123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Computers >> View Article

Can Robots Help With Finance And Accounting

By Author: Vikram kumar
Total Articles: 3597

Finance and accounting processes follow well defined rules and timelines. These processes are typically supported by automation through the use of Enterprise Resource Planning, Business Process Management, Accounting and Business Intelligence Reporting software. However, a significant amount of work is left for staff to complete.

The work performed by staff within a Finance and Accounting department is often associated with entering or updating information and moving information between systems. This staff workload is often cyclic, with end of month, end of quarter and end of year peaks.

Finance and Accounting Robotics Software is ideally suited to performing this rules based on screen work and as a result, freeing up staff to perform more analytical types of work. Additional Robots can also be deployed to handle peak workloads, significantly reducing the long days and overtime costs often encountered at peak workload times.

Many Finance and Accounting departments have outsourced their simple on-screen, rules based,transaction type work to business process outsourcers with offshore operations in geographies with much lower costs of labor. However, Robots can now perform that work at a fraction of the cost of these low labor geographies, allowing corporations to repatriate the work and achieve even greater cost savings by eliminating the management and contract oversight required when dealing with outsourcers.

Auditing Robotic Software provides another innovative opportunity to take advantage of Robotics within the finance and administration function. These robots can be trained to audit staff or other processes to ensure activities are compliant to company rules and policies, as well as demonstrate compliance to regulatory requirements. Given the speed and accuracy of Robots, 100% of critical activities can be audited in this fashion.

Robots do not make human errors and only perform exactly what they have been trained to do. Each step performed by a Robot is recorded, providing a complete audit trail and a detailed set of process data that can be utilized for product and process analytics.

Finance and Accounting groups often deal with a number of legacy systems, some of which came with the acquisition of other companies. Large IT projects can be initiated to integrate these different systems or to consolidate them all onto one platform. These projects often fall short of expectations, leaving a considerable amount of work for staff to perform on a regular basis. By planning in Robotics as part of the end solution, project costs can be reduce, project timelines can be reduced and the amount of work to be performed by staff can also be reduced.

These are just some of the benefits of Finance and Accounting Robotics Software and Auditing Robotic Software, looking back at current practices. Looking forward, Robotics can provide innovative new ways of performing finance and accounting work and providing new services and business insights to all stakeholders. By implementing Robotics, finance and accounting departments can also set a cost reduction example to other areas of the business looking to achieve annual business plan cost reduction targets.

For information about Finance and Accounting Robotics Software and Auditing Robotic Software visit online website .

Total Views: 64Word Count: 506See All articles From Author

Computers Articles

1. Give A Good Kick Start To Your Busy Day With 3d Printers Machine
Author: Lingan

2. Codefire Coming Up With Beneficial Mobile App Development Services
Author: Amitesh Kumar

3. Microsoft Products Are Compatible With Windows Operating Systems As Well Mac
Author: Robin Ponting

4. Laptop Screen Repair Centre Glasgow – Laptop Repairer
Author: laptop screen repair glasgow,

5. Manage Project Efficiently With Online Project Management Tools
Author: christianbrooken

6. Create Your Smart Address On Map Directions Google To Simply Finding Your Address
Author: sophiahebreew

7. Improving Cyber Security: Are You Going For The Best?
Author: Megan Darcy

8. Data, Data Everywhere: How Machine Learning Tools Capture The Most Valuable Insights From Your Massi
Author: Bob Kramich

9. Reshape Your Beauty With Online Portrait Retouch Services
Author: romyfernandis12

10. Take Care Of Your Teeth - It Is More Valuable Than A Diamond
Author: romyfernandis12

11. Follow Pink Mirror For A Better Version Of Yourself
Author: romyfernandis12

12. Some Of The Effective Ways How To Make Whiten Teeth Naturally
Author: romyfernandis12

13. Use Retouch Apps To Reduce Face Size And Look Flawless
Author: romyfernandis12

14. Get Best Online Photo Editor Tool For Retouching
Author: romyfernandis12

15. Types Of Lips And What They Reveal About Your Personality
Author: romyfernandis12

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: