Essential info for accountants on robotic process automation.

TLDR:

Accounting firms are turning to robotic process automation (RPA) to automate workflows and improve operational efficiencies. RPA automates repetitive, manual, rules-based tasks, freeing up staff to focus on higher-value work. RPA is different from artificial intelligence (AI), as it is process-driven, while AI is data-driven. Combining RPA and AI can help firms enhance efficiencies. RPAs can be used in accounting for tasks like bookkeeping, invoicing, tax compliance, and more. Implementing RPAs does not have to be daunting, with the rise of no-code or low-code options.

Key Elements:

• Accounting firms are using RPA to automate workflows and improve efficiencies.
• RPA automates repetitive, manual, rules-based tasks in accounting like bookkeeping, invoicing, tax compliance, and more.
• RPA is process-driven, while AI is data-driven. Combining both can enhance efficiencies in firms.
• Implementing RPAs can be simplified with the rise of no-code or low-code options.

Faced with shifts in client expectations, strained bandwidth, and regulatory changes, accounting firms are increasingly turning to technology, specifically RPA, to automate workflows and enhance operational efficiencies. RPA is a software technology that automates repetitive, manual, rules-based tasks, freeing up staff to focus on higher-value work. This technology is different from AI, as RPAs are process-driven while AI is data-driven. However, leveraging both RPA and AI can help firms improve efficiencies.

In accounting, RPAs can be used for tasks like bookkeeping, invoicing, tax compliance, accounts payable or receivable, and payroll. By automating these mundane tasks, staff can focus on more strategic, high-value work. Implementing RPAs doesn’t have to be daunting, especially with the rise of no-code or low-code options that eliminate the need for extensive coding. By identifying pain points, understanding available resources, determining budget, and leveraging third-party assistance if necessary, accounting firms can successfully implement RPAs to drive operational efficiencies.