WHAT WE DO
TAO: The Automation Office believes in the power of automation solutions and their potential to revolutionize how companies function. As your end-to-end automation solutions partner, we will work with you to develop your automation strategy, be it basic Robotic Process Automation (RPA) or more advanced cognitive and machine learning solutions, implement it swiftly and closely manage the entire change programme.
The value we deliver comes from being an independent, pure-play automation consulting and services provider with proprietary tools and frameworks, managed by the largest independent pool of experts and supported by best-in-class partnerships.
We understand the challenges and mitigate the risks you would face as you embark on your automation journey and we are committed to standing along with you as you sail new, unchartered waters.
Transforming Account Reconciliations
Enterprise Account Reconciliations are a core accounting process and takes up a massive chunk of productive time in your finance organisations. It’s a process prone to high error rates leading to management and compliance risk.
Reconciling Accounts Manually Eats Up Productive Accounting Time and is Fraught with Risk
85% of an accountant’s time is spent on completing reconciliations
15% of accounting personnel’s time is spent on research and fixing the breaks
50% of companies with over $500M revenue have more than 500 Accounts reconciled quarterly
There is a risk of $1 to 2 million for a company with a $100 million turnover
The Process is Error-Prone and Expensive
Cost Prone to manual errors and requires a large workforce.
Risk Variances between parties and errors in Financial statements.
Process Large volumes and high cycle time. Lack of standardization.
Compliance Regulatory changes changing reconciliations requirements and late error detection.
TAO’s AutoReconTM Solution delivers a quantum uplift in process performance for account reconciliations. Error rates are reduced to marginal levels and risk and compliance are significantly improved.
TAO AutoReconTM delivers accelerated benefits while transforming the entire reconciliation process
Timely period closing of accounting books
Eliminate errors in the current process
Redeploy workforce to other tasks
TAO AutoReconTM works across all types of account reconciliations
Vendor statements and payments reconciliation
Customer statement reconciliation
Bank statement reconciliation
GL Balance sheet reconciliation
Statement of Accounts reconciliation
Fixed Assets Records reconciliation
It is highly customizable and reusable, enabling you to rapidly deploy and run the bot enabled process. You can start realizing the benefits as early as four weeks from full deployment.
TAO AutoReconTM in Action
A GLOBAL INSURANCE COMPANY: AUTOMATING COLLECTIONS RECONCILIATIONView the full case study