Manual accounting is an ancient art, but it has always been prone to human errors. What if there was a way to reduce the number of mistakes that occur in your entire accounting department without having to pay a premium? That is where robotic accounting and its benefits can come into play.
What is Robotic Accounting and What Are Its Benefits?
With robotic accounting, you can do just that. This isn’t a human replacement, but rather a series of programs and tools that can automate some of the more mundane accounting tasks. Find out how you can increase the efficiency of your online bookkeeping services when our Indevia accounting experts answer the question: What is robotic accounting and what are its benefits?
Robotic Accounting Explained
Technically speaking, the term robotic accounting is short for Robotic Process Automation, or RPA. This refers to an often customized system of software applications and scripts designed to automatically carry out human tasks. Not only does this significantly reduce the margin for daily error, but it can also lower operational costs.
With different accounting programs called “bots,” you can streamline your AP and AR needs without having to add new team members on board. These bots can be programmed to fulfill different duties and meet different specifications to work well across a variety of accounting platforms. In the past, RPA providers hoarded this technology as a complex system that only worked for large corporations. Thankfully, custom robotic accounting services are now much easier to integrate with businesses of all sizes.
Biggest Benefits of Robotic Accounting
Every company uses some type of accounting software to track invoices, record transactions, manage payroll, and more. RPA can boost your company’s efficiency even further with specific functions designed to meet your needs.
Below are some huge benefits that robotic accounting can bring to your franchise:
24/7 Accounting with No Overtime Fees
Bots are round-the-clock workers that can perform their duties outside the scope of a regular working day. You can program them to run on a consistent basis, where they will continue processing 24 hours a day. Bots are completely error-free, meaning you won’t have to add a human verification system into the equation at any point.
A lot of business owners hesitate to get on board with automated accounting processes because they’re worried that the old systems will erupt into chaos. Fortunately, Indevia’s services offer a non-invasive way to streamline accounting bots with the existing systems you want to keep. Every type of accounting workflow is customizable, meaning that RPA can be a useful tool for everyone involved in the financial part of your business.
Multiple Use Case Automation
Not only can you have multiple bots running in your accounting system at all times, but you can also program the bots to perform multiple different tasks. Some of the most common use cases are:
- Tax management
- Financial planning
- Data and metrics analysis
- Accounts receivable or accounts payable tasks
- Financial closing
- Accounting controllers
Most of our automated processes can be fine-tuned to suit any kind of business infrastructure. Whether you need an extra pair of robotic hands to help you with audits, public accounting, reconciliation, or something else, there can be a solution designed with you in mind.
Applying RPA Principles to Your Accounting Systems
Robotic accounting is not one singular product. In fact, it is defined by its ability to be personally tailored to almost any accounting need. It’s important to evaluate your accounting needs and leverage the importance of robotic accounting for your industry to gain a more streamlined and error-free process moving forward.
Keep in mind that by implementing robotic accounting, you are not necessarily installing new software or applications. You can add customized bots into existing systems in order to make accounting tasks more efficient. It is easy to implement and even easier to use, helping that ancient art of accounting finally catch up to the future.
Find Automatic Accounting Solutions with Indevia
If your accounting department is falling behind with busy work or inundated with tasks they can’t complete on their own, now may be the perfect time to explore robotic process automation in accounting. With automated accounting services at Indevia, you can create a custom system that will perform the more mundane parts of accounting without leaving room for a human margin of error. Improve your numbers, get bookkeeping tasks done right the first time, and feel safe with a round-the-clock accounting solution that you can trust.