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AI/Robots are revolutionizing accounting. We are witnessing the emergence of new technology that can perform routine tasks and with intelligence. For accounting firms, regardless of their size, this presents the next big opportunity. Let us delve deeper into accounting robots and robotic process automation.

How are AI robots revolutionizing accounting practices?

Today's accounting and bookkeeping processes revolve around high-quality, low-cost, cloud-based tools. Cloud computing, robots and artificial intelligence are technical advancements that will facilitate the shift from these tools to solutions. Accenture reports that a very high percentage of accounting and finance tasks will be automated in the coming years.

The key to developing a value-added service is to combine machines with humans, since machines can compute much larger quantities of data almost instantly while humans can spot inconsistencies and exceptions to rules. Accounting practices can leverage the computing power of software robots to provide better financial management for their clients.

Accounting robots: Why is NOW the right time to adopt this technology?

Gartner estimates that the hyper automation-enabling software market will grow to nearly $600 billion by 2022. The disruptive potential of automation bots grows as they can make complex decisions instead of just completing repetitive tasks. To make digital innovation a reality, accounting firms need to change their mindset and embrace this technology with open arms.

What are some reasons you must consider this shift?

According to a report by Accenture, Robotic accounting can reduce costs by 70% and improve task completion time by 70 – 80%. Since human error is eliminated, there is also an improvement in output quality. Robotic process automation can be easily integrated into existing accounting software systems. An accounting practice can implement intelligent automation without having to reengineer processes or change any of their existing IT infrastructure. Accounting firms are also using this technology as a business growth tool and also as a staff retention tool.

By Ganesh Ranganathan, MBA
CEO, Integra Global Solutions Corp, Wexford, PA