Can Robots Be A Transformational Solution In Finance And Accounting?
In today’s day and age, robotics and automation are rapidly replacing various procedures that were otherwise performed by humans. The processes of finance and accounting, which are marked by their well-defined rules and precise timelines, are highly supported by automation by using Enterprise Resource Planning, Accounting, Business Intelligence Reporting software, and Business Process Management
However, in spite of all of this, a certain amount of workload is still left over for staff to complete, typically associated with entering and updating information and moving the same between systems. This workload is cyclic, with end of month, end of quarter and end of year peaks.
Finance and Accounting Robotics Software performs all rules based on screen work, which frees up the staff to perform analytically-inclined work. If required, additional robots can be deployed to handle peak workloads, which greatly reduce the amount of time and overtime costs encountered during such circumstances.
Numerous Finance and Accounting departments have outsourced their simple tasks which involve rule-based transactions to business process outsourcers with offshore operations in countries where the cost of labor is significantly less; robots can now perform the same tasks at far lesser costs, thereby eliminating the requirement of management and contract oversight when dealing with outsourcers and allowing corporations to repatriate the work and save great amounts of time and cost.
Additionally, Auditing Robotic Software also function as an advantageous innovation within finance and administration departments; they can be trained to audit staff or other processes to ensure the compliance of activities to company rules and policies, as well as other regulatory requirements. Granted robots are fast, yet at the same time highly accurate, they can easily audit 100% of all critical activities in a similar fashion with efficiency far greater than that of humans.
The main advantage with Finance and Accounting Robotics Software, besides their speed and accuracy, is that they do not make human errors and perform exactly the tasks they have been trained to perform, with no fear of any kind of dark intent. Furthermore, every step performed by a Robot is recorded, thereby providing a complete audit trail and a detailed process data set utilizable for process and product analytics.
Finance and accounting groups also deal with numerous legacy systems, some of which come with the acquisition of other companies; these different systems need to be integrated and consolidated on a single platform. While large IT projects can be initiated to accomplish these tasks, they, more often than not fail to reach the expected mark, and leave a good amount of work for staff to perform on a regular basis. By replacing these IT projects with Robotics as the end solution, project costs, timelines as well as the workload on staff can be reduced significantly.
It should be noted, though, that the aforementioned are only some of the many benefits of Finance and Accounting Software and Auditing Robotic Software, in view of current practices in the field. Looking forward, the implementation of robotics can provide new innovative methods of performing accounting and finance-related tasks, as well as providing stakeholders with new services and business insights. Additionally, finance and accounting departments can achieve phenomenal cost reduction and thereby set an example to other departments functioning within business trying to reduce theirs.