Robotic process automation is nothing but a new innovation in technology which promotes basic AI features to diminish human involvement and such repetitive tasks get performed. RPAs are bots and even at times they are called robo-accountants. For accounting purposes, RPAs were deployed to grasp bulks of transaction from vendor invoices to financial closes and other reconciliations.
Robotic process automation (RPA) is becoming a major focus in the automated world of accounting. As the businesses appear slow and conclusive. The key processes like accounting helps in generating the data much faster.
Benefits of RPA
The traditional methods of accounting and finance are time-consuming and hectic. Financial automation can convey common accounting issues. RPA in accounting can perform the accounting activities in a repetitive manner, financial manuals and accounting processes.
RPAs appear important for computing data at a faster rate and managing data according to the requirement of businesses. RPAs perform their tasks in an automated manner and there are no human errors and financial data gets processed at a faster rate.
This also has the capacity to diminish the labour demands and costs, saving money for the company. RPA’s are like software which are like business tools.
RPAs are not humans and it has the potentiality to be the best accounting resource to the actual accountant. RPAs help in reducing the transactional data processing. Accountants can focus more for delivering best financial analysis which accelerates the overall growth of the business. Even though there are many risks associated with complete dependency on RPA.
Why does RPA matter?
Accounting firms are always in cutthroat competition to capture a massive share in the market. The things which are necessary for them to perform are:
- It must be price-competitive and engrossing to customers.
- When RPA performs and assists the accountants the operational efficiency gets increased and it also helps in saving cost and attracts more clients.
RPAs don’t need leave and they can function on their own and there are no restrictions in their working hours nor they have any emergencies where they need to rush. Such working methods will increase productivity for the accounting firms and such high levels of productivity may not be achieved with the traditional methods of working.
The GIF shows how accounting firms are going to react with RPA deployment.
Firm leaders acknowledge this new increase in the overall productivity of the firm with implementation of bots. Such an advancement helps in rendering immunity in the market over its competitors.
Accountants are using RPA successfully today to perform numerous accounting tasks such as keeping the book entry, accounts receivable and payables, financial close, financial planning, analysis and all the other necessary things.
Keys to work with RPA
- Realize that humans must be a part of the equationHumans need to be a part of equations. Bots can never be the complete replacement to the clients. Clients will always need and want the expert financial advice. At the laborious level the lower level of accounting tasks is being replaced by the RPA accountants and the clients needs to figure out a way for servicing new clients for better satisfaction, improve audit quality, benefits the public investments, increase regulatory trusts in the system of the firm for service delivery and quality control often improving engagement profitability for the financial benefits of the firm.
- Ensure your firm’s RPA technology is constantly evolvingAccounting automation began with Microsoft Excel at a macro level and development into bots that helps in processing routine tasks more quickly and efficiently. Technology will continue to bloom to be a part of valuable business resources that authorizes firms to reach the new heights while providing services. RPA will also be developing continuously as per the changes taking place in rules and regulations and such changes are to be adopted.
- Understand that RPA is not a magic bullet
RPA is extremely powerful to compete with other competitors along with making a good position in the market. It is not a complete solution and there must be a way to curb the problems. RPA can bring positive rewards when it gets into pair with finance department analysis and workflow standardization.
RPA will continue to shine
Robotic accounting will result in reducing costs, make the cycle time much shorter, increase accuracy and make the workflows much more simplified.
RPA is making continuous changes in the overall accounting firms, it becomes much more important to remember and make a note that accountants are never going to get removed.
RPA will reduce the transactional data processing, accountants must focus on rendering higher value financial analysis in assisting clients that make the best business decisions.
Firms will make continuous efforts and fetch RPA solutions that match the pace of changes occurring in the accounting landscapes and keeps on serving as the best practical tools which manages and controls repetitive tasks that might cause operational inefficiencies.
Robotic process automation is making continuous evolution in its method when it comes to accounting and finance.
The automation in accounts payables and receivables helps the human accountants to focus more on core and eradicate all the possibilities of errors in its financial decision making processes.
Deployment of RPA in this industry will surely bring more rewards than expectations as they are error free and all the other factors are helping the industry to achieve new heights of success.
About the Author:
Parth Patel is a serial entrepreneur and CEO of SyS Creations which is a top provider of RPA in Accounting. Operating the IT Infrastructure of SMEs and startups keeps him on his toes and his passion for helping others keeps him motivated