Importance of Robotics and Intelligent Automation for Accountants

The world is changing and upgrading every day, a healthy industry is one that changes and grows simultaneously. Technological developments are at an all-time high and there is no industry that lags behind in development. One of the few sectors that faced difficulty with new technology was accounting. Accounting is more of a traditional field and the people involved usually have shown reluctance.

Accountancy has seen these changes as challenges for a long time now.

Reluctance to Change

Accountancy is an age-old profession and the people are working in this sector for a long time now. They are very comfortable without using any technology in their work, even now 25 percent business are using paper-based products (ICAW).

Accountancy work wise is not just an automatic process. Ever since its existence, the quality of the person involved and his/her work was a basic essential. Intelligent automation is no new now in the technology sector; it is the driving force of several industries. However, when accountancy holds different ground values and bringing an alteration to them can be gradual and not in a hurry.

Changes to accountancy will mean changing the core concepts of the people involved. These steps have to be taken in a way that they see this digital revolution as nothing but an enhancement.

The accountancy sector is having difficulty to change and adapt. Rome was not built in a day; some changes can be gradual but permanent.

Why Change?

Yes, it is true that intelligent automation and robotics are technologies that revolutionized so many sectors yet; the accountancy industry has been resilient. What gives them a reason to stay?

1. Efficiency and productivity have never been simpler with these technologies at bay. Accountancy is a complicated job and only the experts have been able to work in it efficiently. Companies have several times faced mishaps due to simple calculation errors. All these problems, sometimes delay the process. Just imagine implementing technology that rules out errors and the clients get their work delivered before time. Well, that is exactly how this technology will benefit you.
2. Technology is an appealing factor for new generations. The older generations are subject to adaptations but the field will lose scope for younger generations. This can make such companies lose value.
3. It makes working flexible. There is scope for all, be it a mother working from home or any of your employees taking a little time off from the office. Moreover, once the employees are happy with the work environment the industry will flourish more than ever.
4. Intelligent automation does not eliminate manual work; it just improves the quality of the work. One of the biggest myths of technological developments in this regard pertains that automation techniques will rule out human need. However, the truth is that these technologies will make work efficient to humans. The input and efforts are still of employees, it just prevents any mistakes that could happen during completion of a task.

Change is the only constant, and in this situation, change is a necessity. The old ways were very difficult; it is time to give the accountants a comfortable environment to work in.

What is Robotics?

There are several technological names including robotics, automation, and artificial intelligence used like synonyms. There is a difficulty in understanding the difference between them at all. For instance, there are situations now that challenge a normal human brain. Such situations can easily be tackled by robotic intelligence at hand.

Imagine having to check the past 70 years of records of a client to find an error, but with this technology, this is a matter of minutes. On the other hand, any set of employees would have taken months.

As they say, modern problems require modern solutions.

Robotic process automation (RPA) is the technology that is being used by few accountancy firms now; it is a simple technology that mimics, elevates, cuts, and transforms data. On the other hand, intelligent automation (IA) is a newer and even more advanced technology. Where RPA was only able to do basic work, intelligent automation completely rule out any kind of tedious manual work, instead, the employees can focus on strategy and efficiency based work.

Intelligent automation is an artificial intelligence that helps accounting companies freely operate in a simpler environment. Over the past few years, some companies have even started using these technologies and once you realize the potential you can reach there is no going back.

The Journey from RPA to IA

Many companies had struggled in opening up to the concept of RPA, and now IA is an even advanced technology. It is only making the accountancy sector taking more steps back than forward.

On one hand, robotic process automation performs basic functions like answering some questions or looking into an old data entry whereas IA will understand human interaction, and derive a meaning creating a history of interaction to infer. Thus, intelligence automation is not only advanced, it pretty much changes the whole method of work expected.

Firms can start easy by using RPA and eventually get involved in IA. It is not as easy as it sounds and we know that year’s long practice of work is subject to change. However, the changes are for good, in fact, they are better than they have ever been.

IA is one of the biggest technological developments the accountancy sector has ever seen, to name a few of its advantages

• Saves time
• Can join in your business at any stage
• Transform the business environment
• Easy access
• Puts an end all the faults
• Employees can focus on the strategically work
• You always have a guide

Bringing Everyone Together

Now we have understood the need and benefit of these changes, the next challenge is to bring people on board with this plan. Accounting as already understood is a more traditionally practiced work. The employees have always taken their time to understand the changes and adapt to them in the sector.

It is only a matter of time until they realize that these changes will benefit everyone and most of all themselves. A more efficient work environment with less stress and manual labour is the goal. Where everyone is focusing on the strategical work rather than focusing on tedious tasks that yield no inputs. This is an ideal picture of any accountancy company.

To a new start

These changes are not challenges rather they are a boon for your sector. IA can play a role to increase your work efficiency now more than ever. It is okay to be scared to change but it is important to see through what these changes are bringing to the table.

Accept and embrace new technologies. It might appear difficult now, but it is nothing but a step towards an ideal office environment.