4 benefits and 5 risks of automating finance and accounting
By Nuong Ho Pham
A key approach to automation in finance and accounting is the use of robotic process automation (RPA) to increase efficiency and internal control – considered by 35% finance executives surveyed as primary care.
A Deloitte poll of more than 1,700 finance, accounting and other professionals found that 53%s say their companies have plans to improve digital control, such as leveraging automation. processes, analytics, and other technologies for financial and accounting processes, over the next 12 months. A key approach to automation in finance and accounting is the use of robotic process automation (RPA) to increase efficiency and internal control – considered by 35% finance executives surveyed as primary care.
The benefits of implementing RPA can include:
- Strategies for better use of employee time.
- Reduce manual, repetitive work; reduce human error.
- Improve internal controls by testing broader data sets.
- Improve visibility into future risks and opportunities by testing broader data sets.
5
risks of automation in finance that Deloitte points out that CFOs and accountants should consider:
- Technology: Improper robot design can affect existing IT infrastructure. Conversely, frequent IT platform changes can affect automation solutions.
- Regulatory compliance: Automation errors can reduce the accuracy of regulatory reports, risk fines as well as breaking the law.
- Work: Increased processing errors can be caused by poorly designed automation solutions. Lack of effective monitoring procedures can lead to increased operational efficiency.
- Personnel: Access control and monitoring of automated processes must be carefully managed to prevent and detect abuse.
- Financial report: Inadequate robotic accounting and financial process automation can lead to inaccurate or incomplete financial reporting, financial back-reporting, and reputational damage.
Kyle Cheney of Deloitte & Touche commented: “Without strong internal controls, thoughtful change management, consistent monitoring, and well-built robots in robotic process automation efforts can do more harm than good. . As with any strategic initiative, trying to find shortcuts is unwise. Investing time and attention to hone RPA is essential to reaching its full potential. "
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