What are the benefits of accounting automation?
Accounting RPA automation software transforms the accounting process to make it faster, more accurate, and easier to maintain compliance. As you incorporate, customize, and adopt intelligent accounting software, you'll see the benefits change how you do business throughout the organization.
Save Time
Manual accounting tasks require most of a CPA's time. By building a digital bookkeeping workforce and adopting automated accounting scripts, these professionals can perform tasks that use their particular skill sets.
Increase Productivity
Accounting automation software dramatically reduces time spent on repetitive tasks, often by several hours. This provides the accounting team time to manage finances and work for clients instead of reconciling or updating accounts.
Superior Accuracy
Automation technology such as Optical Character Recognition (OCR) reduces errors in documentation. Used for digitizing paper documents, turning image PDFs into searchable text and numerous other applications, OCR provides highly accurate records–a must in accounting.
Enhance Data Usage
People can't use data to inform their decisions if they can't find, organize, or manage it. Accounting experts can benefit from real-time data retrieval and use it almost anywhere by using accounting system automation.
Advanced Security
Automatically store documents in secure locations, reduce the number of people accessing those documents, and keep records of who accesses information. It's one of the few ways to increase compliance and convenience at the same time.
Improved Flexibility
Accounting automation programs scale and change as a business grows. Without a highly specialized tech team, you can add additional integrations, make changes, and incorporate existing automated accounting processes into new RPA solutions.
Who can benefit from accounting automation?
Accounting firms, fintech, and other financial businesses are typical automation and digital workforces users. Still, they aren't the only ones who can benefit from automated RPA accounting scripts and algorithms.
AI-powered invoice automation empowers strategic performance with over 90% accuracy
It is a remarkable application of Artificial Intelligence (AI) and Machine Learning (ML) where IQ Bot completes most of the steps automatically using unsupervised learning and the user has only to validate it and make modifications if required. This has significantly reduced the time it takes for our teams to configure and train the system to read different document formats
- Brendan Snowden, Associate Director of Service Improvement, University of Melbourne
95%
accuracy
89%+
Straight-through processing
127
Hours Saved
How can accounting automation help you?
Whether you're a multinational accounting firm or a small business wanting to save time and money, accounting automation can help eliminate the costs and struggles associated with routine tasks. Once adopted, these RPA scripts act as a digital workforce to perform several accounting and finance functions.
Accounts Payable Automation
- Extract information from invoices
- Standardize information for better management
- Instantly store information in spreadsheets and databases
- Notify relevant stakeholders about payments and expenses
- Monitor spending and identify efficiencies
- Process payments and update accounts
Accounts Receivable Automation
- Automate invoicing and inventories or sales records
- Send instant reminders for late-payments and receipts
- Late payment calculations and assessment
- Collect or process payments without waiting
- Connect with CRM and sales software
- Eliminate human error and time-intensive audits
Payroll Automation
- Organize tax documents and employee information into custom templates
- Integrate payroll with timesheet software or commission software
- Optimize payroll taxes, deductions, and filing workflows
- Transfer wages and track payments instantly
- Monitor and assess labor costs and time management
- Instantly update, check, and change employee data and files
Expense Account Automation
- Store and extract information from receipts and documents
- Generate expense reports, manage multiple bank accounts, and cash flow
- Quickly flag and identify problem expense claims
- Handle ERP, general ledger tasks, and forecasting
- Deposit and lookup expense reimbursements
- Identify new money-saving opportunities
Features to look for in accounting automation solution
Compatibility with your accounting software and other technology you use is paramount to a strong automation solution. The more compatible, the more ability to grow in your use of automation. . It should integrate easily with other software such as SAP, Quickbooks and Microsoft Excel, and workflow software such as ServiceNow (our Bot Store has over 300 financial and accounting digital workers that integrate with other platforms, including SalesForce, Excel, Oracle, Adobe and more).
In short, your automation solution should allow you to work the way you do--you should never have to change to meet the needs of your software. Solutions should also be cloud-based, so they work anywhere and are accessible to everyone who needs it.
Flexibility also matters. Your automated accounting solutions should be scalable and not lock away your data in an unusable location. In addition, it should be simple to set up and use and not require a team of automation experts to oversee it.
How to get started with accounting automation
Not sure if you're ready to get started with accounting automation or not sure what you can use it for? Get a free trial of Automation Anywhere's automation software. We also have a detailed walk-through to get you started.
We also have a team of experienced accounting automation experts who would be more than happy to walk you through the process and answer any questions you might have.
Contact Automation Anywhere and discover how automation is changing the accounting profession and finance departments across the globe.
