Robotics Process Automation in Finance and Accounting

Robotics Process Automation in Finance and Accounting

Men being replaced by machines appears true when we talk about how robots have been implemented in various industries and how they are changing the overall workforce.

Robots are used in every industry whether it is education, IT and accounting is not an exception to it.

Even the TV shows showcasing robots were highly popular and how can we forget I-Robot?

What a movie man! That’s the most fascinating movie ever made on robots. 

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The innovative technologies are making radical changes and AI in Robots is just taking the world to the next level.

With this massive development and growth of implementing AI with robots, Everyone of us wishes to deploy robots for making the personal as well as professional lives more simple.

Such imagination is converting into reality as Japanese robotics and innovations have been working to form a human intelligence.

That Awe feeling we get when we come across and read what Japanese robotics has and what are the ways to implement it.

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As of now, we all must have observed chatbots in customer care services which reaped significant rewards for the company.

Implementing robots in finance and accounting will bloom the industry and the growth can be observed within a few years.

The robots are helping us in multiple ways and in multiple industries.

Here in this article, We will be discussing and analysing about deploying robots to simplify the day-to-day tasks in the overall industry.

The working processes of robotics in finances and accounting needs robotic process automation RPA.

We just made up our minds to get replaced by machines but now what is RPA?

Robotic Process Automation

In a layman language, it can be said that RPA is just a software which uses AI and Machine learning potentiality to perform high-volume and repetitive tasks.

The whole process itself conveys how humans are going to be replaced. That also means that the tasks which were earlier performed by humans in a traditional way can get completed with RPA at an ease.

The fascinating fact about RPA is that it imitates the existing applications, helps in changing data, triggers communication channels and much more through an existing UI.

Moreover, RPA is a feature of Intelligent Process Automation(IPA). IPA illustrates a range of automated processing which includes RPA cognitive technology and even structures of machine learning.

The robots can evolve on their own.

Surprised? O yes, they are just to be instructed with some basic decision making techniques and data patterns and accordingly they will make their own decisions which suits the requirement of the firm.

Though, while robots function on their own they still need supervision whether the chosen methods and decisions made by the robots suits the desired aims and goals of the company or not.

RPA in Accounting and Financial Services

Implementing RPA in the accounting and financial sector can shape the overall industry at large. As it can take the tasks which were performed manually to complete automation.

Every task such as accounts receivable, billings, collections and much more. It assists in accounting procedures by taking proper care of allocations, adjustments and making adjustments in journals.

It also means that the people deployed in carrying out daily tasks will not be recruited as such tasks will get automated and this complete automation will result in an unemployment ratio.

It can take proper care of financial reporting, budgeting, planning, forecasting and other treasury tasks.

Now you might think of RPA as an individual active performer which requires nobody’s help to perform his tasks.

RPA has its own limitations and won’t be working in a team along with humans and other automated software.

It requires humans to supervise the tasks performed by the individuals.

Though it will replace humans and create disturbances across the overall industry but on the positive side it will also reduce the human errors. 

Why Robotic Process Automation?

What is the ultimate need of implementing RPA? Are the systems fine without it or its just an innovation of technology which needs to be implemented to serve the client to the best of capabilities?

It has just been a decade since the Internet came into existence. But today it gets even more difficult to imagine a world without the internet.

The social media networking and the RPA development is just fine.

Apart from these reasons, I do have many reasons which can be provided to you. There are many reasons which must be taken into considerations for having RPA in financial and accounting services.

  1. Cost-Effective

    RPA is cost-effective and also diminishes the cost of manual labour with this automotive repetitive process and often eradicates the need for back-office resources.
  2. Better productivity

    There are no limitations on the working hours. It can function 24/7 and 365 days without any leave and social and ethical barriers. Further enhancing better customer care and services.
     
  3. Performance

    The performance of a software robot is obviously better than an employee as it can perform the tasks without any errors within a minimum time and in speed.
  4. Overall Efficiency

    Considering the features which were mentioned earlier, RPA in accounting and finance furnishes an efficient system with lesser resources that gets consumed.

Revolutionized Future with RPA

Can RPA really make revolutionary changes about the future? O yes, It provides us with chances to have short time to inculcate RPA and lower down the maintenance costs.

RPA can also expand the functionality of present legacy systems. It helps in reducing the disadvantages connected to inefficient and manual interfaces of such systems.

Several other questions such as an increase in unemployment is also a major issue which needs to be assisted and a proper solution to that must be provided.

The training and supervision still gets provided by humans. Though humans are still required in the overall process as along with providing training, the operational activities also get conducted by humans.

Though the deployment of RPA might not be pocket-friendly as it is very expensive and it also needs an instruction manual which needs to get provided to the overall workforce.
Moreover, such technologies will demand humans with high skills to maintain and improve RPA software.

RPA is easy to handle and manage and there is no need to hire a software developer to control the overall performance. 

It is Just the Beginning

In conclusion, It can be made clear that RPA is just the start of this new era. It is the best technology that will reap skyrocketing rewards.

The things which need to be ensured is that the company will have to push their limits and work much harder to deploy RPA which is fully operational.

If the companies are able to work and make it completely operational then they will have to make sense and combine all the other AI-related technologies to its better functioning.

About the Author

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Parth Patel

Parth Patel is a serial entrepreneur and CEO of SyS Creations which is a top provider of RPA in Accounting. Operating the IT Infrastructure of SMEs and startups keeps him on his toes and his passion for helping others keeps him motivated

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