CFOs play a vital role in ‘Change Management’ taking place in any industry. Recent entry into change management is automation, digital workers, or robotic process automation (RPA).

How do CFOs equate between human capital and digital workforce?

When we change the mind-set of people, it is easier to change the way we work.  CFOs need to strike a balance between these two, by distinguishing the roles played by both:

Digital workforce:

• Cannot replace a human being, but it is necessary to understand it takes away a percentage of the job performed by humans.
• Start-ups or a small firm can use digital workforce to scale instead of hiring.
• Helps reimagining what the job of tomorrow will likely be
• Is availability of additional capacity and capability

Human:

• Not about losing a job, but a smart way of doing it.
• Training and upgrading of skill set
• More freed up time for analyzing data
• Employee participation to bring new ideas to the organization

what job challenges of CFOs are solved through robotic automation?

When you find the right vendor, robotic automation (RPA) can be an inexpensive technology compared to hiring talented people. Let us analyze some of the job challenges solved through them.

1. Budget allocation and approval
   A sizable time is spent by CFOs in board meetings getting the budget allocated and approved by management.  To build a strong presentation, they need supportive and useful real time data.  Through robotic accounting support, they are in a position to study patterns, analyze, and interpret. With such detailed analysis, the proposal could get approved in a short time.
2. Production increases and operational cost reduction
   Reduction of operational costs cannot be done through reducing production.  A large portion of repetitive, standard, error prone jobs arise from the finance and accounting division of a company. Accounting automation eliminates human error, saves time, adds productivity gradually and reduces operational costs.
3. Improvise the firms’ financial key performance indicators (KPIs)
   Management makes decisions backed with accurate, reliable, and consolidated data.  Various tools like bookkeeping automation and accounting automation helps CFOs in producing KPIs data; like delay in payments, delay in receivables, allocation for bad debts etc.
4. Facilitates in mergers and acquisitions
   CFOs and IT divisions face endless difficulties when mergers and acquisitions take place in integration of processes.  By deploying RPA robotic automation tools, CFOs can help the merger without disruption of the operational process.
5. Adhering to governmental rules & regulations
   CFOs face tremendous pressure in keeping pace with changing government policies.  The problem is manifold if the firm operates in multiple locations or countries. Through deployment of robotic accounting adhering to government regulations is much easier.

In conclusion, CFOs job is to present data supporting reducing cost, adding efficiency, multiplying productivity, and dividing time loss.  CFOs can quickly achieve these targets with the help of RPA accounting automation.

If you are an accounting firm, looking for a solution through accounting automation, we are the right partner for you.  Contact us to schedule your demo and see how robotic automation can help in redefining your business.