T-Impact work with ambitious accounting firms, seeking to drive change and achieve rapid ROI through digital transformation, and one such example is the use of robotics within the audit department.
Speak with one of our experts to learn how companies throughout the UK are using robotics and AI to transform their audit function, ensuring higher levels of efficiency and compliance whilst drastically reducing costs.
Whether you are conducting a standard audit, or forensic accounting to check if suppliers have been paid, the bulk of the work is highly manual, involving cross-referencing information to trace the transaction from beginning to end. Furthermore, if you are looking for details on supplier invoices, customer payments or payroll information, audit teams must ensure that everything is accurate and fully accounted for. In order to complete this process, audit teams usually need to extract data from one IT system and compare it with others, which is a highly time-consuming and often frustrating process.
Robotics can take over this procedure, speeding up the entire process. It can capture every transaction and swiftly trace it through all necessary IT systems in order to highlight any anomalies which require further manual investigation from the human workforce. A report can then be generated by the robot to give a top-level overview of all data that has been checked, defining which transactions have been successful and which transactions have not, at a much faster rate than a human workforce.
As robotics can operate on a twenty-four-seven basis, you can audit every single transaction each night, enabling the business to identify incorrect payments or financial anomalies and act quickly to resolve them, significantly reducing the level of risk to the business.
To learn about our robotics subscription model of for more information on how our robots can help transform your auditing process, speak with one of our experts today.