Automating manual, repetitive processes at scale with bots is known as robotic process automation (RPA). Bots are software tools that work alongside existing software and systems and interact with them in the same way as humans. It's not necessarily bad news that 'robots' are taking over the finance industry - if you embrace a broadminded approach and keep yourself up-to-date with the technologies of the day, you will find yourself working in tandem with the software rather than against it.

A key benefit of robotic process automation (RPA) is that it frees up people to focus on more strategic tasks, rather than doing mundane repetitive work. Accounting automation works best when performing discrete, simple, high-volume tasks that require little supervision from humans. By 2023, an additional 16% of organizations will incorporate bots into their processes. Currently, 78% of organizations are already using bots.

Benefits of RPA  – An overview

Business processes can be optimized by deploying a software robot for labor-intensive and repetitive activities. Automation in accounting is aimed at simplifying repetitive tasks which are error prone, increasing productivity, and reducing costs. It is often the responsibility of accountants to ensure that data transfer is accurately done from one system to another to create accurate financial reports.

With RPA software, you can run your business without taking a break or holidays, as the robots can work 365 days in a year.

Machine learning in combination with optical character recognition allows bots to extract data from documents without making any errors. This process saves a great deal of time and money.

Unlike humans, bots perform actions but they have no skills or knowledge of their own per se. Although automation offers speed, accuracy, and consistency to the accounting industry, it also demands pragmatism, versatility, and ethics that can only be brought to the role by humans.

When implementing RPA, underlying system problems may also be hidden, and it requires the oversight of people who understand the process well to detect potential issues and improvements.

RPA is cost-effective and easy to implement - the proof-of-concept stage can be completed in as little as two weeks.

Some other positive effects of automation include:

Consolidated systems and processes

Robotic process automation brings out the hidden worth of automating the last mile of finance by extending across the entire R2R process, very effectively. RPA can be a powerful tool for your finance department if you have consolidated policies, systems, and procedures already established otherwise there will be a waste of resources while automation is happening.

Cost savings & improved efficiency

RPA allows extensive amounts of data to be processed in comparatively short amounts of time while also maintaining high accuracy and keeping things transparent to everyone at the granular level. On a wider aspect, avoiding fines, penalties, lawsuits, etc owing to erroneous statements is something that RPA can deliver consistently. Quick ROI is seen across the board with RPA implementation.

Financial Planning & Forecasting

Planning could not be legitimate without accurate data. An accounting practice of today’s day and age can shift the way things are done, from mundane reports to giving insightful data with analysis. RPA drives data analytics initiatives and more rightly so in the continuously evolving digital landscape of today. When systems and data are tied to each other through RPA, the gains in the form of efficiency offer accountants a better time frame for analyzing results.

Robotic process automation allows companies to utilize their best talent for tasks that will help the business grow further. It also gives finance professionals a chance to scale up the career ladder by making themselves available for critical roles in the company.

Accountants - Put it on your resume! 

It would be a good thing to add a section about your experience with RPA in your profile to impress recruiters and hiring managers – it could be practice assignments or course work. Prepare to discuss this at the interview.

Now that you understand how robotic process automation positively impacts accounting, it makes sense to get it implemented in your firm to bring in cost savings, improve efficiency, and use your talent pool for strategic purposes that will aid in growing your business. Integra Balance offers the perfect solution for your needs, and what’s more, it is customizable to suit your accounting practice’s requirements. Schedule a demo today!