The word ‘automation’ is a jargon depending upon individual understanding. The strides made by the robotic automation industry in the recent past is enormous and continuing with its upward trend in all the sectors of the industry. Before proceeding further, it begs to elaborate further on what automation is and how it became a benefactor to the industry.

Automation is meant to simplify jobs that are routine and linear in nature. They follow the trajectory designed to them and make the work of humans’ easier, simpler, accurate and rapid. When there is a regular, recurring and routine type of jobs performed by humans, which service sector is the ideal locale for automation. Within a blink of an eye, there will be a unanimous answer for the Finance & Accounting Division.

Robotic automation footprints in the accounting division:

Accounting automation leverages the sub-class of artificial intelligence like machine learning to perform the basic traditional accounting processes in the form of recording transactions, reconciliation of transactions, data entries of the accounting numbers. These regular tasks are core, yet they are recurring, time absorbing, laden with potential hazards for arithmetical errors. Since, they lack any form of logical sequencing accountants perform their task in an auto mode manner. This mediocre job eventually produces lackluster results and introduction of accounting automation drew the curtains to the mundane work culture of accountants.

From the management perspective, they have refined their cash flow statements in order to reflect real time information. The real time financial statements help them to draw better insight for decision making and longevity of the firm.

As business expands, accounting becomes a complex task for fulfilling. Therefore, for a smoother ride with automation. The accountant team minimizes recurring tasks and focuses on an infrastructure that is helpful to growth along with the firm.

Also read : Why is it essential to introduce robotic automation to your accounting department?

Let us list down what other ways does it help the firm:

• Maximization of time utility:
  Time constraint is synonymous with the accounting profession. Management is strongly opinionated when it comes to bookkeeping when they are not very confident of the data provided to them. When robotic accounting automation is taking a prominent role in your firm, all routine manual accounting processes get automated.
  Due to this, accountants are relieved from time consuming tasks and concentrate on providing reports on various financial statements as and when required by the management.
• Maximization of client experience:
  The technology boon is invested not only to bring client satisfaction and forge a lasting relationship with them. Robo accounting brings the happenings of the back office to their hands. The live and interactive dashboard provides the data giving them an edge of exercising greater control over their financial inputs & outputs. With this financial strength they are in a dominating position to utilize their acumen to make formidable decision making. What was once considered an utopian vision is now an happening reality due to accounting bots.
• Maximization of employee productivity:
  Accounting both charter a new chapter in the employer & employee relationship. Every employer is seen in a privileged position if their firm is able to provide maximum employee retention. That happens only in the case of boosting employee morale where they compensate through increased productivity. To support this argument, a study favours an enhanced profit margin of 20% due to contented employees.
  When lower skill set accounting jobs get automated the accountants are now able to utilize their academic curriculum into real life meaningful solutions. Therefore, they focus more on critical thinking, problem solving, and client advisory roles efficiently and effectively.
• Maximization of data accuracy:
  Human errors are an integral part of accounting and these flaws remain in the forefront. The magnitude of these poor data quality showed a staggering average of $15 million per year in losses according to the Gartner research. For years, management had to put up with these compromised data, with improper solutions at hand. They resorted to employing additional manpower to reduce errors and thereby increasing their operating cost.
  The catalyst of change in accounting automation provides you with reliable data free from errors at a rapid pace. Though accountants may like to verify or counter check the recorded figures, RPA can always vouch for its accuracy.

Also read : Accounting Process Automation - Benefits and Challenges

RPA has proved now and then robotic automation is the harbinger for the future of accounting business operations. To get help on implementing accounting automation at your firm, please visit our website and provide your details. Our team is ready to give you a call to get started.