Estimated learn time: 5-6 minutes
The reply to saving tens of 1000’s of {dollars} and work hours annually comes down to 1 easy factor: 100% accuracy in accounting.
And because of the most recent know-how software program, it is 100% attainable.
Right this moment, many accounting corporations and companies are enhancing effectivity and decreasing prices by way of clever accounting bots, or robotic course of automation(RPA). In response to ISACA, 53% of accounting and finance corporations have already began utilizing RPA bots. Additionally they count on this to extend by 72% over the subsequent few years.
Even the Inside Income Service (IRS) is utilizing RPA robots, in line with Federal Information Community. The article says, “In 2020, the procurement division was dealing with a good deadline to switch its contract clauses to stick to adjustments in federal laws. Utilizing the ability of RPA, Webbers’ group executed almost 1,500 contract modifications in 72 hours, a course of that manually would have taken one yr. That automation undertaking decreased administrative burden on contracting officers, eradicated knowledge errors, emailed the modification to distributors after which uploaded documentation into the contract file repository.”
If that is not sufficient to entice you, here is a better have a look at how an automatic accounting course of can increase what you are promoting.
What’s robotic accounting?
Robotic accounting is strictly what it appears like: Robots do your day-to-day, repetitive accounting duties. These software program robots can mimic your actions (akin to clicking a mouse, coming into knowledge, sending emails, studying invoices, and many others.) and automate virtually every little thing you do in a secured cloud server. They combine a number of programs to deal with every kind of software program, together with Quickbooks, Excel, Billing.com, buyer relationship administration (CRM) and others.
Advantages of accounting bots for companies, accounting corporations and CPAs
Think about the distinction it could make if 80%–90% of your accountants’ handbook duties may very well be automated by way of RPA. Not solely would this save 1000’s of {dollars} and firm hours (once more, confer with the information above) however it could have a big affect on CPA and worker morale. With 100% accuracy and no human errors, productiveness would soar and companies may scale with none additional prices.
The excellent news for Utahns is that it is now simpler than ever to implement robotic accounting due to a neighborhood firm.
Intelgic helps companies and CPA corporations in Utah automate every kind of accounting processes with its accounting bots. Whether or not your wants are in accounts receivable, accounts payable or account reconciliation, they have a bot that may provide help to accomplish duties with ease and effectivity.
Intelgic’s Accounts Payable (AP) Bot
Intelgic’s AP Bot automates 80–90% of your bill processing work, which saves 40–60% on bill processing prices. It additionally prevents you from paying duplicate, false or fraudulent invoices and gives higher predictions and money estimation.
The AP Bot screens your accounts payable inbox, pulls bill particulars, handles and harmonizes funds and performs three-way matching for invoices, buy orders and receipts. You may study extra in regards to the AP Bot right here.
Bill processing with AI bots
In the event you’re processing your invoices manually, likelihood is good that you just’re spending greater than $10 to course of only one bill. Not solely is it costly, however it could possibly take as much as 9 days to course of that bill. Between manually coming into knowledge, matching line gadgets and lining up the acquisition orders (PO), you are spending lots of time and manpower on one factor.
AI bots will learn emails with invoices and enter the information into your ERP or accounting software program. From manufacturing companies to monetary corporations, adopting this highly effective AI know-how can prevent money and time processing invoices.
Intelgic’s Accounts Receivable (AR) Bot
By automating your accounts receivable course of, you may guarantee higher accuracy and get rid of squandering precious time throughout month-end closing. Intelgic’s AR Bot helps you eradicate about 90% of handbook AR outcomes, which frees as much as six hours of your AR supervisor’s time per day.
Amongst different duties, the AR Bot creates invoices and follows up on collections, tracks and processes buyer funds and makes journal entries. For a full record of its capabilities, click on right here.
Intelgic’s Account Reconciliation Bot
Lastly, account reconciliation is well essentially the most tedious and time-consuming job for any accounting division. In response to a survey by Ernst & Younger, as much as 59% of a monetary division’s assets become involved in driving transaction-intensive operations. 95% of their effort will get wasted on transactions which might be already legitimate.
Surprisingly, most individuals nonetheless sort out this course of manually. An Institute of Administration Accountants survey discovered that 61% of finance organizations stay “extremely dependent” on spreadsheets. Meaning accountants are spending extra time on one thing that is more likely to be inaccurate.
Intelgic’s Account Reconciliation Bot can repair this downside by enhancing your monetary report accuracy. It handles financial institution reconciliations, bank card reconciliations and third-party processors (Amazon, Shopify, app shops, and many others.). For the reason that bot can deal with infinite transactions, this improves your course of visibility and saves three hours per day for every employee. To study extra in regards to the Account Reconciliation Bot, click on right here.
Procurement bots
Bots can automate buying by checking the stock and discovering out gadgets that have to be ordered and discovering out the seller who provides these merchandise. Bots can both ship RFP or generate buy orders robotically.
Finish-to-end robotic accounting implementation
If the method of switching to an automatic accounting course of sounds daunting, relaxation assured that Intelgic will likely be with you each step of the best way. From discovering your accounting practices to creating and implementing bots and integrating them along with your current system, they do all of it.
However Intelgic’s work would not cease there. Clients can depend on continued assist and coaching with a private contact from a neighborhood Utah-based group — both on-demand or by way of a month-to-month retainer.
Begin saving money and time with course of automation. Go to intelgic.com for a free demo at present.