Accounting and Finance

Automation is set to drive as much as 50% of financial processes in just the next few years

Responsible for critical business processes, Finance organizations are under scrutiny and increased regulations which means the pressure is on to ensure operations are more accurate, efficient, and compliant than ever before. So it’s likely no surprise that automation is set to drive as much as 50% of financial processes in just the next few years. RPA drives end-to-end process transformation—from closing the books with tighter data governance and process controls, to handling invoicing, accounts receivable, general ledger reconciliation, tax reporting, and cash account reconciliation. 

Robotic accounting, or robotic process automation in accounting, is defined as the use of automation application platforms to reduce the amount of human labor required to process accounting and finance department transactions. What does that mean in plain English? Just think of “accounting robots” as a tool that can reduce the effort needed to move routine data between different accounting systems and outside applications, instead of just being confined to one. Accounting RPA is often perceived as a human replacement, but accounting robotics is more of a “bionic arm” that can help finance and accounting operations staff process work faster by reducing data movement work. Software applications using RPA have simplified the work and skill required to create an artificially intelligent accounting workforce, a.k.a. robotic assistants by removing the need to understand computer code to integrate data movement in between multiple data sources. 

RPA puts powerful yet intuitive automation tools and real-time business insights directly in the hands of the financial organization itself.

Numbers

65%

faster end of month closures 

93,000

hours automated by Top 10 US Accounting Firm

59%

reduction in customer service response time