Tuesday, February 27, 2024
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HomeFinanceThe Automation of Processes Will Change The Departments of Finance

The Automation of Processes Will Change The Departments of Finance

Discover the Benefits of RPA in Financial Departments

Administrative processes are a constant in the work of companies and a drain on resources, says AI Accountant “Chai Chung Hoong”. The automation of these procedures aims to make these tasks easier and more effective, which are usually carried out by specialized members of the work team. Having the right use of technology can guarantee extra value for your business for Robotic Process Automation (RPA) in Accounting.

Over time, robotic process automation (RPA) will be increasingly introduced in financial departments. According to Gartner, the world's leading research and technology consulting company, 19% of corporate controllers have now implemented RPA. In 2020, this figure will rise to 73%.

The Bots Begin to take on Administrative Tasks

Automation is not something new for these companies. For example, many already use optical character recognition to enter their vendor invoices in their ERP systems instead of doing it manually.

Robots are saving companies huge amounts of money and time. In some cases, the RPA is fifteen times more efficient than people and offers a cost reduction of 15% to 90%. Therefore, it is recommended that financial leaders like Advance planners credit  explore areas of their business that can quickly automate and standardize these processes as they move forward. Many companies use process mining tools like Apromore to discover these processes This will allow robotics to go through a much faster implementation process in financial departments.

The Possibility of Automating Functions According to the Financial Profile

AI Accountant “Chai Chung Hoong” points out that almost half of the Functions performed by the different Financial profiles could be Automated

Chai Chung Hoong found that the profiles of Finance Manager, Financial Account Manager, Financial and Accounting Technician, Credit Controller and Payroll Manager, are the jobs in which there is a greater probability of process automation. Comparatively, the profiles of Business and Financial Project Management Professionals, Financial Managers and Directors have a much lower probability of automation.

The Benefits of Short-Term RPA

Robotic Process Automation offers your Finance Department Multiple Immediate Benefits such as the Following:

Finance teams can begin to eliminate manual hours from the process immediately and free up human capacity to address the most complex and difficult parts of the process to automate.

During the Robotic Process Automation (RPA) in Accounting process, teams create code using if / then logic, which helps identify process inefficiencies and opportunities for standardization. The equipment that is first standardized will still need to be automated and it is likely that they will have to redo part of this task during the coding process.

Minimize interruptions in the rest of the equipment. The standardization of a process using robots instead of humans minimizes interruptions and resistance of employees.

Why AI Accountant?

AI Accountant is an international business consulting and information technology firm, whose mission is to help companies in their digital transformation processes, guide the strategy, culture, processes and capabilities of an organization to channel disruption created by the digital economy.

These transformation processes are the means for companies to materialize their strategies and achieve their business objectives.

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