Accounting inherently works with a lot of data and repeatable, rule-based, structured processes that make them the perfect soil for introducing Robotic Process Automation (RPA) to it.
Apart from the technical help, RPA has an indirect effect on the workforce’s overall well-being, as the repetitive tasks in an employee’s functions are usually the most tiring and automating this helps increase effectiveness and efficiency.
Applications
RPA is easiest to be applied in well-structured, high volume, routine tasks.
For the accounting profession, the drivers to adapting RPA are speed, efficiency, accuracy, cost reduction.
It is important to bear in mind that RPA does not automate whole processes but focuses on specific tasks to be wholly automated.
RPA in Accounting work
| Tasks | Impact |
|
Data Acquisition and Preparation |
Sourcing data, evaluating data reliability. |
|
Data Processing and Analysis |
Classifying and aggregating data, Ensuring data integrity. |
| Decision Making |
Communicating and reporting information |
** Extracted from Research report on Technology and future of the Profession by CPA Australia
Role of an Accounting Practice in RPA:
Data Acquisition and Preparation
Determine the scope and manner of the transaction for data collection based on auditing standards and scope of engagement.
Data Processing and Analysis
a) Assigning transaction in appropriate Accounting categories by setting up rule in software
b) Analysing data security and Maintaining Audit trail
Decision Making
Validate data and approving of transaction to post in respective accounting category.
For E.g.: – Importing data into software – XERO, Accurri.
