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Robotic Process Automation

How Robotic Process Automation is Changing Finance & Accounting?

The financial sector has long been one of the most conservative. This is not surprising, because customers’ money is at stake. Every IT technology undergoes rigorous screening tests before being introduced into regular use. Robotic process automation helps to reduce the cost and speed up routine operations. The benefits of RPA in finance are truly invaluable. Artificial intelligence allows you to avoid human errors, not lose customers, avoid downtime and optimize internal processes.

RPA robotic process automation

What is RPA in finance? This question can be answered by describing the operations that a machine can perform instead of a person in accounting and the banking sector:

  • Automatic processing of incoming letters;
  • Recognition and extraction of data from scans and electronic documents;
  • Autonomous comparison of data between financial accounting systems;
  • Access to company data through a chat bot.

The main advantages for owners of financial companies when implementing RPA automation will be:

  1. Increasing the speed of checking and comparing data from primary documents with the accounting system by more than 3 times;
  2. Reducing the number of errors when verifying documents.

This approach will primarily be useful to top managers, heads and employees of financial departments. This is important for anyone looking to improve the business processes of finance departments. It is still far from replacing an accountant with a robot, but it is already possible to reduce the cost of accounting using robotization.

The explosive growth of information technology at the beginning of the century had little effect on the share of accountants in the employment structure. So it is unlikely that we will be able to completely modernize this position and replace humans with artificial intelligence and robots. But the digitalization of the economy and the rapid development of information technologies are already influencing the nature of accounting work.

Automation and robotization

It is important to distinguish between two different processes that talking heads with little understanding of accounting work usually confuse:

  • Automation;
  • Robotization.

It sounds similar, but the difference is like between potassium and calcium or Austria and Australia. Let me give you an analogy from the world of cars. You can manually shift gears, but most drivers do not enjoy this process. The more cars there are on the roads, the less you want to squeeze the clutch pedal in traffic and think about which gear you need to tuck.

Conclusions about robotic automation

Accounting has been going hand in hand with automation for a long time. Most of the routine accounting procedures can be done using special software. In Russia, these are, as a rule, 1C products. Human participation is reduced to entering information into the system and commands to perform the necessary operations. The accountant presses the button – the program counts. The hardest part here is figuring out which buttons to press in which situation. To do this, you need to know the accounting methodology. Well, and the functionality of the program, of course.

In addition to the traditional automation tools, two types of robotic solutions are used in the accounting department of the 2020-2021 sample:

  1. RPA (Robotic Process Automation) is robotic process automation.
  2. IA (Intelligent Automation) is intelligent automation.

The first approach allows you to mechanically perform the same type of simple operations. The second approach helps to quickly and accurately analyze large amounts of data, as well as build a business development strategy. By combining both approaches, you can collect data about customers and predict their future behavior.