Finance and accounting departments are always supported by a wide range of software applications in order to meet their needs. However, most of the staffs are required to process invoices, receivable accounts as well as the weekly, monthly, quarterly and annual financial reports.
These tasks demand a lot of time related to service levels and stringent regulatory requirements. Many organizations have to combine data from multiple divisions or affiliated operating companies and often each has a different suite of finance, accounting software and data interface integrations.
These departments include an audit function that performs systematic checks on staff activities to protect against human error and fraud and also ensure policies and regulations are adhered to.
The ideal environment for the Finance and Accounting Robotics Software is based on error intolerance and time criticality. This software always imitates the activities of staff performing on screen on rules based processing activities. One robot can operate at twice the speed of a person in 24 hours a day and 7 days a week without interruption. Comparing these software robots to human; they are error free and incapable of deciding to perform fraudulent activities.
Typically, finance and accounting departments rely on overtime to meet peak workload demands at month, quarter and year end. The number of robots trained and available to perform the work can be decreased or increased by the click of a mouse. Once one robot has been trained, all the other robots will immediately receive the same training.
Some of the large companies have decided to transfer their basic finance and accounting work to geographies with lower staff cost. Normally, this results to reduction of annual cost per person from $ 50k to less than $ 15k. These finance and accounting robotic software allows the companies to repatriate this work at a cost less than $ 7k per year and also helps to eliminate the overheads related to managing other vendors half way around the globe.
These robots do not require an office and other human infrastructure required by humans since they operate on a virtual desktop computer. They also don’t require the coaching and the other human management overheads people require. They are also not susceptible to sickness and availability issues of a human workforce.
Disaster recovery planning and infrastructure is also less costly and much simpler. To replace a facility that has experienced a major interruption, a full virtual workforce can be initiated at a backup data center.
Finance and Accounting Robotics Software represents a transformative new approach that is gaining acceptance rapidly due to critical operations of finance and accounting departments to their demanding regulatory and accuracy requirements. Business process outsources are always the first to adopt this technology as their businesses model is largely based on the lower cost of staffs. Nevertheless, Finance and Accounting Robotic Software is just accessible to the originating company which can exclude the overheads related to managing the business process outsource interface and contracts.
Conclusion:
It is a fact that establishing complete continuous auditing and monitoring processes is the right step that must not be taken lightly, since it involves a lot of time, resources and personnel. However, when this process is done properly, the advantages are more than to justify the investment. And therefore, having the right process needs involvement of a cross-section of the company: auditors, the business process manages and owners as well as those who are responsible for the operational procedures in a given process section. And finally, including the finance and accounting robotics software.
