Many people dream of becoming entrepreneurs, and often the biggest...
Letting technology do the heavy lifting for certain monotonous tasks...
Setting up a payroll system is an essential...
While small businesses must handle day-to-day tasks—like managing...
September 10, 2021
Robotics are beginning to revolutionize how finance and accounting companies are doing business.
Sixty years ago, the emergence of physical robotic systems began automating production facilities. Within a few years, output was significantly boosted and human labor at these factories shifted to a new set of tasks. Now, the robots are at it again. This time, they’re revolutionizing the way companies do digital tasks.
Robotic Process Automation (RPA) refers to the use of virtual bots to complete simple, repetitive tasks. RPAs can be used for a variety of office functions like data entry, data clean-up, form creation and filing, clearing transactions, or even shuffling a customer through a sales funnel.
Once the RPA is programmed with a “trigger,” such as a customer requesting a new bank account online, the RPA can instantly begin a series of automated actions. These could include creating the customer’s file, sending them a welcome email, running a credit check, and adding their name to the banker’s follow-up call list. Activities that would normally take an office assistant several minutes to complete are now finished within seconds, and without human error.
For computer-dependent processes, RPAs can essentially mimic the work of humans, at a fraction of the cost of employment. These systems can be programmed to operate 24/7, allowing businesses to process data and automate activities around the clock. For businesses that use RPAs in their customer service processes, this means faster order fulfillment, quicker automated responses, and fewer customers falling through the cracks.
According to a report by Forrester, of the companies surveyed that currently use RPAs, 36% of them are in the finance and accounting space. Overall, 1 out of every 3 bots in use today are in the financial industry. RPAs are particularly effective for these companies because the streamlined and error-free automated process helps ensure all regulatory and compliance requirements are met.
In a report by Deloitte , one bank described how they created RPAs for 13 of their internal processes. Over the year, these RPAs facilitated over 1.5 million requests. In doing so, the RPAs completed the work of about 230 full-time employees at only 30% of the cost.
RPAs are particularly helpful for these businesses and institutions because RPAs offer:
RPA systems are intentionally designed to be simple to configure – no coding needed. By using a drag and drop system or automation selector tool, RPAs can usually be set up without a developer.
RPA systems can complete filing and data updating tasks significantly quicker than a human. Not only do these systems free up time for employees to work on more detailed tasks, the efficiency of the RPA also helps reduce processing time.
Small, tedious tasks can quickly grate on employees. By utilizing RPAs, employees can focus on tasks that are more thoughtful and strategic.
RPAs, when configured correctly, are significantly more accurate than human activity. Plus, the workflow is easier to audit if issues do arise.
Basic RPAs rely on human configuration for the initial set up. A human must create the rules and parameters in which the automation is fired, operates, and concludes. These RPAs are process-driven. But advanced RPA systems use artificial intelligence, machine learning, natural language processing, and analysis to learn and adapt processes over time. They’re data-driven. While a basic RPA functions only as it was programmed to do, AI-powered RPA systems can identify and suggest process improvements over time.
While still a young technology, it’s likely the use of both basic and advanced RPAs will continue to spread across these business sectors and others.
Our team is made up of seasoned professionals who bring years of industry experience to the table. You gain a trusted advisor who understands your business inside out.
Say goodbye to the hassles of hiring, training and managing in-house finance teams. You will never have to worry about unexpected leave of absence or retraining new employees.
Whether you’re a small business or a global powerhouse, our solutions scale with your needs. We eliminate inefficiencies, reduce costs and help you focus on growing your business.
Setting up a payroll system is an essential step that helps small business owners pay their employees accurately and on...
While small businesses must handle day-to-day tasks—like managing payroll or closing monthly books—long-term planning is the compass that keeps them...
Benefits administration can be a game-changer for small businesses aiming to attract and retain top talent. While salaries remain an...
Choosing the right accounting method can significantly impact how you track financial performance, manage taxes, and plan growth. Two common...
Bootstrapping—financing growth through internal cash flow—is a hallmark of many successful startups. But as businesses mature past their initial stage,...
In today’s business landscape, technology is more than a convenience—it’s a strategic asset that can supercharge growth. But as you...
The month-end close can feel like a perpetual scramble—collecting invoices, reconciling accounts, fixing last-minute errors. A drawn-out close not only...
Overhead costs—from utilities and rent to administrative staffing—can quietly swell until they erode profit margins and slow your ability to...
Growth triggers a tidal wave of financial complexity, multi-entity operations, new product lines, overseas expansion, or investor relations. If your...