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: Các lỗi xử lý gia tăng có thể do các giải pháp tự động hóa được thiết kế kém. Thiếu các thủ tục giám sát hiệu quả có thể dẫn đến tăng hiệu quả hoạt động.
- 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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