Accenture estimates that 80% of the finance and accounting tasks to be automated in the next few years. With Robotic Accounting innovations coming in faster than they can count, some accountants, even those among the best, are afraid for their jobs.
The misconception is that robotic process automation in accounting will make their tasks obsolete. While their reaction is not surprising, experts say that automated accounting is something that accountants, bookkeepers, and auditors should all welcome with open arms.
Drives creation of value
RPA captures and interprets all your data, freeing your accountants from the burden of performing these repetitive tasks. This means that your employees can focus on strategies and innovations to drive growth to your company and improve business decisions.
Because of RPA’s ability to ingest and interpret images, tables, and text from myriad sources, your accountants will have the needed data to bring fresh ideas not only to your company but to your clients as well.
More Income, Lower Cost
Robotic Process Automation can help you save as much as 70%. RPA allows you to speed up the processes, lessen your errors, thus eliminating unnecessary expenses for your company.
In addition, RPA allows you to shift your focus from time-consuming predictable tasks to more productive, value-adding tasks for your clients. This means that you can now provide services to markets you previously can’t or choose not to enter due to logistics.
Take it this way: the best service produces the happiest clients. Robotic accounting works in real-time, and is also capable of performing overtime, even on weekends and holidays. In spite of this, you can have the peace of mind knowing that RPA can work round the clock with minimal to zero errors.
These are just some facts that help you better understand robotic accounting and why you and other accounting professionals in your firm should welcome it with open arms. Taking the step towards automation may be hard for some, but with the right knowledge stepping towards the future that is automation is both rewarding and profitable at the same time.
Progressive Expert Comment
Before transitioning to a new and improved system, it is important to go through your current process. Inefficiencies and inconsistencies in your automated process can limit the possible benefits, especially when not corrected immediately.
You need to reassess your financial processes to ensure that all the essential tasks will be part of the automation process. Thoroughly document your processes in order to consolidate your daily tasks and services; this way, all essential tasks will be included in the automation process.
Removing this time-consuming task from the hands of your human accountants, however, will help them become more sophisticated advisors and planners.