Keep Bookkeeping Simple — Why Automate Your Accounting Processes?
Many accounting tasks are still handled manually or with partial automation, making them time-consuming and repetitive. RPA solutions eliminate risks, enhance accuracy, and boost efficiency and speed. Discover how automation can transform your accounting operations.
Emma Collins
Business Process Automation Lead
Another busy day in your accounting office starts. You grab your coffee, catch up with colleagues in the kitchen, and dive into your tasks. The hours pass quickly as you work through the same routine: payments, invoices, bank statements, reports, and countless spreadsheets.
You slog through the paperwork, checking each detail to ensure your records are error-free. But what if there was a way to make this process easier, more enjoyable, and more efficient? What if Robotic Process Automation (RPA) could transform your accounting experience?
In this article, we’ll show you why accounting and finance processes are perfect candidates for RPA. If the idea of “automated accounting” excites you, keep reading. If not, stick with us to see why it should.
The Challenges in Accounting (and How RPA Can Help)
Many accounting tasks are seen as simple and repetitive. But don’t let that simplicity fool you—successfully managing financial operations involves juggling a variety of tasks, including the ones listed below. Traditionally, these tasks are done manually or with minimal automation. RPA can eliminate the risks associated with these processes and enhance accuracy, efficiency, and speed.
What and Why to Automate in Accounting
When participants at the 2021 Corporate Financial Reporting Insights conference were asked about the primary benefits of automating manual processes in accounting, the most common answer was increased efficiency. The reason is clear: repetitive tasks are often more effectively handled by a well-programmed algorithm, which can process data faster and more accurately than a human accountant.
Efficiency Boost
Some of the accounting tasks that can easily be automated include:
Extracting Accounts Payable and Receivable Data: Using optical character recognition (OCR), automation can pull data from sources like Excel, saving time and effort.
Assigning Purchase Orders to Invoices: Algorithms can automatically match purchase orders to their corresponding invoices, eliminating the need for accountants to spend hours tracking down charges.
Error Reduction
Accounting is highly numerical, which means a single mistake can disrupt the entire process. As a result, reducing errors was another significant benefit highlighted in the survey.
Forget about manual data entry and sharing—automated scripts ensure that financial records are accurate and properly placed. This allows accountants to focus on more complex, value-added tasks.
If tax season makes you anxious each year, automation can alleviate some of that stress by handling tax updates, preparing tax returns, and managing financial statements.
RPA stands out among automation solutions as the ideal choice for bookkeeping tasks, with around 80% of finance industry leaders already using or planning to adopt it. Why is this?
By incorporating RPA, you enable your accountants to offload repetitive tasks to either attended or unattended bots. These bots can operate continuously, freeing up human experts to focus on work that requires specialized knowledge and judgment.
RPA bots use technologies like Natural Language Processing (NLP), enabling them to "read" documents such as contracts and purchase orders. They extract key information and validate compliance by comparing the data against your organization's financial records.
RPA can also help improve data security by preventing human errors and automating the authorization process. However, to ensure maximum effectiveness, it's essential to follow security guidelines. Safety is key!
RPA Use Cases in Accounting
Still not convinced? Here are some real-life examples of companies that enhanced their bookkeeping processes with automation:
Cohen & Company — Accelerated, Hands-Free Data Processing Automating accounting workflows is a complex task. So, when a well-established accounting firm turns to you for automation, you know the stakes are high.
Destan’s experienced developers rose to the occasion by implementing an RPA system that automated data creation, extraction, and entry. This solution saved Cohen & Company’s consultants hundreds of hours each month.
Automating Accounting — Your Turn
As we’ve seen, RPA can optimize your finance and bookkeeping operations, ensure compliance, enhance data protection, and generate significant cost savings. Many businesses across various industries have already embraced this technology. Now, it’s your turn.
The first step is to partner with a trusted RPA provider experienced in accounting automation. Reach out to Destan’s consultants to learn about a free automation trial and experience RPA firsthand.
Emma Collins
Business Process Automation Lead – Oversees automation strategies and ensures seamless implementation.
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