Finance and Accounting Use Case of Robotic Process Automation

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Finance and Accounting Use Case of Robotic Process Automation

Sarah Dawson, CFO Tech Outlook | Monday, February 01, 2021

Most finance firms struggle to look past their legacy systems with any new frontier and find places where RPA opportunities can be deployed.

FREMONT, CA: Robotic process automation (RPA) quickly changes accounting and finance operations, arguably faster than any modern technology. But why is RPA becoming so popular? Why is it making robotic accounting an idea to follow? Robotic accounting is an increasingly popular remedy for the limitations of legacy and disparate systems found in the finance and accounting processes, which directly impact the operational efficiency of back-office finance processes and internal customers of shared services functions.

Robotic accounting is defined as using automation applications to reduce the amount of human labor needed to process accounting and finance department transactions. An accounting robot is a tool that can reduce the effort required to move routine data between several accounting systems and outside applications instead of being confined to one. Accounting RPA is often seen as a human replacement. Still, accounting robotics is more of a bionic arm that can assist finance and accounting operations staff process work faster by mitigating data movement work.

Robots in accounting and finance are like Excel. However, the vital difference between them is that instead of being limited to the macro running only in Excel, RPA software functions across any accounting application that the firm point it to. RPA can tell applications what to do instead of mere Excel. Robotic process automation in accounting is often referred to as AI and machine intelligence. They are interchangeable for a reason, as they all refer to the RPA process.

Robotic process automation applications in finance and accounting are defined as documented actions or steps, which are options to deploy RPA. These are documented at the front-line employee by gathering the work steps undertaken on their computers or other electronic end-user devices. Finance and accounting RPA applications facilitate the preparation required for the automation of information movement across systems.

Check out: Top Robotic Process Automation Solution Companies

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