It is a known fact that change is inevitable and humans whether voluntary or involuntary become accommodative to accept it. But the duration taken is subjective to human decision making.

There are seldom any thriving industries unheard about robotic automation and machine learning. Despite all the positive publicity about the contribution made by software automation robots, yet, accountants still tax themselves by processing accounting with excel sheets and believing in human skills to do repetitive tasks.

The reasons many be multitude, but the most apparents ones are :

• Not comfortable with the new technology
• Fear of losing their job
• Unable to make a paradigm shift from the traditional way of accounting

The bygone days need to be left behind and allow technology to make life easier, meaningful and productive. Let us try and reach a conclusion why there is a need to use accounting automation bots.

Also read: How companies are starting the journey amidst the coronavirus pandemic?

What is the need to utilize accounting automation software?

Some of the reasons listed are :

1. Retention of Time:
   One of the most common reasons why we are inclined towards accounting automation is that accountants are getting rid of slow, recurring and data entry tasks from their responsibility. This gives them extra time to concentrate on meaning and vital tasks of the firms.
2. Increase in productivity:
   Accounting bots give an unique opportunity in the hands of accountants. Instead of focusing on trivial jobs, they can spend their undivided attention on analysis, data research, client satisfaction etc. In the long-run this is going to add productivity to the firm and better reputation in the market.
3. Accuracy in data:
   Accounting bots give a unique opportunity to harness accuracy to the work we are executing. It is normal for humans to make arithmetic errors despite spending a lot of time double checking the work accuracy. With bots in place, none can have a second opinion about the accuracy of the data produced. At all times, bots produce error free data.
4. Retrieval of Information:
   The digitalisation of accounting automation, made the documents retrieval an easy task. The time wasted rummaging over filing cupboards is now a past memory. With cloud based storing or any form of storing utilized by the firm, a real time updated information or reports running is instantaneously produced.
5. Storage of data:
   Data security is the need of the hour, as confidential data stored in encrypted mode should be given access to limited staff members. Further, space availability is a scarce resource, it becomes difficult storing files in cabinets and archiving. Digital storage is accepted and practiced for a better and secure mechanism of storage.
6. Decentralization of work environment:
   Crisis forces or opportunes business to make decisions changing for good the way we function. Though ‘Work from home’ is already used by many, the pandemic made employees immobile, but work machinery needs to function. The robotic automation software brought a new awakening to allow people to access the dashboard anywhere and pursue their work, without any hassle.
7. Integration with other softwares:
   Robotic automation bots are easily programmed in order to be suitably integrated with other computer softwares in the firm. Further, without any form of hindrance, it can be upgraded depending upon the requirements of the firm.
8. Updated your skill set:
   As accountants, in order to be productive in the firm and be a contributing member, automation allows us the time to learn new skills set and be at par with the challenge of the times. This eventually benefits both the finance team and management.

Also Read: Robotic Automation - Introduction to smaller accounting firms:

From the above-mentioned points, it can be understood that accounting automation is more beneficial than upgrading your accounting software. If you are an accounting firm interested in bookkeeping automation or payroll automation, kindly contact us. We are ready to help you.