Overview Of The Company
The case study revolves around a Financial Investment Firm, specifically its Money In the department, responsible for the Corporate Payroll process. Each week, the firm handles the reconciliation of payroll files and requests for payroll deductions to be deposited into 401k accounts for its corporate clients. The traditional manual approach of analyzing incoming payroll files and navigating the task manager was time-consuming and prone to errors. To address this, Accelirate implemented an innovative payroll automation solution using a Bot to streamline the payroll reconciliation process and automate the request for payroll deductions.
Challenges
The Financial Investment Firm faced several challenges in its Corporate Payroll reconciliation process. The manual handling of incoming payroll files required significant time and effort from Subject Matter Experts (SMEs). Identifying and resolving conflicting information and handling “Rejects” that deviated from business rules added complexity to the process. Additionally, the traditional method lacked efficiency, leading to potential errors and rework.
Solutions: Corporate Payroll Automation
Accelirate’s payroll automation solution introduced a game-changing approach to the Corporate Payroll reconciliation process. Here are the key steps of the payroll automated solution:
- Bot Creates Task: Upon receiving an email containing a payroll file, the Bot automatically opens the task manager, creates a new task, and attaches the payroll file to it.
- Bot Finds Data Values: The Bot reads the task and identifies the required data values for payroll verification. It then pulls and verifies this data before sending the task to the ‘Run Edits’ queue.
- Bot Runs Two Edit Sequences: The Bot generates an editable copy of the payroll file and creates a summary report to run edits. During the first edit sequence, the Bot checks for conflicting information and items requiring action, including “Rejects” that deviate from business rules. If the Bot can’t resolve a Reject item on its own, it forwards it to the SME for manual review. The Bot runs edits a second time to ensure the payroll summary details’ accuracy before proceeding to create the funding request.
- Bot Generates Funding Request: The Bot calculates the total amount of money the client must deposit into 401k accounts as payroll deductions and generates a funding request for the specific amount. The request is then sent to the client.
Corporate Payroll Automation Results
Accelirate’s innovative payroll solution yielded remarkable business value for the Financial Investment Firm. The Bot significantly reduced SME time and increased data accuracy by automating the Run Edits step and identifying common Reject scenarios for automated resolution. This eliminated the need for manual rework and streamlined the entire payroll reconciliation process. Here are the results achieved:
- Error Reduction: The implementation of RPA led to an impressive 90% reduction in errors, ensuring higher accuracy and reliability in the payroll reconciliation process.
- Processing Time Reduction: The payroll automation solution resulted in an 81% reduction in overall processing time, enabling faster and more efficient completion of the Corporate Payroll process.