According to the International Federation of Accountants (IFAC), there are several misconceptions surrounding the role of an accountant in the twenty first Century.
The main one being that robots, rather ‘Robotic Process Automation’ (RPA) – will take the roles of accountants, and that the call for for them and their technical accounting competencies, because of this, are diminishing.
But in fact this is far from the truth. Right here’s a snapshot of why we should be considering RPA:
- RPA has gained popularity as a trustworthy way to eliminate manual accounting processes since the epidemic.
- RPA has reduced costs for onshore process operations by 65%, according to recent research.
- Additionally, RPA has been demonstrated to boost employee engagement by 73%.
- In order to serve future accountants, finance teams may benefit from implementing more digital tools.
RPA should be viewed by accountants as automation in its most basic form because it is an essential component of our present and future. In reality, many of us currently use it in some capacity, whether it is for automated bank reconciliations, storing documents online, or managing payroll from a single interactive platform.