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Accounting is a precise and detail-oriented activity in which even a minor blunder or administrative error may result in severe financial problems for businesses. Businesses, on the other hand, will have a variety of best practises for producing and reporting accounting data, as well as established and proven processes to ensure accuracy.
However, when such processes are carried out by humans, the risk of errors and mistakes increases. Automation mitigates the risks by ensuring accounting tasks are completed accurately. Similarly, automation and technologies like RPA allow companies to reduce the risk of human error while increasing efficiency and speed.
As you may know, most accounting tasks are required to be completed within a specific time frame or as soon as possible. If business owners ask human employees to ensure their work is error-free, then the actual time spent on the tasks will be increased to carry out more detailed checks. Whereas RPA helps organisations achieve both goals, accuracy and speed.
Compared to traditional accounting, RPA can reduce the processing time of general journals, cash flow forecasts, and profit & loss reports from a few days to a few seconds plus a few hours of human work on the non-repetitive or decisional tasks.
Indeed, many accounting bodies have already recognised that automation will replace accountant jobs in the first wave of the automation revolution and have begun educating their members on digital transformation.
While some accountants are resistant to automation, either to fear about change or a lack of knowledge of the technology. Many organisations and accountants have already enjoyed the benefits of RPA, releasing stress from month-end reconciliations and reporting. They are free from boring and repetitive tasks, particularly those that use centralised payroll systems and automated banking records.
Furthermore, many businesses already have the data required to automate accounting procedures; they simply need to start automating and then can reap numerous benefits from RPA. Two hours of work can complete current one day's job.Of course, human intervention in the installation and management of RPA systems is still necessary, no matter in handling exemption cases or making decisions for robots during the procedure.
Are you looking to run your business with less human error, better efficiency, and lower labour costs? Get in touch with 60018 Technology, we make RPA assessable to every business, no matter what size and business stage you are. Affordable, scalable, and easy-to-use are our winning ethos, with a few days' delivery of small customised projects, no matter how many tasks you’d like to automate, we can help. Contact us now for a free consultation session.
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