Robotic process automation (RPA) is not just a technological advancement, it’s a game-changer for accounting professionals. It offers a range of benefits that can help accountants shift their focus from mundane tasks to more strategic, high-value work. This technology is rapidly gaining momentum, with Grand View Research projecting RPA’s global market size to reach $11 billion by 2027, growing at an impressive 39.9% compound annual growth rate through 2030. A Deloitte survey found that 53% of finance and accounting professionals have already begun their RPA journey. These statistics underline the significance and potential of RPA use cases in accounting, empowering professionals to take charge of their work and contribute more strategically to their organizations.
RPA is an invaluable business asset, helping streamline processes, reduce errors, and enhance business continuity during workforce mayhem. However, it’s important to note that RPA implementation may require significant initial investment and training. By leveraging RPA accounting use cases, organizations can stand out among competitors and improve financial results. Let’s dive into some practical RPA use cases in accounting that reshape the industry and empower accounting teams to shine.
1. Account reconciliation
Reconciliation can be awkward, especially when managing different subsystems, templates, and compliance rules. RPA accounting examples like UiPath or Automation Anywhere can simplify account reconciliation by delivering fast and exact results. This eliminates the headaches of manual reconciliation and ensures greater precision.
2. Invoice processing
Dealing with various invoice formats and languages can be complicated and time-consuming. RPA in finance and accounting use cases, such as software bots using optical character recognition and natural language processing, can deal with invoices effortlessly. This streamlines the process from receipt to payment in minutes, recognizing discrepancies and notifying employees when payment deadlines are near. It’s important to note that RPA tools are designed with robust security features to ensure data privacy and compliance with regulatory standards.
3. Sales order processing
Sales order processing can eat into staff time, but RPA examples in accounting include using bots to create orders, initiate delivery, update inventory, and prepare sales invoices. This encourages expedited processing with fewer errors and a smoother overall experience. In addition to these operational benefits, RPA can also lead to significant cost savings, with companies like Company Y reporting a 40% reduction in operational costs after implementing RPA.
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4. Accounts receivable
Manually sending invoices and linking payments to the correct accounts can take time and be prone to human error. RPA use cases in finance and accounting minimize these risks by accurately handling data entry, allowing the accounting department to focus on higher-value tasks such as nurturing customer relationships.
5. Inventory management
RPA can track inventory levels, manage waste, notify managers of low stock, and even monitor for defects. This results in real-time reports on stock levels, automatic item reordering, and efficient inventory management that takes the pressure off manual labor.
6. Closing financial statements
Financial closings can be a significant source of stress for accounting teams and professionals. RPA use cases in accounting include bots that automate updating comparative figures, setting up value adjustments, and ensuring timely, precise financial closings. This gives accountants a much-needed respite from manual processes.
7. Internal auditing
While audits have long used computer-based tools, RPA takes them a notch ahead by automating repetitive automotive tasks. This allows auditors to focus on investigating anomalies, improving the quality and effectiveness of audits. Large and small firms are embracing such RPA in finance and accounting examples to enhance efficiency and accuracy in their processes.
Bottom line
RPA is more than just a buzzword in accounting and finance — it’s a transformative force reshaping how professionals approach their work. By streamlining processes like account reconciliation, invoice processing, and sales order management, RPA use cases are giving professionals a much-needed respite from manual processes. This allows them to focus on things that matter, such as strategic, high-level projects, rather than mundane data entry. The relief from manual processes that RPA brings is not just a convenience, it’s a significant boost to efficiency and productivity.
The potential for RPA in finance and accounting use cases to revolutionize the industry is not just high, it’s meteoric. For accountants, it’s like upgrading from a horse-drawn carriage to a high-speed sports car—the power, efficiency, and accuracy are hard to beat. So, if you haven’t already, it’s time to hop on the RPA bandwagon and embrace the technologically-powered future of accounting. With verified stats and a track record of success, RPA is not just a wise investment but an essential one. The future of accounting is bright, and RPA is leading the way.
Want more? Since 2006, Escalon has helped thousands of startups get off the ground with our back-office solutions for accounting, bookkeeping, taxes, HR, payroll, insurance, and recruiting — and we can help yours, too. We’re also interested in hearing about your experiences or answering any questions you may have about RPA in accounting. Talk to an expert today.
