Robotic Process Automation (RPA) is quickly becoming an expanding field, showing great potential for the automation of some of the manual aspects of accounting, in particular, fixed assets management.
Defining Robotic Process Automation
According to the Institute for Robotic Process Automation & Artificial Intelligence, RPA is defined as “the application of technology that allows employees in a company to configure computer software or a ‘robot’ to capture and interpret existing applications for processing a transaction, manipulating data, triggering responses, and communicating with other digital systems.”
RPA is a way of programming software to automate manual, repeatable processes that have a tendency to be time-intensive and error-prone. Not only do these activities tie up valuable human capital, but the end result is not always 100 percent reliable. By automating these tasks, companies can reassign staff, increase productivity, and minimize data error.
Reasons Companies are Looking at RPA for Tax Automation
- Inexpensive, efficient, and reliable
- Works in the background
- Handles large volumes of work
- Leaves a full audit trail, ensuring compliance
- Retains higher-level workers
Tasks Well-Suited for RPA
- Capturing data and rekeying it into different applications or spreadsheets
- Combining, separating, or manipulating data
- Processing transactions
- Running reports and exporting data
RPA and Fixed Assets Management
Fixed assets management has traditionally included labor-intensive processes with manual data entry topping the list. RPA can alleviate many of these manual efforts, saving time, reducing errors, and easing the burden of compliance.
As companies continue to commit to innovation, there will be a natural increase in automation. For an in-depth look at how RPA can help an asset-intensive organization manage processes, watch this webinar.
Bloomberg Tax Technology Solutions
Bloomberg Tax recognizes the opportunities that RPA offers in the area of fixed assets management and has developed software that leverages RPA technology:
- Fixed Assets enables tax and accounting professionals in companies of all sizes to automate and manage the complete fixed assets lifecycle.
- Advantage Automator automates the exchange of data between financial systems and Fixed Assets, automatically applying business rules specific to a company.
We’re excited about the many possibilities that RPA presents and will continue to leverage the technology to bring even more automated solutions to our customers!