Robotic automation as a technique issued for decades in manufacturing industries. The idea behind automation is perfecting the same task, using robots, thereby enabling mass production. Automation using mechanical robots as a technique has been used in manufacturing industries for decades in manufacturing industries. Due to advancement in software technology, robotic process automation has started emerging in service-related industry.

This automation breakthrough enables industries to attain timely deliverables, quality control and effective operations. This technology started entering into accounting and finance industry from the last few years. Using this technology, accounting firms are redefining the role of their in-house staff accountants. Their focus is shifting from mundane tasks to focus on advisory, reporting and client service.

Bookkeeping in Financial Accounting:

A bookkeeper does not require formal qualification but needs formal training. They specializes in recording all the financial data in an organized, accurate and appropriate manner by posting entries.

Bookkeeping and Accounting industry with time redefined business practices to their working culture. During the process of evolution in traditional accounting many problems surfaces that are hard to ignore.

What are the causes leading towards Bookkeeping Automation?

1. Cause – Inaccuracy and time-consuming:
   The traditional method of bookkeeping is a compilation of large amount of data, repetitive and time-consuming tasks.  Further, due to its volume, it is prone to errors.
2. Cause – Storing and Retrieving:
   Through deployment of RPA bots in the work cycle, all repetitive and time-consuming jobs get automated.  Without human intervention, there emerges no or less need for paperwork to drive the task. 
3. Cause – Expensive to train:
   It is an expensive affair for small firms to hire and train new staff. They need to hire professionals with appropriate special skill set. Without proper training, jobs cannot be delegated to them.
4. Cause – Customer services and Competitor’s edge:
   Due to time constraints customer service does not get top preference at accounting firms. This leads to dissatisfaction giving the competitors an edge, who might already have embraced automation. 

With these causes, remedial measures are found through technology breakthrough in the form of bookkeeping automation.

What tasks call for automation?

It is understood all processes cannot be automated in the initial phase. But, Bookkeeping automation can be started for repetitive tasks performed in the back-office. These tasks will be a combination of

• Recurring
• Rules based
• Manual calculation
• Possibilities of error
• Digital data
• Time vital and crucial deadlines

With automation in place, we need to assess if the investment, time and effort gives us the desired result.

Bookkeeping automation benefits in both financial and operational areas:

1. Benefit – non-stop operation and error free:
   The practices derive benefit due to non-stop functionality, thereby increasing productivity. Further, the results bots bring are non-erroneous, leaving bookkeepers more time for diverting their attention to other tasks.
2. Benefit – stress relieved and saved time:
   In traditional bookkeeping, to track errors is stressful and time consuming.  With the speed and precision robots are functioning, the team gets job satisfaction and smooth workflow completion. 
3. Benefit – data back-up and collaboration:
   All records are stored in digital format; with proper authorization ensuring data backup. Further, it is easier to collaborate with other departments saving time, cost, and hierarchy formalities.
4. Benefit – cost and ROI:
   The cost incurred as an initial investment is less. With proper support and study, the deployment process takes very less time and fruitful results are immediately recognized. 
5. Benefit – stand-alone application and customized workflow:
   When automation is deployed, it does not interfere with the present IT set-up. Further, the process of automation is flexible for applying to other branches like accounts payable etc. 
6. Benefit – competitors’ edge and go green initiative:
   Firms spending on the latest technology stands apart among their competitors. They set a benchmark for other to emulate, as they are committed to paperless offices. 

Bookkeeping automation makes a remarkable influence on the way business is conducted in modern times. A highlight is it gives ample time at the disposal of accountants. This time is effectively spent on customer service adding value to the practice.

If you are an accounting or bookkeeping firm, looking for bookkeeping automation, we are here to help you. Schedule your free demo to find out how you can benefit from our bookkeeping automation solution.