Robotics Process Automation (RPA) is rapidly changing the accounting and finance operations, possibly faster than any other piece of modern technology. Many accounting professionals have realized the need for automation, but few know where to start. Many professionals even ask, what is RPA? Robotic Process Automation describes the use of software for automating specific types of human activities.
RPA software is geared towards automating mundane, repetitive, rule-based processes, enabling accounting staff to devote more time to serving clients and other higher-value work. RPA in accounting and finance is similar to Excel macros. The difference between previous legacy Excel automation and newer comprehensive automation solutions is that while macros are limited to Excel, RPA solutions can run across many accounting and financial systems.
RPA can be an effective solution in many areas of your business. It reduces processing times, minimizes entry errors, and lowers costs. When implementing in an accounting department, it is crucial that a detailed plan is developed, a complete team is assembled, and attention to detail is the focus of the project. By following the above steps, you can implement a process that will not only bring efficiency to the company but also employee satisfaction.