Robotic Process Automation commonly referred to by the acronym ("RPA") is a simple concept and a pragmatic solution to the drudgery of repetitive tasks. Virtual robots ("Bots") learn from humans and replicate their actions. Once a given task has been taught, bots can complete it faster and with a much lower error rate than humans.
Humans have a limited tolerance for excessively dull and repetitive tasks; bots have no such limitations. Best of all, this technology only eliminates the type of jobs that no-one wants to do. Surely a highly educated and skilled CPA has hundreds of higher-level tasks that they could be focusing on.
The list of unnecessary manual mind-numbing and repetitive tasks facing finance & budget departments are daunting:
Tasks like these weigh heavily on finance departments. Many are time-consuming, soul grinding, and absolutely essential to organizational success. The toll it takes is hard to measure. Time spent on these tasks is often diverted from high-value tasks such as analysis and planning. The cost in hours is substantial. And most importantly, these types of tasks significantly impact job satisfaction for those who must endure them.
This list represents a small handful of repetitive tasks that can be automated. Any repetitive tasks carried out on a computer that requires little or highly-standardized decision making may be a good candidate for RPA.
There's no way around it; finance and budget departments must administer a great deal of data entry and other simple, repetitive tasks that can only be described as mind-numbing drudgery. Imagine being able to have an army of virtual assistants that are 100% focused on grinding away on AP entry, variance analysis or transferring information between systems. You and your team are free to oversee their work and focus much more time on the most complex, interesting and valuable activities possible. It is an ideal allocation of the most precious commodity available - your time.
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The bonus for us was their (FHB's) knowledge and understanding of the internal processes municipalities experience during year-end preparations and the audit. This meant that we didn’t need to spend time explaining how we operate. (read more...)
I am certainly happy we implemented CaseWare. I easily saved 40 hours of time. Plus, we saved $8,000 on our audit fees because of the time it saved the auditors. We expect it will get faster and better yet! (read more...)
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