Can Robot help finance and accounting?
The financial and accounting processes follow well-defined rules and timelines. This process is typically supported by automation through the use of Enterprise Resource Planning, Business Process Management, Accounting, and Business Intelligence Reporting software.
However, a large amount of work was left for the staff to complete.
The work performed by staff in the Finance and Accounting departments is often associated with entering or updating information and moving information between systems. This staff workload is often cyclic, with month-end, quarter-end and year-end peaks.
How can robots help a business?
Financial Robotics and Accounting Software are perfect for performing these rules based on screen work and as a result, freeing up staff to do more analytical types of work. Additional robots can also be used to handle peak workloads, significantly reducing the long day and overtime costs that are often encountered during peak workload times.
Many Finance and Accounting departments have outsourced simple, on-screen, rule-based, transaction-type work to outsource business processes to offshore operations in geographies with much lower labor costs. However, Robots can now do the job at a fraction of the cost of this low labor geography, enabling companies to drop jobs and achieve greater cost savings by eliminating the necessary contract management and oversight when dealing with outsourcing.
Auditing Robotic Software provides another innovative opportunity to utilize Robotics in financial and administrative functions. These robots can be trained to audit staff or other processes to ensure activities comply with company rules and policies, and demonstrate compliance with regulatory requirements. Given the Robot’s speed and accuracy, 100% of critical activities can be audited in this way.
What is robotic accounting?
Robots make no human error and only do what they have been trained to do. Every step performed by the Robot is recorded, providing a complete audit trail and a detailed set of process data that can be used for product and process analysis.
The Finance and Accounting group often deals with a number of legacy systems, some of which come with acquisitions of other companies. Large IT projects can be initiated to integrate these disparate systems or to consolidate all of them onto one platform. These projects often don’t live up to expectations, leaving a large amount of work for staff to do regularly. By planning in Robotics as part of the final solution, project costs can be reduced, the project timeline can be reduced and the amount of work to be performed by staff can also be reduced.
These are just some of the benefits of Financial and Accounting Robotics Software and Audit Robotics Software, looking back at current practice. Going forward, Robotics can provide new, innovative ways of doing finance and accounting work as well as provide new services and business insights to all stakeholders. By implementing the Robotics Free Reprint Articles, finance and accounting departments can also assign cost reduction examples to other business areas that want to achieve their annual business plan cost reduction targets. …