26 Oct 2020

Robotics within accounting

While many businesses are embracing the opportunities surrounding blockchain and artificial intelligence, leading edge solutions robotics are transforming the client experience and making client services much more productive within accounting.

APIs (Application Programming Interfaces) and RPA (Robotic Process Automation) are software tools and capabilities that can automate or replace traditional manual, repetitive data entry done by small businesses and their accountants.

In the same way that manufacturing industries deploy industrial robots to raise productivity and improve quality control, RPA “bots” are now changing how businesses think about their administrative processes, potentially reducing processing time and increasing accuracy.

By using a combination of machine learning, APIs and RPA can quickly and easily capture data from expense reports, reconcile bank statements, capture credit card receipts, with less room for error and reduced processing costs. This brings a new level of efficiencies and process improvements to the accounting and tax functions.

For example, outsourced payroll businesses that offer cloud-based accounting products enable their clients to benefit from APIs that are already integrated with cloud accounting products such as Xero.

Running payroll can be complicated and time consuming, with many legal requirements leaving a business at risk of getting things wrong.

Through the use of software to automate many of the tasks involved, business owners and managers gain extra time and peace of mind – and they don’t end up paying professional fees for basic admin jobs.

By choosing a specialist provider of outsourced bookkeeping, management accounts and payroll solutions who offers a streamlined and tech-enabled approach to managing your finance function, you will have access to:

  • Better automation
  • More integration with accounting software
  • Personal information updated by your employees
  • Simpler leave approvals
  • Faster expenses claims using smartphones
  • Improved tax calculations
  • Real-time reporting for financial auditing

As companies look to streamline operations and minimise data errors, robotic processes are taking centre stage.

But make sure you choose the right outsourcing provider for you – one that will simplify your payroll and offers a scalable solution to support you as your business grows. One that offers the right software, so you can free up time and resources to concentrate on what’s really important – building your business.

At BM Connect, we offer:

  • The expertise of an in-house team, but without the extensive in-house financial cost
  • Affordable and effective accounting services using the latest cloud-based technology
  • A comprehensive payroll solution to suit your needs
  • Industry-leading technology, so routine accounting and bookkeeping tasks are automated, making the process more efficient

To find out more about how we can assist you and your business, contact  Mariske Byrnes or your usual BM Connect adviser.

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