Robotic Process Automation (RPA): towards accounting without accountants?
Author: David Hatchuel
Today, with RPA technologies, groups such as Total, EDF, Engie and Saint-Gobain are testing and putting into production the robotization of their accounting processes: bank account reconciliations, VAT declarations, supplier invoice entry... Cyber-shoring is becoming an essential component of the organization models of accounting shared services centers (SSCs), in the same way as off-shoring to countries such as India or Poland. What lessons have we learned from the initial feedback? What does the future hold for accounting and finance profiles in the face of the widespread and inevitable deployment of RPA?
What is RPA?
RPA software replicates the actions of human beings using computer systems to carry out business processes. RPA reproduces manual, repetitive human tasks based on standardized rules. It gives rise to a new corporate player: the "digital worker" or "virtual collaborator". In the near future, artificial intelligence will be able to take charge of conversations with suppliers, customers and employees, thanks to voice or text recognition. RPA will even be able to integrate chatbots1 capable, for example, of replying to suppliers' e-mails.
Among the main RPA technologies we have encountered are UiPath, BluePrism and Automation Anywhere. Initially designed for IT testing, these solutions have gradually moved into the field of business process robotization, enabling the automation of HR, financial and commercial processes.
What are the benefits of an RPA approach?
The first experiments with accounting RPP have provided a clearer picture of the main benefits:
- The robot, a veritable "personal assistant" for accountants, is used to take on most simple, time-consuming tasks. It saves teams time, enabling them to concentrate on exception management, controls and analysis.
- High productivity gains can be observed for large, standardized and repetitive tasks. The robot effectively assists the accountant, but does not replace him or her. In fact, it is difficult for the robot to perform all the tasks previously carried out by a member of staff.
- Whereas a simple computer interface is limited to a restricted number of environments, the robot is capable of executing complex task sequences in multiple environments, with, for example, the concomitant use of ERP, mailbox and invoice scanning tools.
- Implementing the robot encourages standardization and harmonization of the company's accounting processes. RPA secures data quality by eliminating manual errors and systematizing controls. It also helps reduce the risk of fraud, and reinforces operational security, the audit trail and internal control.
- With the right support for change management, accounting teams quickly get into the swing of things, easily integrating RPA into their day-to-day work by establishing a permanent "dialogue" with the robot.
Generally speaking, the RPA approach is part of a long-term innovation and investment strategy. It helps to transform the company, improve data quality, optimize performance and better comply with current standards. It helps to ensure better process control and better management of financial and operational risks.
What complexity factors need to be taken into account?
The points of vigilance highlighted by users are as follows:
- Accounting RPA can only be implemented on processes that have already been standardized;
- Once production is up and running, the task of supervising the robot(s) represents a workload that should not be underestimated;
- Once the robot has been set up on an autonomous process, the project continues, as the robotized tasks must also be integrated into all the company's processes and information systems;
- To cope with any robot malfunctions, it is essential to maintain solid operational support available at short notice. Departments deploying robotized processes need to ensure that theoretical and practical knowledge is retained within their teams, who must be able to take over when needed. This means mastering the sequence and purpose of the tasks traditionally performed by the robot;
- Finally, technical limitations may also arise: certain websites or computing environments, such as virtual servers, may sometimes prevent the robot from carrying out data collection or input tasks.
An unequal battle?
On the one hand, man: fallible, hostile to change, prone to disease, accidents and aging...
On the other hand, robots and artificial intelligence: indefatigable (they can work 24/7), capable of self-learning with "machine learning"; they already surpass us in chess, general knowledge, medical diagnosis or financial market trading...
The need to develop skills
According to a study published in "The Guardian "2, the percentage of accountants in the workforce has been growing rapidly since 2001. However, if certain websites3 are to be believed, accountants and auditors have a 94% chance of seeing their profession fully automated and robotized within the next fifteen years...
Before considering a total reconversion to art or gastronomy, accounting and financial profiles need to see RPA as an opportunity to enrich their profession and support their company's digital transformation.
- Managing accounting robotization projects
Which processes should be robotized first, what governance should be put in place, how should robots be integrated into the existing application landscape, and how should social, tax, technical and regulatory constraints be taken into account? An accounting robotization project raises a large number of cross-functional issues, and requires a high level of coordination. As project leader, the financial manager can play a major role in supporting the deployment of RPA. As soon as the project is launched, he or she must define the objectives, identify the scope of the processes to be robotized, choose the pilot, organize governance with the information systems department, involve internal control and anticipate social messages with human resources. The implementation phase involves defining, designing and clarifying accounting schemes, testing the results obtained by robotized processing, and improving interfaces between the various information systems and the robots. To support the transformation of organization, processes and tools, it is essential to go beyond technical skills and develop qualities such as leadership, empathy, the ability to collaborate and communicate, and courage! Purely human skills... until proven otherwise.
- Supporting businesses
With a "customer-centric" mindset, tomorrow's financiers will have to adapt to the new needs of the departments that "consume" financial data: executives, managers, controllers, consolidators, supervisory authorities...
According to American author Dov Seidman: "We've gone from an industrial economy - where we hired arms - to a knowledge economy - where we hired heads - and now to a human economy - where we hire hearts".
As true "business coaches", financial profiles will be able to take advantage of RPA to focus on value-added tasks: supporting business lines in analyzing and steering performance, helping operational staff identify the levers for creating value, and promoting management dialogue with all company players.
- Become the architect of financial data
RPA will be accompanied by an increase in the skills of financial profiles in the analysis and interpretation of large volumes of data. Financial professionals will need to strengthen and broaden their theoretical knowledge, and develop greater agility when it comes to digital subjects. Some finance departments have already launched ambitious training programs in partnership with prestigious business and engineering schools. The aim is to promote new collaborative working methods, to strengthen the skills of teams in statistics and data analysis (data analytics), but also in marketing and user experience design. A real upheaval? Not necessarily: aren't accountants already data experts by vocation?
ABOUT THE AUTHOR
David Hatchuel is a partner at Emerson Audit & Conseil. A graduate of the Dauphine Master's in Banking and Finance and a chartered accountant, he supports the digital transformation of finance departments in their projects to upgrade information systems, improve the efficiency of finance functions and manage performance. But who knows, maybe this article was written by a robot?
ABOUT EMERSON AUDIT & CONSULTING
With a team of 100 people, Emerson Audit & Conseil covers the fields of public accounting, auditing and consulting. The fast-growing firm supports Finance Departments of all sizes and in a wide variety of sectors, through both functional assistance and project management for the transformation and improvement of organizations and information systems.
Notes
1 A chatbot, also known as a conversational agent, is software programmed to simulate a conversation in natural language.
3 https://willrobotstakemyjob.com/
Author: David Hatchuel
Today, with RPA technologies, groups such as Total, EDF, Engie and Saint-Gobain are testing and putting into production the robotization of their accounting processes: bank account reconciliations, VAT declarations, supplier invoice entry... Cyber-shoring is becoming an essential component of the organization models of accounting shared services centers (SSCs), in the same way as off-shoring to countries such as India or Poland. What lessons have we learned from the initial feedback? What does the future hold for accounting and finance profiles in the face of the widespread and inevitable deployment of RPA?
What is RPA?
RPA software replicates the actions of human beings using computer systems to carry out business processes. RPA reproduces manual, repetitive human tasks based on standardized rules. It gives rise to a new corporate player: the "digital worker" or "virtual collaborator". In the near future, artificial intelligence will be able to take charge of conversations with suppliers, customers and employees, thanks to voice or text recognition. RPA will even be able to integrate chatbots1 capable, for example, of replying to suppliers' e-mails.
Among the main RPA technologies we have encountered are UiPath, BluePrism and Automation Anywhere. Initially designed for IT testing, these solutions have gradually moved into the field of business process robotization, enabling the automation of HR, financial and commercial processes.
What are the benefits of an RPA approach?
The first experiments with accounting RPP have provided a clearer picture of the main benefits:
- The robot, a veritable "personal assistant" for accountants, is used to take on most simple, time-consuming tasks. It saves teams time, enabling them to concentrate on exception management, controls and analysis.
- High productivity gains can be observed for large, standardized and repetitive tasks. The robot effectively assists the accountant, but does not replace him or her. In fact, it is difficult for the robot to perform all the tasks previously carried out by a member of staff.
- Whereas a simple computer interface is limited to a restricted number of environments, the robot is capable of executing complex task sequences in multiple environments, with, for example, the concomitant use of ERP, mailbox and invoice scanning tools.
- Implementing the robot encourages standardization and harmonization of the company's accounting processes. RPA secures data quality by eliminating manual errors and systematizing controls. It also helps reduce the risk of fraud, and reinforces operational security, the audit trail and internal control.
- With the right support for change management, accounting teams quickly get into the swing of things, easily integrating RPA into their day-to-day work by establishing a permanent "dialogue" with the robot.
Generally speaking, the RPA approach is part of a long-term innovation and investment strategy. It helps to transform the company, improve data quality, optimize performance and better comply with current standards. It helps to ensure better process control and better management of financial and operational risks.
What complexity factors need to be taken into account?
The points of vigilance highlighted by users are as follows:
- Accounting RPA can only be implemented on processes that have already been standardized;
- Once production is up and running, the task of supervising the robot(s) represents a workload that should not be underestimated;
- Once the robot has been set up on an autonomous process, the project continues, as the robotized tasks must also be integrated into all the company's processes and information systems;
- To cope with any robot malfunctions, it is essential to maintain solid operational support available at short notice. Departments deploying robotized processes need to ensure that theoretical and practical knowledge is retained within their teams, who must be able to take over when needed. This means mastering the sequence and purpose of the tasks traditionally performed by the robot;
- Finally, technical limitations may also arise: certain websites or computing environments, such as virtual servers, may sometimes prevent the robot from carrying out data collection or input tasks.
An unequal battle?
On the one hand, man: fallible, hostile to change, prone to disease, accidents and aging...
On the other hand, robots and artificial intelligence: indefatigable (they can work 24/7), capable of self-learning with "machine learning"; they already surpass us in chess, general knowledge, medical diagnosis or financial market trading...
The need to develop skills
According to a study published in "The Guardian "2, the percentage of accountants in the workforce has been growing rapidly since 2001. However, if certain websites3 are to be believed, accountants and auditors have a 94% chance of seeing their profession fully automated and robotized within the next fifteen years...
Before considering a total reconversion to art or gastronomy, accounting and financial profiles need to see RPA as an opportunity to enrich their profession and support their company's digital transformation.
- Managing accounting robotization projects
Which processes should be robotized first, what governance should be put in place, how should robots be integrated into the existing application landscape, and how should social, tax, technical and regulatory constraints be taken into account? An accounting robotization project raises a large number of cross-functional issues, and requires a high level of coordination. As project leader, the financial manager can play a major role in supporting the deployment of RPA. As soon as the project is launched, he or she must define the objectives, identify the scope of the processes to be robotized, choose the pilot, organize governance with the information systems department, involve internal control and anticipate social messages with human resources. The implementation phase involves defining, designing and clarifying accounting schemes, testing the results obtained by robotized processing, and improving interfaces between the various information systems and the robots. To support the transformation of organization, processes and tools, it is essential to go beyond technical skills and develop qualities such as leadership, empathy, the ability to collaborate and communicate, and courage! Purely human skills... until proven otherwise.
- Supporting businesses
With a "customer-centric" mindset, tomorrow's financiers will have to adapt to the new needs of the departments that "consume" financial data: executives, managers, controllers, consolidators, supervisory authorities...
According to American author Dov Seidman: "We've gone from an industrial economy - where we hired arms - to a knowledge economy - where we hired heads - and now to a human economy - where we hire hearts".
As true "business coaches", financial profiles will be able to take advantage of RPA to focus on value-added tasks: supporting business lines in analyzing and steering performance, helping operational staff identify the levers for creating value, and promoting management dialogue with all company players.
- Become the architect of financial data
RPA will be accompanied by an increase in the skills of financial profiles in the analysis and interpretation of large volumes of data. Financial professionals will need to strengthen and broaden their theoretical knowledge, and develop greater agility when it comes to digital subjects. Some finance departments have already launched ambitious training programs in partnership with prestigious business and engineering schools. The aim is to promote new collaborative working methods, to strengthen the skills of teams in statistics and data analysis (data analytics), but also in marketing and user experience design. A real upheaval? Not necessarily: aren't accountants already data experts by vocation?
ABOUT THE AUTHOR
David Hatchuel is a partner at Emerson Audit & Conseil. A graduate of the Dauphine Master's in Banking and Finance and a chartered accountant, he supports the digital transformation of finance departments in their projects to upgrade information systems, improve the efficiency of finance functions and manage performance. But who knows, maybe this article was written by a robot?
ABOUT EMERSON AUDIT & CONSULTING
With a team of 100 people, Emerson Audit & Conseil covers the fields of public accounting, auditing and consulting. The fast-growing firm supports Finance Departments of all sizes and in a wide variety of sectors, through both functional assistance and project management for the transformation and improvement of organizations and information systems.
Notes
1 A chatbot, also known as a conversational agent, is software programmed to simulate a conversation in natural language.
3 https://willrobotstakemyjob.com/
Author: David Hatchuel
Today, with RPA technologies, groups such as Total, EDF, Engie and Saint-Gobain are testing and putting into production the robotization of their accounting processes: bank account reconciliations, VAT declarations, supplier invoice entry... Cyber-shoring is becoming an essential component of the organization models of accounting shared services centers (SSCs), in the same way as off-shoring to countries such as India or Poland. What lessons have we learned from the initial feedback? What does the future hold for accounting and finance profiles in the face of the widespread and inevitable deployment of RPA?
What is RPA?
RPA software replicates the actions of human beings using computer systems to carry out business processes. RPA reproduces manual, repetitive human tasks based on standardized rules. It gives rise to a new corporate player: the "digital worker" or "virtual collaborator". In the near future, artificial intelligence will be able to take charge of conversations with suppliers, customers and employees, thanks to voice or text recognition. RPA will even be able to integrate chatbots1 capable, for example, of replying to suppliers' e-mails.
Among the main RPA technologies we have encountered are UiPath, BluePrism and Automation Anywhere. Initially designed for IT testing, these solutions have gradually moved into the field of business process robotization, enabling the automation of HR, financial and commercial processes.
What are the benefits of an RPA approach?
The first experiments with accounting RPP have provided a clearer picture of the main benefits:
- The robot, a veritable "personal assistant" for accountants, is used to take on most simple, time-consuming tasks. It saves teams time, enabling them to concentrate on exception management, controls and analysis.
- High productivity gains can be observed for large, standardized and repetitive tasks. The robot effectively assists the accountant, but does not replace him or her. In fact, it is difficult for the robot to perform all the tasks previously carried out by a member of staff.
- Whereas a simple computer interface is limited to a restricted number of environments, the robot is capable of executing complex task sequences in multiple environments, with, for example, the concomitant use of ERP, mailbox and invoice scanning tools.
- Implementing the robot encourages standardization and harmonization of the company's accounting processes. RPA secures data quality by eliminating manual errors and systematizing controls. It also helps reduce the risk of fraud, and reinforces operational security, the audit trail and internal control.
- With the right support for change management, accounting teams quickly get into the swing of things, easily integrating RPA into their day-to-day work by establishing a permanent "dialogue" with the robot.
Generally speaking, the RPA approach is part of a long-term innovation and investment strategy. It helps to transform the company, improve data quality, optimize performance and better comply with current standards. It helps to ensure better process control and better management of financial and operational risks.
What complexity factors need to be taken into account?
The points of vigilance highlighted by users are as follows:
- Accounting RPA can only be implemented on processes that have already been standardized;
- Once production is up and running, the task of supervising the robot(s) represents a workload that should not be underestimated;
- Once the robot has been set up on an autonomous process, the project continues, as the robotized tasks must also be integrated into all the company's processes and information systems;
- To cope with any robot malfunctions, it is essential to maintain solid operational support available at short notice. Departments deploying robotized processes need to ensure that theoretical and practical knowledge is retained within their teams, who must be able to take over when needed. This means mastering the sequence and purpose of the tasks traditionally performed by the robot;
- Finally, technical limitations may also arise: certain websites or computing environments, such as virtual servers, may sometimes prevent the robot from carrying out data collection or input tasks.
An unequal battle?
On the one hand, man: fallible, hostile to change, prone to disease, accidents and aging...
On the other hand, robots and artificial intelligence: indefatigable (they can work 24/7), capable of self-learning with "machine learning"; they already surpass us in chess, general knowledge, medical diagnosis or financial market trading...
The need to develop skills
According to a study published in "The Guardian "2, the percentage of accountants in the workforce has been growing rapidly since 2001. However, if certain websites3 are to be believed, accountants and auditors have a 94% chance of seeing their profession fully automated and robotized within the next fifteen years...
Before considering a total reconversion to art or gastronomy, accounting and financial profiles need to see RPA as an opportunity to enrich their profession and support their company's digital transformation.
- Managing accounting robotization projects
Which processes should be robotized first, what governance should be put in place, how should robots be integrated into the existing application landscape, and how should social, tax, technical and regulatory constraints be taken into account? An accounting robotization project raises a large number of cross-functional issues, and requires a high level of coordination. As project leader, the financial manager can play a major role in supporting the deployment of RPA. As soon as the project is launched, he or she must define the objectives, identify the scope of the processes to be robotized, choose the pilot, organize governance with the information systems department, involve internal control and anticipate social messages with human resources. The implementation phase involves defining, designing and clarifying accounting schemes, testing the results obtained by robotized processing, and improving interfaces between the various information systems and the robots. To support the transformation of organization, processes and tools, it is essential to go beyond technical skills and develop qualities such as leadership, empathy, the ability to collaborate and communicate, and courage! Purely human skills... until proven otherwise.
- Supporting businesses
With a "customer-centric" mindset, tomorrow's financiers will have to adapt to the new needs of the departments that "consume" financial data: executives, managers, controllers, consolidators, supervisory authorities...
According to American author Dov Seidman: "We've gone from an industrial economy - where we hired arms - to a knowledge economy - where we hired heads - and now to a human economy - where we hire hearts".
As true "business coaches", financial profiles will be able to take advantage of RPA to focus on value-added tasks: supporting business lines in analyzing and steering performance, helping operational staff identify the levers for creating value, and promoting management dialogue with all company players.
- Become the architect of financial data
RPA will be accompanied by an increase in the skills of financial profiles in the analysis and interpretation of large volumes of data. Financial professionals will need to strengthen and broaden their theoretical knowledge, and develop greater agility when it comes to digital subjects. Some finance departments have already launched ambitious training programs in partnership with prestigious business and engineering schools. The aim is to promote new collaborative working methods, to strengthen the skills of teams in statistics and data analysis (data analytics), but also in marketing and user experience design. A real upheaval? Not necessarily: aren't accountants already data experts by vocation?
ABOUT THE AUTHOR
David Hatchuel is a partner at Emerson Audit & Conseil. A graduate of the Dauphine Master's in Banking and Finance and a chartered accountant, he supports the digital transformation of finance departments in their projects to upgrade information systems, improve the efficiency of finance functions and manage performance. But who knows, maybe this article was written by a robot?
ABOUT EMERSON AUDIT & CONSULTING
With a team of 100 people, Emerson Audit & Conseil covers the fields of public accounting, auditing and consulting. The fast-growing firm supports Finance Departments of all sizes and in a wide variety of sectors, through both functional assistance and project management for the transformation and improvement of organizations and information systems.
Notes
1 A chatbot, also known as a conversational agent, is software programmed to simulate a conversation in natural language.
3 https://willrobotstakemyjob.com/