RPA: A Blessing in Disguise for Accounting & Finance Industry

Can you imagine having a skilled accounting & finance workforce which don’t need a coffee break, meet all the deadlines, never miss out on a single detail, automatically double-check the information, and is never late during the taxation season?

Also Read: RPA is like the Band-aid Feature for the Future

We’re not daydreaming. It is real and is happening around us. All thanks go to the RPA. Since the launch of this technology, accounting is no longer a migraine and financial decisions are not backed by data.

Is It Really a Game Changer?

RPA… Does this term sound unfamiliar to you?

If it does then let us tell you that it stands for Robotic Process Automation and is the process of using technology, administered by business logic and streamlined inputs. Using RPA tools and technologies, one can easily automate the business process from ground zero and earn operational excellence.

Taking its help, a company can configure a need-based robot for various tasks. These digital workers will be able to execute the business processes by aping the human interaction with computer applications using a user interface.

Also Read: How Robotic Process Automation Improves Efficiency of Manufacturing Sector?

Slowly & gradually, RPA is turning out as an essential operational mean for all kinds of industries. The latest one to be at the vanguard of the RPA adoption is the finance & accounting. Accounting firms are adopting RPA to drive changes at multiple fronts.

  • A big relief during the crazy tax season

Taxation is one area that leaves no scope for any kind of goof-ups. You can’t miss out on a deadline, leave an entry, or make any mistake in the tax forms.

Ensuring all of this and many more things, before the invention of RPA, was a tough task as the human workforce has its own limitation.

RPA Implementation made a significant change as the digital workforce can keep notes of deadlines, never get tired from the drudgery paperwork, and perform every task will full perfection. It is shocking but true that most of the human workforce maintains a safe distance from taxation-related tasks because of the repetitiveness involved.

For instance, the process & tracking of Form 8879 is very boring. In a single day, a hundred times processing of the same document is enough to kill the zeal to work. RPA is born for such kind of boring work.

Without feeling a pinch of boredom, RPA tools will perform tracking, processing, and printing of Form 8879 and 18000+ other kinds of annual forms with full perfection & accuracy.

Success Case: Automating Business-Critical Processes Via Next-Gen RPA Solutions

Timely processing of tax forms is possible as RPA tools have an in-built time tracking feature. They can set the reminders & notifications for the upcoming tax season and inform the team way ahead of time. Just as impressive as it sounds, it is equally thrilling to see all of this happening.

Let’s us explain it with a real-time example. Kaufman Rossin, a leading firm, is an ardent use of RPA technology. This Florida-based firm has deployed bots for both its local and international patrons. After the launch of RPA, the firm is experiencing seamless tax returns. In the early implementation phase, 100s of tax returns were processing. But, after six months of usage, the firm was able to process the 1000s tax returns easily in every tax season.

During the peak of tax season, the use of RPA helped the firm to trim down the workload on the administrative team. The costly overtime was not burdening the firm any longer.

  • Save big time at operational fronts

There is no need to mention the tediousness involved in the accounting & finance industry. In an enterprise, a whole bunch of seasoned professionals is required to accomplish the organizational goals. And, not to forget; offering basic amenities and welfare benefits also swell up the financial burdens.

All of this will no longer to a matter of concern if RPA is handling the accounting front. Accounting bots are not that much demanding and come with a low-cost maintenance scheme. As they work wonderfully without asking for any custom software or specific integration, they allow organizations to achieve growth milestones without bearing the added expenditure burden.

  • Enjoy high-tech features & facilities

Most of the accounting firms are using billing & accounting software and feel that they are enjoying the best technical assistance available. Needless to say that a feature-rich billing & accounting software is indeed a great addition to perk up operational excellence, remove the redundancy of jobs, and leverage the power of automation.

But, it still lacks when integration with cognitive technologies is concerned. RPA tools can be easily injected with top-notch cognitive technologies such as ML, natural language processing, and speech recognition. Such a high-end integration makes upper-order task automation possible and can infuse the human perceptual & judgemental capabilities in the automation.

  • RPA is what makes you future-ready

The bolt of COVID-19 was huge and has and left no industry unscathed. The world was sick and under lockdown. This situation was playing a crucial role. Without taking a break RPA processed millions of insurance claims, generated the reports, and even fill out the taxing forms. It kept the world going when humanity was on rest.

  • Effective data management

Data management has to be effective, timely, and as per the quality standards, regardless of the operational area of a business. The implementation of RPA has eliminated various caveats of this process and has made it smooth enough to handle without any errors. For instance, bots can sort out the data from the beginning, sort it out as per the pre-defined selection criteria, and process it as per the department’s needs.

Watch Webinar: RPA – The Next big thing in Digital Transformation

Are There Any Pitfalls of RPA?

No technology is 100% effective and has some pitfalls for sure. RPA is not an exception. Here are some of the major hassles that one will face during the RPA implementation:

  1. RPA implementation can be a tedious job, considering the high-end technicalities it demands. More than success, failure happens at this front, as configuring a robot is not a cakewalk. Enterprises either have to own a skilled in-house technical team or outsource one for the job.
  2. Another hindrance that one will face while using RPA is operational complexity. The team needs time to have hands-on experience on it. In the absence of adequate technical competency, no accounting team will be able to make most of the available RPA technology.
  1. Accounting and tax compliances are likely to change too frequently. Even if it is a minor change, it means a lot on the RPA front as a lot needs to be changed in the bot configuration. Considering this, it is a lot of back-end work.

Key to Successful RPA

Despite the pitfall, one can easily ensure the successful implementation of RPA and make the most of it. To make this happen, one has to keep the below-mentioned points in mind:

  • Figure out your expectations

Before moving any further, try to analyze your expectations and keep them as realistic as possible. Poor expectation management leads to many RPA implementation hiccups.

  • Keep the technical expertise of the team in the mind 

Ultimately, your team is the one that will use the RPA tool & technologies. So, when you’re planning to implement RPA in your ecosystem. Not only their technical expertise level should be taken into consideration but also their inputs should be taken into account. It is wise to talk about them and listen to what they want in an RPA tool. RPA implementation done in this manner is going to be very effective.

Also, it is highly suggested to arrange training sessions for the team.

Having a supporting document is an added advantage. With proper training, the team will be able to make the most of implemented RPA tool and you will devise the best ROI.

  • Take the help of the in-house IT team 

Even if you’re outsourcing the RPA development team, it is highly suggested to involve the in-house IT team. Your in-house IT team understands your organizational needs and competency in a detailed manner and their inputs are going to be proved highly valuable.

  • Keep the interface simple 

Poor design and the complex interface is the key reason behind the failed RPA implementation. Not always, high-tech and complex things work. Bots with poor design and the tedious interface can break, rather than make, the business process.

The simple will be the configuration the easier would be the team to make the changes when there is a change in the policies. This is must needed step that one should take to avoid business disruptions and enjoy the RPA technologies in the best way.

The Final Say

RPA, when done in the right manner, has all the powers to leverage the operational capabilities, reduce the drudgery, and attain perfection even in the most tedious operational area. Firms like Walmart, AT&T, Ernst& Young, and American express have already used this technology and enjoying countless perks. You could be next on the list, provided you’re ensuring having an effective RPA implementation, providing enough training to the team, and having an RPA excellence center.

RPA implementation, performed under these strict guidelines, is definitely, a game-changer for the firm and will help them achieve excellence. Do it under the guidance of experts, or better, hire RPA experts from reliable companies like Stridely Solutions. Our RPA Services are top-notch in quality and suitable for your business.

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