Due to this, accounting firms need a silver bullet to overcome their difficulties to present acceptable and error free financial reporting to their clients. As per the research presented by Gartner, human error in financial divisions can avoid on an average of 25000 hours of rework.
Taking advantage of the digital technologies, ice breaking is done through ERPs, accounting software etc. to eliminate the human inconsistencies, outcome rapidity, and results authentication. Though quite a few of these problems found amicable solutions, yet, two core issues remained unsolved. One is to utilize the large amount of data into the accounting systems and then generate timely financial reporting at the end of the month to analyze.
These problems cause the ‘domino effect’ which is an impediment for growth. Ultimately, the introduction of a technological means namely ‘Robotic Process Automation’ changed financial accounting forever in the recent past.
How can we brief about ‘Robotic automation’?
When we hear the term ‘Robotic automation’ , never be cynical of robots walking on equal footing with humans in the corridors of offices. But it is rather a humble software bot using Artificial Intelligence capabilities to execute structured, repetitive, error-ridden and time absorbing processes in a record time, efficiency and accuracy.
Automation deployment is feasible in your firm only it meet certain conditions likewise,
- To make a drastic change in your ‘ROI’ in terms of time, accuracy and monetary standards.
- There are sizable processes that can be standardized and rule-defined.
Finance & accounting division is the ‘best fit’ in the firm, where it meets the criteria. Though many divisions come into the armor of automation eventually, the ‘stepping stone’ for larger scale business outcomes is through accounting.
How can we brief about ‘Robotic automation’ benefits?
The role of technology is to induce benefit to the already existing work cycle. Let us brief the benefits of automation
- Savings in operating costing - is the impetus for an initial investment.
- Productivity enhancement - lead to employees redirected to high value added work.
- Perpetual functioning of bot - diminishes the lost time of employees
- Early ROI - is achievable if process selection for automation is done precisely.
- Compliance - leads to audit trail to figure out any accountability of employees / discrepancies.
- Goodwill - generated through valuable, accurate results leading to client satisfaction.
- Operational metrics - to leverage outstanding payments, sales cycle etc.
- Visit: robotic automation to learn more
