Most of the modern technologies run on process automation which automates the continuous, laborious, repetitive manual tasks and brings up better revenues for a business such as automotive, processing industries, manufacturing units, etc. The automation of manual tasks brings out faster processing, the least faults, and labor cost savings. The efficiency depends on the research and planning for the automation process.
In the finance and accounting industry as well, automated accounting system utilizing Artificial Intelligence, Machine Learning, and Robotic Process Automation (RPA) is favorable. By the next year, almost all big finance enterprises including top tax firms in the US are estimated to be engaged with RPA solutions in some or the other way.
Robotic Process Automation in Accounting
Robotic Process Automation in finance and accounting is a disruptive advantage to the industry as it helps in automating tedious manual tasks like transaction processing, tax filing process, governance, client handling, and more through the use of an automation solution using RPA/ML. It processes automation with human intelligence and provides efficient and quickest results. For example, an RPA automation bot interacts with user’s entries as input on an accounts application which generates scripts based on the solution, and then these scripts are utilized by the bot to perform the specific, set-ruled accounting task. The accounting processes can be optimized and carried out consistently with full accuracy through the adoption of RPA solutions.
The accounting workflow process includes multiple repetitive, data-sensitive tasks which hold a great chance of errors when handled manually. There comes the role of RPA process automation in the accounting system to relieve accountants and related workers from boring, tedious, and erroneous accounting tasks.
Why do Enterprises/Businesses Opt for Accounts Automation with RPA?
Many top tax firms in the US like The Customer is involved in processing multiple, thousands of records of e-filing of taxes and other automation tax processes. And, according to a study by Gartner, the end of the year 2022 marks the entry of around 90% of enterprises involved in RPA development services. The current competitive business industry calls for new challenges and risks in the market which are impossible to be tackled manually. The accounting business is quite data-sensitive and flourishes on complete accuracy only. There are different reasons which prompt enterprises and businesses to opt for both onshore and offshore accounting and finance solutions with RPA –
- Digitalization and transformation of manual accounting tasks to accounting process automation, digital invoices, etc. leveraging AI and ML technologies.
- Achievement of direct supervision over accounting tasks to mitigate certain risks related to frauds, incorrect accounting, breaches, etc. through process automation without the inclusion of manpower.
- Overcoming the challenge of manpower shortage in the tough times of Covid, RPA helps in the complete digitalization of accounting processes such as transactions processing, invoice processing, e-filing of taxes, and more.
- Automation solution using RPA/ML in accounting also automates time-consuming processes and helps in consistent and efficient service delivery to its customers.
Apart from the mentioned reasons, RPA services in accounting industry have a lot more benefits of accounting encouraging all new business firms to opt for the automated accounting system.
Benefits of Implementing RPA/AI in Tax, Accounting, and Finance Firms
Here, we are going to discuss the top benefits of accounting automation by finance, tax, and accounting firms. RPA services in accounting industry offer process automation and deliver efficient outputs at a much faster speed and with minimal human resources.
Reduction in Labor Costs
There is a significant reduction in labor cost in accounting firms using Robotic Process Automation as a service as most of the manual tasks are transformed into automated ones processed by the RPA software.
High Rise in Customer Satisfaction
With highly accurate and secure account transactions, tax accounting automation, and cash flow processing owing to RPA-driven software, a sense of improved customer experience is generated causing full customer retention.
Brings Bigger Revenues
An accounting firm running on RPA process automation is all capable to bring huge business revenues with almost nil losses.
Offering 100% Accuracy
Leaving a nil chance of errors through standardized RPA solutions for accounting tasks, the organization delivers highly accurate outputs with minimal human interaction.
High Rate of Efficiency
The accounting workflow process with Robotic Process Automation as a service improves the existing work efficiency with no extra costs and risks involved.
Decrease in Processing Time
The processing time gets enormously reduced when opting for RPA solutions for accounting tasks, tax accounting automation, etc.
Improves Team Collaboration
The overall productivity of the accounts firm is enhanced as the manpower is freed from repetitive, consistent tasks and engaged in other departments like Sales, Marketing, etc.
Data Governance & Regulations
The accounts data security is well-maintained in tax processing using RPA/AI as each task runs on a set-ruled script generated from the automation software. The risks like data breaches, frauds, and accounting errors, are nil with continuous and direct supervision of sensitive data.
Some of the Use Cases in Accounting Automation for Better Understanding
To understand the role and importance of RPA/AI automation in accounting, tax, and finance, let us take some of the general use cases in the accounting industry.
Payroll Management
Efficient RPA bots can help in managing employee payroll tasks like data entry, timesheet validations, payments processing, etc. via automated data extraction from sources, and smart calculation for variables, deductions, bonuses, and all.
Invoice Processing
The RPA software with integrated Optical Character Recognition or OCR matches purchase orders and invoices and delivers accurate invoice processing for accounts payable without any mistakes.
Tax Compliance
Using RPA bots or tax processing using RPA/AI is quite beneficial for automation tax compliance with automated data collection for tax liability, tax basis creation, tax return workbooks updates, tax proof preparation, and submission.
Financial Forecasting
RPA process software derives information from historical financial records and documents to enhance financial forecasting as well as planning maintaining complete transparency.
Intercompany Reconciliations
The automation of Intercompany Reconciliation or ICR delivers accurate financial statements and streamlines difficult tasks like data collection, statements cross-checking, emailing customers, and the creation of journal entries.
Reporting of Expenses
For efficient finance record management, reporting expenses is crucial but doing it manually is again a tough task. Implementing RPA handles this task efficiently as it collects expenses data and transforms it into a report, attaches receipts to entries, and verifies expenses logs to call out data breaches and policy violations.
Conclusion
Robotic Process Automation in finance and accounting is being a boon to many big and small enterprises. Many businesses are still in search of assistance in smart RPA development services. CG VAK offers excellent offshore accounting and finance solutions like an automated tax filing process based on Artificial Intelligence and Machine Learning technology. Get the best RPA solutions for your business from the market expert!