With the emergence of Robot Process Automation (RPA), a slew of questions arise. What is the role of RPA? Can RPA help my small business? Will RPA automate the accounting process to the point that accountants are no longer needed, and people lose their jobs?
What is Robot Process Automation (RPA)?
You may have heard the term “robo-accountants.” Does this mean RPA will replace your accountant?
RPA utilizes artificial intelligence to carry out basic, repeatable tasks such as transaction processing, vendor invoices, financial closes, and reconciliations.
RPA can process data rapidly and reduce errors that may be present in human computation. This streamlines the process and ensures the data left to analyze is error-free. RPA is a tool, like any software. It is not a replacement for a human accountant.
Understanding the Role of Robot Process Automation
RPA has the ability to streamline the accounting process. This technology has the capacity to do the repetitive tasks that often take up copious amounts of time, such as inputting data or copy and pasting it from one spot to the next. RPA is able to perform such tasks quickly, accurately, and tirelessly. It can utilize formulas to automate many mundane tasks. This speeds up the audit process and frees up the accountant’s time to do more meaningful work.
RPA is effective when your accountant plugs in a formula and allows the RPA to carry out those tasks. RPA in itself is inflexible, meaning it is dependent on human instruction and cannot deviate from the process when it encounters differences.
It takes a real person to analyze the information and set the RPA in motion. It takes a real person to deliver financial analysis and offer business guidance based on those facts.