What are the robotic automation opportunities in accounting?
In the near future, automation will have a significant impact on the business processes across all industries, but the fields of accounting and finance will be particularly impacted.
Until now, the biggest improvements and time savers in the processing of accounts payable have been determined by technologies such as optical character recognition, the standardisation of data fields or the use of workflows to automate the information processing.
However, the multiple applications of robotic automation will bring many other opportunities, including data gathering, data reporting, monthly account closure, or reconciliation and data updates in bulk.
In this article, we take a look at two of the most interesting applications of automation to the accounting processes: the reconciliation of matching errors and cross-system manual processing.
Reconciliation of matching errors
In most cases, people carry out this function manually, which takes up time and human resources. With the use of robotic software automation, the inputs from different data sources, matching the documents and then applying to them systematic reasoning will greatly reduce the need for reconciliation tasks, freeing up time for other tasks.
Cross-system manual processing
Normally, humans act as intermediaries for systems and processes. For instance, when transferring information from one system to another, a person is responsible for reading the data and transferring it to the new system.
With the help of robotic automation, implementation of the interface becomes much easier. Robots can do the same thing that the humans did, but in a faster way, increasing the efficiency of work and making the processes much cheaper.
The change can be very positive: humans who are managing the accounting and finance for businesses will soon see themselves free from having to complete tasks that will be automated by robots, which will enable them to dedicate more time to valuable advisory work.
These changes will bring positive results and new opportunities. However, it is very important for businesses and accountancy firms to be prepared for what the future will bring to be able to make the most out of it.
Contact us and find out how our software solutions can help you prepare for the future.