We exist in times where we are overwhelmed with a huge amount of ‘big data’. When ideas are put to use with the raw data, we change the way we work and innovate to do new things. One such product that came into existence is ‘Accounting Robotic Process Automation’.

Since, the pace at which technology is morphing so whether ‘by choice or by chance’ every industry universally is susceptible to the ‘concept of automation’. In that case, the finance & accounting industry cannot be immune and they become the early adaptors & users of accounting automation in the service sectors.

Robotic bots are software capable of imitating human activities since they don’t have to think. Due to this aspect all forms of recurring, data entering, standardized templates get automated with rapidity and accuracy. While these areas are contagious to human errors and efficiency building, automation leaves no stone unturned by authorizing credibility to the work it produces.

As a disruptive technology and the role of accounting is dominating, CPA professionals are adapting to the changing need and demand by reshaping their professional etiquette.

Also read: Will accounting be automated?

How do we understand the potential of Robotic automation for CPA professionals?

Robotic process automation is an accounting game changer when it comes to implementing processes that are sensitive to errors. When vital processes like account reconciliation, journal entries posting, accounts payable etc. are taken care of with greater accuracy. The CPA professionals will be having more time to initiate a new work culture by concentrating on core items that increase productivity and clientele satisfaction. Let us look into details how work gets translated through automation.

• Boost in ROI - is always a ‘welcome’ as business ultimate end is economic benefits. CPA firms function in an extremely competitive ambience, therefore, an additional investment in RPA is utilizing limited resources. But through reduction in operating costs in the form of (manpower, office spaces, stationery etc.) is a healthy change.
• Deployment - takes a lot of time and disrupts the operations of the firm in IT systems. However, automation never touches the present IT stack, it creates capacity building with minimum disruption. Once the process gets standardized, then after testing can be deployed in the regular stream of work.
• Quality assurance & controls - is the core function as it helps to keep track of the checks and balances. Since accounting needs to maintain confidentiality to the data, automation helps tracking the bot process at every stage. From the trail it becomes easier to understand the areas of responsibilities and people held accountable. Any form of inconsistency and unauthorized access can be easily checked.
• Lesser attrition rate - is healthy for CPA firms for long time sustainability and client rapport building process. If the CPA professionals spent their time in doing the normal routine job, then their qualification is not put to use. Due to automation, their priority shifts to consultation, financial report analysis and strengthening their experience. Their focus is on high value works unleashing their potential.
• Balancing act of availability - of key members of customer support is necessary for CPA firms. The clients can approach any time and therefore the professionals have to be ready to render their services. Since, all the menial jobs are done by robotic bots round the clock, there are always key staff members available.

Since, we are able to understand the role played by robotic bot as a supportive wing of CPA personnel. We also need to shed some light on the best practices undertaken by CPA firms to introduce accounting automation as a ‘way of practice’.

Also read: Role of CFO in implementing robotic automation

What is the best practice of CPA firms to introduce RPA in serving clientele?

• Taking baby steps - is necessary as any new concept cannot be started on a grand scale. The accountants need to test the ‘Proof of concept’ where the beginning is through smaller processes. However, those processes that are tested need to be significant and help in enhancing the effectiveness of the business. Once they reach the stage where the confidence level is gained, augmenting distinct processes becomes easier.
• Learning by sharing - is fundamental for any team members especially when a new technology is introduced. Since, it challenges the present scenario and introduces us to an unexplored path. In order to learn the ropes of new innovation and to acquire new skills & knowledge, it is always beneficial to work in close proximity with the team members irrespective of their hierarchical position.
• The whole nine yards - covering is required to measure the success through clients’ opinion, staff adaptability, management early returns. Always be open minded to get valuable opinions and criticism for refining the processes.
• Above and beyond - approach needs to be envisaged as what is working now cannot be guaranteed to succeed in the future. While making the changes one needs to understand the age group of the clients - as the old generation prefer communicating with humans rather than machines. The new generation looks forward to automation bots.
• To make a mountain - of the new terminology ‘accounting robotic process automation’ is not needed. All that is required is practice and deciding which processes and bot adaptations are helpful to your firms’ objectives.

Integra Global Solutions accounting robotic automation division is the work of years of expertise concentrating on CPA firms. We have built our accounting robotic bots, based on accumulated accounting experience in order to provide the best as per the industry standards.

To know more about RPA accounting bots , call us and we are there to give you the best of guidance, pricing, and practices.