Artificial Intelligence and Robotic Process Automation has started making huge inroads in a variety of industries. The much talked about department where automation can easily be tested, tried and traced is the finance and accounting department. New technology gives hope & anticipation and equally gives doubts & hesitancy.

Though accounting automation is still in its infancy stage, accounting firms and finance departments were receptive to implement it in order to drive efficiencies by improving their process, accuracy and efficiency. Taking into consideration the disruptiveness, time and expenditure they need to invest while a new tool is utilized in an already smooth running process.

All these, when well discussed through various permutations and combinations, reveal a vital question. The time frame when we are going to see the returns for all the effort put in. Beyond the ROI, there is also another question, who are the parties who are going to have the advantage due to automation?

Also read : Emerging Technological Trends in Finance and Accounting

Let us seek more answers to the drawn question on the advantageous position.

Parties that gain by using accounting automation?

Success cannot be measured solely based on the revenue and cost, there are other factors as well. Some of the people that benefit through accounting automation are

• The employer
• The accountant
• The customer / client

The intention is to understand the advantages received by each of these stakeholders which would help the management in making a clear decision.

1. Advantage - from the position of an employer:
   Sustainable business growth is the ultimate aim governing a business organization and its stakeholders. When they divert their funds on a technology to enhance business operations, it is expected that they would need to know how their decision was made.
1. Employee retention:
   Every company’s competitive advantage is their employees. If a company provides the required infrastructure and the tools, it helps to retain employees. When the percentage of employee retention is more, the money spent on recruiting, on-boarding and training becomes minimal. From the clients’ perspective, dealing with the same individual helps to improve customer satisfaction.
2. Dual effect (accountant/client):
   Firms that have automated their accounting process get the benefit from the client due to real time & accurate reporting. Further, the accountants utilize the residual time in sharing knowledge and provide consultancy services, getting higher value for their fee structure.
3. Better capacity utilization:
   Firms deploying accounting automation tools for repetitive tasks are in a position to add additional clients to their revenue base. This helps them to increase profit, which potentially could pave a way for providing incentives to employees which in turn will provide better services for clients.
2. Advantage - from the position of a client:
   Firms make profit only through a satisfied and repeated client base. For this to happen client needs & priorities have to be kept on the frontline. Accounting automation is the foundation that helps firms to build their customer base and help to flourish. The customers are relieved as they reach their right target for their business needs.
   1. Precision of financial records:
      Accounting automation helps the clients very much to refer to their updated books any time of the year. When chances of errors are avoided, meticulous records maintained and ever ready reporting is available. A client is won for a lifetime.
   2. Reliability of financial records:
      AI Accounting automation facilitates clients to rely on the records in order to make decisions for the improvement of their business. They are able to assess in real time the fluctuations, and promptly take decisive actions which are not possible in manual bookkeeping.
   3. Building consensus & rapport
      Automation bots for accounting processes enable you to establish employee trust and rapport with the client and accountant. With the available time, the accountant is in a position to clarify any questions, provide the required suggestions, and deliver the accurate reporting.
3. Advantage - from the position of an accountant:
   An accountant's work is less gratifying because their tasks are never ending as they are entrenched in meeting deadly deadlines. Their world has taken a pleasant ride through the introduction of accounting automation by AI robots. Now they are in a position to utilize their accounting knowledge in the real world benefitting all the parties involved.
   1. Freed from boredom:
      Accountants have no option but to do the same repetitive jobs, entangling the mistaken numbers and lacking any form of enthusiasm. Accounting automation came as a ‘blessing in disguise’ to delegate the tedious tasks and become stress free.
   2. Freed from missed target dates:
      Even the most reliable accountants are forced to keep up with the target dates promised to their clients. They are so submerged with the habitual tasks that they are not in a position to provide them the reports on time. Sometimes they need to cross check for numerical accuracy, fellow workers, absenteeism, etc. Through AI robotic bots, they are now able to provide clients the needed accurate data round the clock.
   3. Freed from less productive work:
      Accountants are now in a position to perform advisory roles as they have the needed financial data and time to individually attend to client’s queries. This is possible only through accounting automation, which helps them to utilize their potential and have a sense of work accomplishment.

Also read : Five industries witnessing a surge in RPA bot automation

Rome is not built in a single day, but there was perseverance that made it the eternal city. Similarly, change is inevitable and always benefits those who embrace and adapt it for the betterment of the parties involved. From the above discussion, it is evident that automation is the calling for the accounting world. To find out how you can use accounting robotic automation within your organization please call us to discuss.