{"id":25195,"date":"2020-10-22T17:19:52","date_gmt":"2020-10-22T11:49:52","guid":{"rendered":"https:\/\/www.syscreations.ca\/?p=25195"},"modified":"2020-12-18T13:57:10","modified_gmt":"2020-12-18T13:57:10","slug":"rpa-in-accounting","status":"publish","type":"post","link":"https:\/\/www.syscreations.ca\/blog\/rpa-in-accounting\/","title":{"rendered":"Buy an accounting software and manage or use a new Robotic automation process"},"content":{"rendered":"\n

Let\u2019s start with a client story.<\/u><\/span><\/p>\n

A Canadian businessman named Jacob was running a chain of grocery stores across Ontario.<\/span><\/p>\n

Back in 2018, when Jacob expanded his business, he came across many challenges related to accounting.<\/span><\/p>\n

Since he knew that only technologies can solve his business challenges, he approached our IT consultants.<\/span><\/p>\n

Based on his requirements and challenges, we later suggested Jacob QuickBooks Online Canada – the best accounting software.<\/span><\/p>\n

During late 2019, Jacob further expanded business and he again approached us.<\/span><\/p>\n

This time, he had a different requirement – \u201cI need to stop my team doing the same repetitive accounting tasks on QuickBooks.\u201d<\/span><\/p>\n

What we did was game-changing for Jacob, his team and his business.<\/span><\/p>\n

\"\"<\/span><\/p>\n

We automated many accounting tasks that QuickBooks software can support with built-in functionality.<\/span><\/p>\n

But since there were many other accounting tasks that could not be automated with built-in functionality, we deployed our custom RPA in accounting solution.<\/span><\/p>\n

Let me share one scenario of complex accounting workflow.<\/u><\/b><\/span><\/span><\/p>\n

Jacob and his team were processing at least 300 invoices in a day.<\/span><\/p>\n

Jacob was getting the majority of invoices or bills through email.<\/span><\/p>\n

So, to enter every invoice data in QuickBooks software, he has hired a team of 10 employees.<\/span><\/p>\n

They had one very time-consuming and tedious task – add bill data that includes terms, bill date, due date, amount, tax & bill number to QuickBooks, all manually, one by one for 300 bills.<\/span><\/p>\n

We automated this entire process with custom automation as QuickBooks does not have built-in automation scope for such a complex workflow.<\/span><\/p>\n

The fusion of accounting software automation and custom automation made Jacob automate all accounting tasks performed with the direct or indirect help of accounting software.<\/span><\/p>\n

So, the learning is, you need the fusion of built-in accounting software automation and custom automation to automate accounting tasks in a true manner.<\/span><\/p>\n

Let\u2019s understand it briefly.<\/span><\/p>\n

What is the difference between built-in accounting software automation and custom automation?<\/b><\/span><\/h2>\n

You must be using accounting software. For now, let\u2019s assume you\u2019re using QuickBooks.<\/span><\/p>\n

QuickBooks allows businesses to automate many repetitive tasks performed by humans on the software.<\/span><\/p>\n

But the major drawback of such accounting software is that you can\u2019t automate a custom workflow or a task beyond the automation scope of the software.<\/span><\/p>\n

For instance, QuickBooks software can send invoices automatically.<\/span><\/p>\n

But it cannot extract specific data from an invoice, create a new file, and send that new file to a specific client, all automatically.<\/span><\/p>\n

For such a complex workflow, you need to deploy a custom automation an accounting solution.<\/span><\/p>\n

To eliminate the need for custom automation, QuickBooks is going to launch a newer version with automation in-focused.<\/span><\/p>\n

However, accounting software can never automate complex workflows like it automates sending, downloading, reporting tasks!<\/span><\/p>\n

Because there is no such DIY when it comes to automation!<\/span><\/p>\n

\"\"<\/b><\/span><\/p>\n

RPA: How it Works, Use Cases, Cost<\/b><\/span><\/h1>\n\n

How RPA Works?<\/u><\/b><\/span><\/span><\/h3>\n\n

When one hears the word automation, he thinks of some robot arm filling the candies in wraps.<\/span><\/p>\n

That is of course the automation. But RPA (Robotic Process Automation) is software-based automation.<\/span><\/p>\n

Meaning, a software that we develop and call it a software robot gets installed on a computer and performs tasks on that computer automatically.<\/span><\/p>\n

For instance, if you have developed a software robot to extract contact details out of invoices,<\/span><\/p>\n

Step 1:<\/b> The software robot gets access to the location where the invoices are stored. (If the data is stored in accounting software, the robot gets access to that software too.)<\/span><\/span><\/p>\n

Step 2: <\/b>It then reads invoices one by one.<\/span><\/span><\/p>\n

Step 3:<\/b> From every invoice, it collects the contact details.<\/span><\/span><\/p>\n

Step 4:<\/b> It saves contact details to an Excel spreadsheet in a well-organized way.<\/span><\/span><\/p>\n

The way a software robot works depends on how we develop it.<\/span><\/p>\n

Since we develop it in such a way that it saves extracted data to Excel only, it does the same.<\/span><\/p>\n

Because of such a predefined path, there are almost zero chances for errors.<\/span><\/p>\n

Use Cases of Automation in Accounting<\/u><\/b><\/b><\/span><\/h3>\n\n

You can automate any accounting process using a custom RPA solution.<\/span><\/p>\n

However, not every process is meant to be automated as RPA also has limitations.<\/span><\/p>\n

Thus, you need to follow the best practice.<\/span><\/p>\n

Here is how you can manually find the processes that can be automated.<\/span><\/p>\n

Find processes with,<\/span><\/p>\n