Over the coming years, the cost of recording and reporting financial data is going to fall, driven by automation.
According to at a report by EY called “Robotic process automation in the Finance function of the future” the efficiency/cost savings could be 50% to 70%.
The Robotic Process Automation is software that emulates human execution of tasks. It works with existing applications and captures and manipulates data, triggers responses and communicates with other systems.
At the moment you can use technology in a number of ways to automate parts of the finance function. This includes:
- Recurring invoices which go out automatically
- Bringing in data from your bank into accounting software on a daily basis
- Creating bank rules to code data
- Chasing payment of invoices
- Coding categorising purchase invoices
l be the automatic bank reconciliation where data comes in from your bank and is reconciled automatically for you. I’ll be looking at what I can do back office to produce your accounts and tax work more efficiency which is why I have partnered with Xero to become a Digital Accountant.
Here’s an example of technology literally talking to people using the Alexa interface.
Technology is going to disrupt many sectors over the next 10+ years, you like to take advantage of Xero, or explore the impact on your business, get in touch.
Image from Flickr by Nick Amoscato.