What is Robotic Accounting Automation?

In this whitepaper, we will explore the development of RAA and how it can be applied to organisations across the world. We will also include a case study from Alimera Sciences to see why they implemented RAA and the benefits it has brought to their finance department.

The Evolution of Automation

The basic tenets of Robotic Process Automation have been in action for decades. Picture the robotic arm in an automobile factory, repeatedly doing the same manual task for hours on end. Why is it there? The answer is simple. Although the task was once completed by a human, it didn’t require higher-level thought, and people soon discovered that they could build a machine to do the task for them. Once the task was reliably automated, they were free to use their advanced thinking skills to perform more valuable work.

This same logic brought Robotic Process Automation into the business world. In today’s office setting, humans find themselves completing the same manual work day in and day out, wondering if there isn’t a better solution. Consider the types of tasks in an office setting that could be completed by a computer, without human intervention – data entry, threshold-based approvals, document routeing, sending email reminders, and many specialised repetitive tasks. These tasks are ideal candidates for automation. Software robots, rather than physical robots, can intervene and complete these lower-level tasks, reducing workload, increasing capacity, and freeing human employees to focus on more important things – like their customers.

Specialised Application of Robotic Process Automation

Since the beginning of the 21st Century, Robotic Process Automation (RPA) has been working its way into the consciousness of today’s most innovative business leaders. Driving the technology is an uprising of tech companies that have been working toward the automation of business processes through creating a cluster of synergistic components that can be used in a growing array of industries.

Having been a leader in the development of RPA software from the beginning, Dajon has recognised a need for a specialised application of RPA within the Accounting field. Robotic Accounting Automation (RAA) consists of a combination of Accounting-specific RPA tools and software robots.

RAA Software

RAA’s foundation is a robust set of integrated technologies – document management, workflow, integrated forms, and advanced capture – that didn’t exist years ago but can now be integrated into an automated solution.

Once this foundation is established, the Bots get to work. When we say “Bots”, we’re referring to the software automation devices that perform specific tasks, such as data entry, approvals, data sync and notifications. These Bots serve as assistants for your live human employees, performing tasks for them, returning for more information as needed, and then continuing on to the next step in the process.

These virtual assistants can route documents and can follow up if tasks are incomplete. Imagine the peace of mind you could have if you had a virtual assistant following up on each task and process, ensuring that it was done on time.

Applying RAA

No matter what ERP you are currently using, Dajon can integrate seamlessly with your existing system, bringing the RAA Bots and workflows into your current process. In effect, when you employee RAA, your team members will still be doing the vital tasks that only humans can do, but the automation Bots will be taking care of the time consuming, mundane tasks that are necessary parts of the process but do not require high-level thinking.

A process that once involved data entry, the routeing of several documents, and a series of approvals, now is completed almost entirely by RAA Bots, which are able to enter data, route documents, and follow business rules for approvals.

The Future of RAA

While it’s impossible to predict the future with 100% certainty, Dajon can make an educated guess, based on what we’ve seen over the past 16 years and the current trends. When it comes to RAA, the possibilities are only growing. As more companies adapt to RAA, harnessing the power of Bots and automation, late adopters will find themselves lagging behind. Accounting departments across the globe are now able to turn themselves into profit centres by automating payments, which allows them to avoid late fees and to take advantage of any early payment discounts available to them. These Accounting departments can now use their added capacity to improve customer service and to play a more proactive role within the organisation.

The bar has been raised by RAA, and as the technology develops, it will only go higher.

Learn more

Robotic Accounting Automation takes advantage of intuitive work to complete tasks. For more information about automated work, download the whitepaper “Cutting Costs in Accounts Payable with Automated Work” at www.dajon.co.uk/white-papers

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