There’s no doubt about it - robotic process automation is the future of the accounting industry. The technology is already within our reach. Accenture estimates that 80% of the finance and accounting tasks to be automated in the next few years.
However, only a few businesses have a grasp of how this technology can help them grow to the right direction.
On the other hand, even experienced accountants are afraid to lose their jobs to this technology. The misconception is that robotic process automation in accounting will make their tasks obsolete. While their reaction is not surprising, experts say that automated accounting is something that accountants, bookkeepers, and auditors should all welcome with open arms.
To help you understand the issue better, here are some key facts that you need to understand and why you should consider integrating robotic accounting into your process:
What is Robotic Accounting?
Robotic Accounting or Robotic Process Automation (RPA) is a software that mimics the task executions of humans, therefore allowing accounting firms to operate as a virtual workforce. Unlike previous attempts in automation, RPA integrates automation with artificial intelligence, allowing the growth and advancement of the bot, enabling it to be smarter and more capable of mastering the process.
Why Switch to Robotic Process Automation in Accounting?
1. More Income, Fewer Cost
You’ll be glad to hear that robotic process automation can help you save as much as 70%. RPA allows you to speed up the processes, lessen your errors, thus eliminating unnecessary expenses for your company.
In addition, RPA allows you to shift your focus from time-consuming predictable tasks to more productive, value-adding tasks for your clients. This means that you can now provide services to markets you previously can’t or choose not to enter due to logistics.
Whether you come from an SMEs or a large corporation, employing RPA together with professionals who have adapted with the technology will provide the maximum value to your clients. This in turn provides you with more opportunities for growth and income.
2. Value Creation
As mentioned a while ago, robotic accounting allows your accountants to shift from repetitive and predictive tasks towards more meaningful value-laden work. By freeing them from time demanding tasks, your staff now has the freedom to master their craft and offer high-level finance and accounting solutions to your clients.
While providing your clients with top notch services is amazing, giving your employees the time to learn and further their skills is just as, and can even be far more rewarding. This gives them the benefit of advancing their careers by taking roles within the company that are both challenging and self-fulfilling. This also gives them a clearer career path, which helps retain talents in your firm.
3. Client Satisfaction
Take it this way: the best service produces the happiest clients. Robotic accounting works in real-time, and is also capable of performing overtime, even on weekends and holidays. In spite of this, you can have the peace of mind knowing that RPA can work round the clock with minimal to zero errors. This makes robotic process automation perfect to assist you in the most demanding tasks such as payroll and month end closings (READ: How to Improve Your Month End Closing Process). The flexibility of this system provides you with faster execution without sacrificing accuracy and quality of work.
These are just some facts that help you better understand robotic process automation in accounting and why you and other professionals in your firm should welcome it with open arms. Taking the step towards automation may be hard for some, but with the right knowledge stepping towards the future that is automation is both rewarding and profitable at the same time
Know more about Robotic Process Automation by grabbing a copy of D&V’s RPA primer. Click the link below and be ready for the future of the finance and accounting industry!
This article was first published 15 June 2017 and edited 27 June 2020.