Many businesses have adopted robotic process automation (RPA), or plan to do so in the future. While most RPA initiatives target “core” business operations, routine accounting functions also can be automated to help lower costs and allow personnel to focus on higher-level analyses and strategic projects. Here’s some insight into how to integrate RPA in your accounting department.
In general, RPA eliminates the need for manual (human) intervention. In the accounting department, automation software can assume control of such tasks as journal entries, bank reconciliations, and certain aspects of the budgeting and forecasting process. To begin automating your accounting department, follow these five preliminary steps:
Throughout your organization, RPA can minimize data entry errors, reduce processing time and lower costs. However, getting it to work in the accounting department takes some initial legwork and a fresh mindset. It also may affect the procedures a CPA performs when preparing your financial statements. Contact us for more information.