Using robots to perform different tasks is no longer just the stuff of science fiction. Robotic process automation (RPA) has become an integral part of a business’ finance and accounting tasks. Unlike the clunky robots people see in movies, RPA is actually a software that utilizes artificial intelligence and machine learning to perform repetitive, high-volume actions such as billings and collections, payment processing, risk management, accounts receivable, compliance improvement, and transaction data management. The software is able to replicate these tasks inside a graphical user interface, executing functions such as data transfer, automation of workflows, and merging data in the desired format. RPA is able to do all these and more with greater accuracy, speed, and minimal errors. The numbers don’t lie: financial data accuracy is increased by 95% and savings reach up to 80% thanks to RPA’s data extraction capabilities.
RPA is a valuable investment for companies that deal with high-volume processing and transactions on a daily basis. It’s especially useful for businesses that don’t have the time, resources, and budget to hire a large team to take on multiple, high-volume tasks. Some companies have already begun integrating RPA into their financial and accounting systems. PwC’s 2017 Financial Services RPA survey reports that 11% of respondents have integrated RPA across the business. The other 19% are moving toward adopting RPA into the business.
Here are a few other reasons you should consider RPA and how it will benefit the growth of your company.
- A Big Boost to Your Human Workforce
No, the robots are not taking over. In fact, humans are an integral part of integrating RPA as they are in charge of operating and training the software. The robot will also require your employee’s analysis for decisions and data that require human insight. At the same time, RPA allows your current employees to focus on more specialized, highly-skilled tasks. Since they are no longer required to perform mundane, repetitive tasks, they can utilize their talents and intelligence to help grow your business in other aspects. RPA is especially useful for small, startup companies that deal with high-volume tasks yet have a small team in charge of building the company itself.
- High productivity, speed, and accuracy
RPA doesn’t require sleep, breaks, and leaves. The robot software can run 24 hours a day, 7 days a week. The result? Faster results executed in greater speed and higher accuracy. You don’t have to worry about customers receiving late bills and as a result, lessening the consequences of delayed payments. Higher accuracy minimizes errors that lead to fewer complaints from your customers. RPA drives profit and productivity from every angle.
- Higher Customer/Client Satisfaction
Efficient productivity and faster, accurate results immediately leaves your customers impressed. They will no longer complain about wrong billing statements arriving on a monthly basis. Vendors will keep coming back for your services and highly recommend your service. You instantly build and sustain customer loyalty and a boosted brand reputation thanks to the error-free efficiency of RPA.
- A cost-effective solution
RPA is an affordable alternative to costly automation solutions such as machine learning and artificial intelligence. It is also far more cost-effective than hiring more staff and paying for additional salaries and other related overhead increases. You also need to account for delayed processing times and a higher likelihood of errors with additional staff. Cloud-based RPA services, on the other hand, are available at fixed, monthly rates.
- Bridge the Gap Between Tedious, Repetitive Tasks
Finance and accounting work involves a lot of data entry and gathering. Removing the errors and making these processes more efficiently will streamline the multiple steps in what used to be a long, manual process. Some tasks you could do much faster are comparing prices among suppliers and tracking changes; entering, copying, and pasting the information in several forms; and validating contract terms when it comes to vendor contract data.
If you’re a startup or small to medium business looking to reap the benefits of RPA, you can get in touch with an expert such as Infinit-O. We offer comprehensive Finance and Accounting Solutions you can outsource at a lower cost without sacrificing the strategy you are implementing for business growth. With the inclusion of RPA alongside an outsourced human workforce, your company ends up saving 40 to 60 percent in labor, rent, and other infrastructure costs. Technological advancement and a globalized business industry have increased the possibilities for every entrepreneur. Work with Infinit-O today and see how RPA can move your company forward.