A new report commissioned by ACCA, CA ANZ and KPMG explores the significant opportunities automation presents for the finance function, after results found many CFOs are still uncertain how implementing robotics solutions can be applied to benefit their finance functions.
Robotic Process Automation (RPA) - software easily programed by end users to perform high-volume, repeatable, rules-based tasks - is currently garnering significant market attention as a good automation choice for CFOs. Because the benefits go beyond cutting costs, it brings improved control and faster processing speed as well as better data quality.
Findings reveal the finance function has a way to go in terms of implementing RPA practices. Fifty percent of respondents say their companies had either not trialled or fully implemented robotics and 45 percent of those say they still need to understand exactly what robotics is before implementing it.
ACCA’s chief executive, Helen Brand OBE says:
‘Although there is some uncertainty surrounding automation, CFOs understand for an organisation to gain a competitive advantage, they must embrace digital transformations for their respective businesses.
‘What’s encouraging is almost half (46 percent) of respondents are either trialling RPA, or have partially or fully implemented it for all relevant finance processes. Purchase to pay and record to report processes seem to be the most popular respectively, with tax being at the lower end of take up.
‘What we also found is the hesitation in embracing this technology lies in the knowledge of how it works. Forty five percent of respondents say they want to understand exactly what it is, while 38 percent admit it’s not currently their highest priority.
‘By publishing this report, we’re hoping to dispel any myths around automation by exploring the significant opportunities to finance leaders.’
Rick Ellis, Chief Execitive of CA ANZ adds: ‘Applying robotics in the finance function is an opportunity for accounting professionals to free up their time from routine tasks and solely focus on what they do best – imparting trusted advice and adding value.
‘The fact that the almost half of respondents who said they weren’t trialling or implementing robotics process automation cited it was because they didn’t know what is was exactly, shows us there is a huge knowledge gap around automation.
Full press release
Full report
© ACCA - Association of Chartered Certified Accountants
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