Robotic Process Automation in accounting
27 February, 2019
New competitors, new technologies, new business models: the pressure on companies is increasing. With the entry of new competitors, entire industries can be transformed within a very short time. The finance function of the future will no longer be limited to implementing processes in accounting, controlling, taxes and treasury that conform with compliance requirements. Nor will it only be tasked to ensure that regulatory reporting requirements are met and that the company's core functions operate effectively and efficiently.
Companies that use the possibilities of digitisation within their finance function will gain significant competitive advantages. They will develop a deeper understanding of their market position in comparison to their competitors and can achieve savings thanks to increased process efficiency.
The solution
Robotic Process Automation (RPA) refers to the use of software and tools to configurate virtual robots, based on existing systems, to perform rule-based tasks. Thanks to RPA, transactional process steps can be automated. This increases a company’s efficiency, for example, in the areas of Accounting and Reporting, Controlling, Treasury, Tax and Regulation, Risk and Governance, M&A and Valuation, Compliance and Investor Relations.
Outcome: The error rate decreases, the process quality increases.
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Your advantages
- Quality and compliance: RPA increases quality by reducing errors. Compliance can be strengthened through automated controls
- Increase efficiency: Automated processes increase processing speed, which brings potential for increased efficiency
- 24/7: Robots don’t sleep. Processes can be performed independently 24/7. A step towards
real-time accounting - Implementation time: RPA does not require complex integration into existing IT architectures, and is therefore minimally invasive
- Added value: Increased employee satisfaction following an ability to focus on value-added activities
- Scalability: The availability of virtual workers can be easily scaled and centrally managed
- Cost saving: RPA reduces the process costs with simultaneous short-term amortization of the investment
RPA in 3 minutes
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