Innovative freedom for accountants by RPA

Accountants spend days, weeks even, wrangling thousands of spreadsheets and manually reconciling data - even though new technology now enables the close to be completed more accurately, with less effort, and with significantly reduced risk of error.

One of these noteworthy technologies is robotic process automation (RPA), and it's one of the most impactful innovations to happen to the close since the invention of green-bar paper. RPA automates manual tasks, manages workflow, and standardises the close process across complex organisations and IT landscapes.

RPA applies the combination of intelligent workflows, business rules, triggered operations, and process scheduling to shift repetitive tasks from people to technology. It frees accountants from the drudgery of manual work, and also benefits the business overall by enabling a truly smart close.

Organisations utilising RPA have:

• Automated accounting and finance processes up to 80 per cent 
• Increased accounting productivity by 50 per cent 
• Improved shared service centre efficiency by as much as 75 per cent

Yet many still resist this technology, as evidenced by the pace at which Finance is adopting it: Slowly. Glacially.

Today, many traditional bookkeeping tasks are already being performed by AI. Accounts payable and receivable AI handles much of the work of initiating payments and matching purchase orders. Automated data entry and data categorisation help accountants analyse broad financial trends more quickly.

RPA has reduced audit and contractual processing times from several months to a few weeks. And furthermore, larger firms that are taking advantage of AI are outpacing smaller accounting offices through increased efficiency and higher level services.

With that in mind, the advent of RPA and other advanced automation technologies, rather than ushering in the robot rebellion, should actually enable accountants to finally do what they're meant to be doing: performing analysis, advising the business, and providing impactful financial data to shape their organisations' future. Accountants can focus on all of this while still closing the books faster and more accurately than ever before.

Financial automation software is able to build on an RPA foundation to streamline the financial close with specific conditional workflow and automatic scheduling - automating the repetitive tasks that are a poor use of highly skilled resources, so accountants can focus on value-adding activities.

By combining the latest in RPA and financial close intelligence, the whole process provides powerful efficiency gains and improves trust in the financial close. This enables accounting organisations to drive global standardisation while maintaining a degree of local flexibility.

Leading companies are embracing robots because they know that staying on top today requires working smarter and ensuring access to real-time data.

In today's frenetic, always-on business world, RPA is the key to both. RPA tools reduce risk, increase accuracy and improve visibility, all while freeing accountants from the mind-numbing drudgery of manual close activities. Accountants are then free to focus on what really matters to the health and wealth of the business: forecasting, analysis, and strategy.

About us:

TMA Solutions was established in 1997 to provide quality software outsourcing services to leading companies worldwide. We are one of the largest software outsourcing companies in Vietnam with 2,400 engineers. Our engineering team was selected from a large pool of Vietnam IT resources; they are well-trained and have successfully completed many large and complex projects. Visit us at: https://www.tmasolutions.com/