From Hands-on to Hands-free: Accounting Innovation through Workforce Virtualization

From Hands-on to Hands-free: Accounting Innovation through Workforce Virtualization

Changing business processes will always be both a challenge and an achievement for business leaders as it would only mean two things: Continuous improvement and excellent service.

The finance industry has been one of the early operators of Robotic Process Automation (RPA) due to its increasing regulatory and security compliance on its also increasing confidential documents, the bombardment of endless analysis and repetitive office table work has contributed largely on the growth of human resources required to perform a single task which created a serious concern for business leaders who opt to utilize human workforce and intelligence on more complex responsibilities.

In an article by Investopedia, RPA is defined as a “software robot that can be taught workflow with multiple steps and applications, such as taking received forms, sending a receipt message, checking the form for completeness, filing the form in a folder, updating a spreadsheet, and so on”. It is designed to cover several types of tasks that require a routine-like process specifically in data entry and management. This tool is an artificial approach to classify work practices that may be assigned in a software, programmed to work continuously with improved accuracy.

Unlike these software bots that can work be overclocked 24/7, humans are prone to drastic errors when overworked. This is a red flag for businesses that keep sensitive information such as personal data, financial transactions, and the like. While employees are mentally and physically skilled, a leader must see that the value of human resources, especially on organizational and production difficulties, lie on their capabilities in resolving problems by using an even more complex and creative approach which is more productive and beneficiary for the company.

While RPA changes the way you handle your business by giving you automated processes, how can an E-leader use its potential to maximize its benefit and provide an effective strategy from the start up to its implementation? Here are some insights on how to get you started:

1. Identify the possible processes for automation

Present a clear idea of workflow, look for case studies, employee responses based on their experiences, look and be able to crack down specific repetitive processes that can be optimized using RPA. In an article by Robotics Tomorrow, it is suggested to “look at the areas with the highest area of customer and employee dissatisfaction”, by identifying backlogs and customer responses it will be easier to locate which needs automation.

2. Formulate proof of concept and operational model

This is where business research is best needed. Identifying the best process to automate is determined by trying out concepts derived from research results and weighing its key factors in success and challenges. By deciding on the final model, this will become the operational strategy to be run along with its allocated resources which will affect business procedures, so choose carefully and wisely.

3. Ask for software programs and new tools

Start with simple processes at first; see the best programs that fit best for a particular department. As a leader, by mastering your company’s strength and weaknesses will help you point out areas that need automation. RPA has a strong and positive transformative potential, given with controlled methods and technological edge, these programs and tools will help you alleviate human errors and focus more on other important things.

4. Look for automation partnerships

RPA is a cost-effective take on business process improvement and continuity. However, to maximize costs along with the up-to-date hardware and software, it is significant to invest on third-party collaborations. These partnerships with organizations that provide expertise in finance, accounting, and other corporate services which aims to help you do more with less, create a partnership that you can count on over a long period of time.

In a starter guide created by Automation Anywhere, robotic process automation is regarded as a “digital ape”, aside from its selling feature of being able to replicate repetitive procedures, it is also a performance-enhancing software that can navigate from digital landscapes without being invasive on other programs and fosters fast work.

Workforce virtualization, as Forbes explained, is a real game changer for the finance and accounting sector, by using robotics as an important tool for the execution of digital services, it is slowly becoming a candidate of industrialization via standardization particularly that this has become the leverage of the third-party organizations in a continuously evolving business technology.

Ready for your RPA Journey? Infinit-O provides a comprehensive and customized solution for companies that include four vital categories of a productive and operational framework: People, Process, Technology, and Security. With the primary objective to assist you with world-class talents and certified team members, our business is your ultimate growth and cybersecurity.

To know more about Finance and Accounting Outsourcing and Infinit-O services, click here.

Written by Infinit Accounting

Infinit Accounting’s content team consists of finance professionals and experts who regularly contributes articles related to the finance and accounting and outsourcing industry.

Comments

  1. Ralph Quito says

    Perfect fit for someone like me who’s fascination is reading blogs. I can mostly relate. Keep sending them please!

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