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GoFundMe Journal Entry RPA Bot – Saving Time When It’s Most Critical

Overview

In the fast-paced world of online fundraising, GoFundMe, the #1 Crowdfunding Platform, needed a solution to streamline their accounting processes and ensure timely and accurate financial reporting. The critical accounting close process was particularly challenging, with a high volume of transactions requiring meticulous attention. AppWrap’s RPA solution, the GoFundMe JE Bot, provided the perfect answer, transforming their period close process and saving valuable time.

Challenge

During the accounting close process, GoFundMe faced the following challenges:

  • High Transaction Volume: Once a month, the bank file contained over 7,000 transactions.
  • Time-Consuming Matching: Matching each of these transactions manually took at least half a day.
  • Error-Prone Process: Manual matching was prone to errors, leading to delays and inaccuracies in financial reporting.
  • Resource Intensive: The process required significant employee time and effort, diverting attention from other important tasks.

Solution

AppWrap implemented the GoFundMe JE Bot, an RPA solution designed to automate the journal entry process. Key features of the bot include:

  • Efficiency: The bot runs in approximately five (5) minutes, regardless of the transaction volume.
  • Error Elimination: By automating the process, the bot eliminates human errors.
  • Data Management: The bot identifies missing or new data, and external updates to the mapping file handle new customers or transactions.
  • Scalability: The solution is future-proofed; as the volume of transactions increases, more bots can be added to handle the load.

Implementation

The implementation of the GoFundMe JE Bot involved several steps:

  • Process Analysis: Understanding the existing manual process and identifying areas for automation.
  • Bot Development: Creating the bot to match transactions quickly and accurately.
  • Integration: Ensuring seamless integration with GoFundMe’s existing financial systems.
  • Testing: Thoroughly testing the bot to ensure it performed as expected.
  • Deployment: Rolling out the bot and monitoring its performance during the initial runs.

Results

The GoFundMe JE Bot delivered significant benefits:

  • Time Savings: The bot reduced the time to match transactions from half a day to just five (5) minutes.
  • Increased Accuracy: Automation eliminated errors, leading to more accurate financial reports.
  • Enhanced Productivity: Employees were freed from manual matching, allowing them to focus on higher-value tasks. In our opinion this is one of the most critical benefits of RPA.
  • Future-Proofing: The bot is scalable, capable of handling increasing transaction volumes by simply adding more bots.

Conclusion

The GoFundMe JE Bot exemplifies how RPA can revolutionize critical business processes. By automating the period close process, GoFundMe not only saved time and reduced errors but also enhanced overall productivity and efficiency. As transaction volumes grow, the solution can easily scale, ensuring that GoFundMe remains agile and responsive to its financial reporting needs.

At AppWrap, we are dedicated to helping organizations like GoFundMe unlock the full potential of automation. Contact us today to learn how our RPA solutions can transform your business processes and drive significant improvements in efficiency and accuracy.