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The benefits of RPA

Robotic process automation is game-changing technology. But is it valuable for accounting and finance – and can it boost your productivity? Find out how RPA is reshaping the profession during COVID-19 and beyond.

It’s tough to go even a day now without hearing about digital disruption, the new normal or the importance of adaptation to keep up.

In the CPA profession specifically, helping members prepare for change is a top priority – and will likely continue to be a driving force as more opportunities arise for people to upskill, grow, and learn alongside the evolving business landscape of a post-coronavirus world.

But what does that mean in practical terms? And how will it affect you and your work?

Less manual tasks, more high-value work

Many companies are keen to determine how the latest developments in robotic process automation (RPA) can streamline operations. Why? The return on investment, which comes from opportunities for people to work alongside RPA – yes, alongside, not in competition – and leverage overall resources more effectively.

For the uninitiated, a good working definition of RPA is the use of specialized software to automate rules-based tasks that rely on the input of digital data, such as queries, calculations, updating records, producing reports, or moving information between applications. RPA software gives instructions to other software for execution, eliminating the potential for human error – and boredom! – in repetitive routine processes.

Corporate interest in automation is on the rise, and, as a result, many CPAs are discovering that the ability to create and implement RPA bots is quite a useful skill.

We are already seeing proof-points for RPA as a support tool for accounting and finance professionals by reducing manual tasks or labour-intensive number crunching. But the real value add is what automation means for your career: an increased need across industries for accountants to take on important advisory work, strategic planning and complex decision making instead.

Training in RPA is the type of career move that can lead you to expanded roles and senior responsibilities. It’s also good for business and clients: when a global crisis strikes, organizations that have RPA in place are demonstrably more agile in the face of uncertainty and change, with better bandwidth to focus on the future.  

A boost for innovation

Automation offers a unique turning point for CPAs. It’s reshaping the profession in some ways but also creating new avenues for success, expertise and experimentation as COVID-19 ushers in a new era of work and crisis readiness.

For example, auditors can use RPA as a lever to evaluate a larger population of transactions versus a traditional sample size, while forensic accountants can use it to evaluate fraud risk by reducing cycle time and gathering key details for investigators. And with finance and trade leaders, RPA can read forms and catch missing information in customs-related paperwork.

But that’s just the beginning, and the future is bright for CPAs expanding into tech territory.

Armed with the right skills and RPA know-how, you will be able to program software robots to tackle repetitive or undesirable tasks so that you can take the lead on business strategy and be more innovative.

Grant Abrams, partner at Deloitte in Ottawa, emphasizes that there’s no need for CPAs to dread this kind of change. A lifelong learner approach augments what you have to offer. “New technologies like this free up time for you to do what you enjoy, and what really differentiate us as humans, like doing analytical work and being creative and applying judgement.”

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Start using automation to save time, improve productivity and enhance your strategic output with the all-new Robotic Process Automation Certificate, available online and on demand. Earn 14 CPD hours as you develop the practical skills you need to hit the ground running with RPA.