The accounting and financial industry have to deal with the lengthy process every day, and the financial and Accounting process is very hard to deal with. Financial and accounting experts need to be deeply involved to process the work, countless transactions, endless counting, daily monthly data processing, preparing account statements, Year-end financial statements. According to Gartner Around 80% of finance experts have implemented or are planning to implement RPA. According to the 2020 Gartner Future of Finance Survey, only 37% of finance functions have a clearly defined digital technology investment strategy for the next two to three years.
There are a lot of benefits which can be availed by experts incorporating Robotic Process Automation in Accounting and Finance. In this blog, we will look at the top 5 best benefits of RPA in the accounting and Finance Industry.
- Increased Productivity.
Robotic Process Automation can help boost productivity by automating the simple tasks in the finance and Accounting process. Simple data entry, extracting and fetching the data, filling the simple forms, collecting some major information from the source, etc, by automating these tasks experts can save time and cost as well.
- Fraud and Error Control.
The financial and accounting process involves significant countless transaction works done by experts, while performing these processes people may miss some data or some time it involves fraudsters as well. Implementing RPA Can reduce mistakes and fraud by performing these tasks accurately without any risk of fraudulent mistakes, actions or inappropriate data usage.
- Standardisation
RPA Streamlines and standardises the basic process of finance and accounting by helping experts to automate basic tasks. It helps to automate finance and accounting data processing; RPA automates complex tasks into simple and easy and it maintains confidential accounting data which helps to reduce cost and saves time from human interference.
- Availability
Robots work faster and smarter, it is very easy to implement, it does not require any bigger changes in the workflow, by making human complex work easy robots can work 24/7 and by assigning the human work to robots, experts can focus on assigning the other tasks to human which robots can’t perform. They can work on customer service; this will help to increase customer satisfaction.
- Cost Savings
RPA offers the best saving solution to the finance and accounting industry, it can reduce training and maintenance costs, according to Gartner Research, Automation technology usually costs one-third the amount of an offshore employee and one-fifth of an onshore employee. So, it helps to reduce the cost and helps to increase the Return on Investment by increasing customer satisfaction.
Conclusion
RPA brings significant benefits to the Finance and Accounting Industry, according to Gartner Finance department can save 25.000 hours of avoidable rework by deploying Robotic Process Automation in Finance and accounting process. And also, Gartner says fewer than one-third of finance and accounting departments that have deployed RPA have utilised the technology for financial and accounting processes. This research shows that Finance and accounting departments have a lot of opportunities to use technology to increase employee satisfaction and customer satisfaction, which can help to increase the ROI as well.
Total Ebiz Solutions Pte Ltd, As Recognised by Gartner for providing Niche RPA services and also Recognised by Forrester, strives to provide world-class Robotic Automation Services to our clients.To Know More about TeBS RPA Consulting and its Capabilities
