Today, it is no longer possible to perform finance and accounting tasks manually, as embracing technological innovations is essential for achieving efficiency. One of these technological innovations that has become popular in enterprises over the last few years is Robotic Process Automation (RPA), and the areas where RPA has made the most remarkable strides are in accounting and finance. Optimized RPA bots designed for finance and accounting tasks can handle repetitive, time-consuming tasks, allowing people to focus on strategic and analytical activities. The following are 10 practical ways in which finance and accounting processes/tasks can be enhanced with the help of RPA.
1. Prioritize your staff’s workload to eliminate time-consuming routines
Begin planning to adopt RPA in Finance and Accounting by focusing on repetitive and significant transactional tasks and processes. At the fringes of RPA optimization are activities such as data entry, invoice processing, and even transaction reconciliation. Research by Gartner suggests that companies that implement RPA can achieve 25%-50% savings over traditional manual labor.
2. Assess and improve existing practices
One important area that enterprises need to keep in mind is to improve the business process before implementing RPA. Analyze the workflow, find the inefficiencies, and try to fix them before starting design or implementation. This pre-automation step ensures that you avoid automating flawed processes and gain the maximum benefits from RPA.
3. Select the most suitable Robotic Process Automation Software
The choice of an RPA tool is one of the most important decisions in the overall implementation process. Working with platform-agnostic service providers like Opteamix can bring more value than simply using the software that RPA platform companies offer. Some of the things that you should look for are tools that enable flexibility, scalability, and integration with your current accounting systems.
Below are a few examples of the most efficient RPA tools and software
UiPath RPA enhances accounting by automating tasks such as invoice processing, bank reconciliation, payroll, and financial reporting. By freeing up people from repetitive tasks, it allows for more focus on strategic financial analysis.
The Microsoft Power Platform streamlines accounting with RPA by automating data entry, invoice processing, and reporting, reducing errors, and enhancing efficiency, enabling accountants to focus on strategic analysis.
4. Involve Key Stakeholders Early
The choice of an RPA tool is one of the most important decisions in the overall implementation process. Working with platform-agnostic service providers like Opteamix can bring more value than simply using the software that RPA platform companies offer. Some of the things that you should look for are tools that enable flexibility, scalability, and integration with your current accounting systems.
5. Focus on Data Accuracy and Compliance
RPA in finance and accounting is most useful in the task of data integrity and reporting and ensuring compliance. Use RPA for high-volume manual activities like regulatory reporting, tax reporting, preparing audits, etc. A Deloitte study claims that Robotic Process Automation helps companies improve compliance by 92% since it makes the accounting process more consistent and precise.
6. Implement Pilot Programs
It is best to begin by executing a small-scale pilot program first to evaluate the process before embarking on a full-scale adoption. Determine one function inside your accounting department and identify where to start implementing RPA on a small scale. This will enable you to know how effective the procedure is and if there are problems with the implementation. It will also allow you to make the necessary changes before expanding the procedure.
7. Quantitative Assessments of Performance Measurement Systems
Once the RPA technology platform is rolled out, it is important and critical to monitor and assess the performance of the technology in the organization. Metrics like processing speed or throughput, accuracy, and the reduction in costs of operation must be tracked to determine the progress of your automation initiatives. This data can be used to prove the efficiency of fostering further optimization.
8. Invest in Training and Change Management
Successful RPA implementation requires investment in training and change management. Train your staff on how they should work alongside automated systems and interact with them to assuage any fears they may have about losing their jobs. The change management approach guarantees a smooth shift and a higher employee perception.
9. Leverage Advanced Capabilities of Intelligent Process Automation
Intelligent Process Automation (IPA) is a blend of RPA with AI/ML, which deals with complicated tasks. Use IPA in areas such as accounting and finance for purposes like predictive analysis, fraud detection, and efficient financial analysis. Research from McKinsey says that IPA can yield up to 20% improvement in productivity in contrast to ordinary RPA.
10. Move Towards Continuous Improvement and Growth
RPA is not a cure for a one-time application but a process of adaptation. Ensure that the systems are continually maintained and upgraded to include updated functionalities and technologies. Following the growth of your business, the RPA solutions you have implemented should be able to deal with any increased workload or the acquisition of new accounting tasks.
Benefits of RPA in Accounting
It is important to note that the implementation of RPA in the accounting sector is associated with numerous advantages. The outsourcing of accounting tasks in terms of automation has many benefits, such as time and cost-effectiveness, as well as improved accuracy and compliance.
Time Savings: RPA using Intelligent process automation can save an accountant up to 80% of valuable time that is used for manual data entry and can allow them to focus on more interesting work.
Cost Reduction: With RPA implementation, organizations can reduce their costs by 25% to 50%.
Accuracy: Manual processing involves human elements and is subject to errors and inaccuracies when used as a source of information.
Compliance: Compliance technology uses RPA to keep a strict record and issue reports on time to apply to regulations.
The introduction of robotic process automation has helped the accounting sector in finance to improve the way it operates in terms of cost, efficiency, and accuracy. There are several ways through which accounting professionals could ensure RPA is effectively embraced and achieve the greatest possible outcomes in their organizations. Implementing the best technology, ensuring the right stakeholders are involved, and understanding and focusing on data quality and process improvement to ensure continuous improvement of the organization will help your organization become competitive in the dynamic world of finance and accounting. Start using intelligent process automation today and eliminate inefficiencies in your accounting functions.