional services firms, with member firms structured as independent legal entities in partnership across over 150 countries globally. EY, along with Deloitte, KPMG, and PwC, is recognized as one of the Big Four accounting firms. Offering services in assurance, consulting, law, strategy, tax, and transactions, the firm’s present partnership was established in 1989.

Problem Statement:

EY sought to improve the capabilities of their client accounting tool for financial reporting. Uploading each client’s data for analysis and reporting into EY’s Financial Reporting Center application required an average of 4 hours and 8 full-time employees each day. They aimed for the tool to facilitate seamless management of financial information for clients, consolidating spreadsheets, tasks, and accounting data into one platform. The primary objective was to enhance transparency and traceability of financial transactions.

Results:

• The report center’s manual processes are completely automated.
• Reports are generated for each client in under 30 minutes.
• This automation frees up the time of 8 full-time employees for more engaging tasks.
• The company experiences significant cost savings and improved efficiency.
• Human errors are eliminated.
• A significant increase in work efficiency and customer satisfaction.

AI Solution Overview:

Robotic Process Automation (RPA) acts as a virtual assistant, following a set of instructions to replicate manual processes and perform tasks efficiently. RPA solutions work alongside humans, enhancing speed, accuracy, and overall output.

Avenir utilized RPA to develop an enhanced system aligned with EY’s specifications, ensuring transparent and traceable financial transactions. Additionally, Avenir incorporated customized features such as task creation and approval workflows, as well as Excel file management while preserving component macros. Furthermore, Avenir provided support services to EY clients and tailored the tool within the established parameters agreed upon by EY and Avenir.

References:

1. Big Four Integrator enhances client tools using RPA from Avenir. https://avenirdigital.ai/EV-casestudy.php
2. EY, Deloitte And PwC Embrace Artificial Intelligence For Tax And Accounting. https://www.forbes.com/sites/adelynzhou/2017/11/14/ey-deloitte-and-pwc-embrace-artificial-intelligence-for-tax-and-accounting/?sh=6bcd3b134982

Industry: Accounting

Vendor: Avenir

Client: Ernst & Young Global Limited

Key Words: tax, tax functions operation, tax planning, robotic process automation (RPA), accounting tool