Institutions like yours embrace RPA to speed up compliance and reduce cost.
Robotic accounting, using RPA to reduce the amount of human effort required to process accounting and finance department transactions. What does that mean in plain English? Just think of “accounting robots” as a tool that can cut down the effort needed to transfer routine data between different accounting systems and outside applications, instead of just being narrowed to one.
Focus on high value business roles.
Accounting RPA is often supposed as a human replacement, but accounting robotics is more of a “bionic arm” that can help finance and accounting operations staff execute work faster by reducing data work. Software applications like UiPath, Blue Prism, and Automation Anywhere have cut down the work and skill required to create an artificially intelligent virtual workforce, a.k.a. robotic assistants by removing the need to know computer code to integrate data transfer in between multiple data sources.
Virtual Workforce Capabilities
Processes, such as Accounts Payable (AP) and Accounts Receivable (AR) are critical to the overall working of companies. However, they are also the cause of pain points for many companies. Both tasks involve a lot of repetitive, predicable and manual work which can be monotonous and prone to human mistake.
However, RPA processes provide the ideal environments for the implementation of artificial intelligent bots. A ‘virtual workforce’ has the ability to capture and interpret data whilst, replying and communicating with other legacy systems. Meaning that organization do not experience any troubles to the processes they already have in place.
RPA robots are capable of simulating human actions within specific workflows. They have the capability to log into applications, transfer files and folders, copy and paste data, fill in forms, extract structured and semi-structured data from documents, scrape browsers, and much more. A reduction in time taking tasks also frees up your employees. This enables them to be diverted to higher value business roles which can increase your company’s overall efficiency.