Crunching the numbers to add more value

Robotics in Accountancy

T-Impact work with ambitious accountancy firms seeking to drive change and achieve rapid ROI through digital transformation. Our robotics & AI subscription model enable firms to test the water with minimal cost and build a solid business case before seeking further investment. Speak with one of our experts to learn how accountancy firms throughout the UK are using robotics and AI to improve customer experience, reduce costs and increase profitability.

 

What are the Disruptions to Accountancy?

Digital Change

Accountancy has changed dramatically in five years. Due to Big Data, large amounts of unqualified and unstructured data has to now be processed accurately. Human staff do not have the capacity for this.

Mobile accounting

Customers need to be able to access their accounting and banking systems at all times, so cloud-based accounting has become more popular.

CUSTOMISATION AND PERSONALISATION

Accountancy firms can no longer take ‘one-size-fits-all’ approaches. Bespoke tailored services are common, and these require large amounts of accurate data in order to create relevant offers for customers.

THE DIGITALISATION OF HMRC

With measures like Making Tax Digital improving the accessibility of HMRC, accounts have to find new ways to add value to transactions.

THE BIG 4

The Big 4 have invested heavily in SME service offerings. Mid-market and small firms have to adapt their messaging to compete with these new competitors, but can also access technology previously unavailable due to these new forces.

What can robotics do for accountancy firms?

Rather than resisting change, forward-thinking accountancy firms are securing their business futures and enhancing their business potential through robotic process automation.

Robotics in accountancy can be used for:

• 24/7 generation of sales quotes and account transactions

• Data validation and order confirmation emails

• Customer credit level monitoring

• Responding to vendor invoices, inquiries or payments

• Detecting abnormalities within T and E reports and acting upon this

The Robotics involved in Accountancy Automation 

Mention AI or Robotics, and most people jump straight to sci-fi androids, or manufacturing bots on an assembly line. The term Robotic Process Automation (RPA) refers to specific software that can be “trained” to perform a variety of manual functions including opening emails, saving attachments and entering or extracting data.

RPA mimics human activity on your console and can perform many functions including accessing and creating new data within your existing I.T. infrastructure. When making complex decisions, it reaches out to your Artificial Intelligence (AI) platforms such as IBM Watson, Microsoft AI or Google Deepmind, when available. By passing the data, the robot can receive guidance based on results and work out the next steps.

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Benefits of Robotics in Accountancy 

RPA in accountancy can free up key staff members from administrative duties, meaning they can focus on developing new revenue streams and adding value. However, other benefits include:

 

Improved Efficiency

Robots can work 24/7 and operate faster than any human staff. With instant scalability and virtual resource allocation using our orchestrator robot, you can eliminate backlogs and avoid bottlenecks.

Empowering Staff

Rather than constantly checking data-entry, staff can focus on business development opportunities that add value.

Performance Measurement and Benchmarking

The robot keeps a full record of work completed, so you can pinpoint where and how robotics is saving you money.

Reduced Costs

Thanks to subscription model RPA, accountancy firms can expand capacity without increasing costs and ease the strain on back-end resources. Your staff can focus on empowering value-adding tasks instead.

Peace of Mind

Your robot can automatically sync with legislative portals to keep up to date with any changes.

FAQs

In accounting, what processes should I automate?

In general terms, robotics is best utilised for tasks that are time-critical, data sensitive and require a number of repetitive actions. For accountancy, robotics can also be deployed to tackle large levels of big data.

Do I have to purchase an orchestrator robot to manage my virtual workforce?

No, your staff can manage the virtual workforce using their console, phone or laptop. However, an orchestrator robot means these processes can be controlled and managed twenty-four-seven, as opposed to just when staff re available.

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