10 real world cases of robotic process automation (RPA) in accounting

The future of robotic process automation (RPA) is looking brighter and brighter, as software robots become more and more prevalent cross-industry. The Deloitte Global RPA Survey estimates not more than 5 years before near-universal RPA adoption.

Accordingly, we’re taking a look today at the effects and application areas of robotic process automation in accounting, as software robots are expected by people from within to revolutionise the industry.

In fact, intelligent automation is the new buzzword in accounting. And this is the case for very good reasons. Accounting processes, such as order to cash, procure to pay, finance transformation, etc., require collection and analysis of large amounts of data, while also being rule based and repetitive. Moreover, precisely due to features such as these, they also trigger employees’ long faces and migraines. So robotic process automation in accounting seems to be a match made in heaven.

A McKinsey report confirms, by estimating a global automation potential of 43% for finance and accounting. Relatedly, UiPath specifies an automation rate of 80% for common processes like accounts receivable or accounts payable.

Let’s take a closer look at some robotic process automation real world use cases and learn some strategic steps towards leveraging RPA in accounting.

Robotic process automation (RPA) use cases in accounting

1. Accounts payable (AP)

2. Accounts receivable (AR)

3. Controller function

Data that cannot be so easily handled, i.e., that trumps automatic reconciling, are the exceptions, and those are delivered for processing to human accountants. The results are much faster, and the employees can deal only with slightly more exciting data, or data ‘with a twist’.

4. Cost allocation

5. Financial close and reporting

6. Accounting reconciliation

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CiGen, one of the first dedicated (#RPA) #Robotic #Process #Automation companies, providing Intelligent Automation solutions and services, using @uipath

CiGen, one of the first dedicated (#RPA) #Robotic #Process #Automation companies, providing Intelligent Automation solutions and services, using @uipath