CASHING IN
RPA handles high volume , repetitive and rule-based tasks , which otherwise would be tediously completed by error-prone humans . It not only relieves employees of monotonous and frustrating work , but it also saves money and speeds up task completion . Already deployed widely in financial services , healthcare and telecoms , RPA promises to transform tax offices by replacing administrative copy and paste jobs and basic spreadsheet entry .
Let ’ s look at big corporates , which might operate hundreds or perhaps thousands of legal entities and usually need to process the same tax reporting and calculations for each one . Doing this manually is time-consuming , dull and repetitive for whichever poor soul has been tasked with it . It is little wonder that RPA has become the first choice for companies to reduce processes that used to take many boring hours into something that can be completed accurately and without error in minutes .
Nevertheless , RPA is not without its limitations and challenges . Doubtless , finance teams will make the same mistakes they ’ ve always made but , this time , with the disadvantage of doing so much faster . So , if there are already mistakes in calculations , RPA doesn ’ t identify or fix the errors and will continue to apply a flawed process at high speed .
RPA is an example of a tool that is relatively simple to roll out , however , we are now seeing more advanced solutions coming to market , including some AI , which promise to have a transformative effect . One of the leading professional service firms strengthened its decision-making process with AI technology , reducing what was a fivehour session to little more than five minutes . This works because AI can automatically sift through thousands of previous decisions and scenarios and apply them rationally . In this instance , AI can go far beyond RPA .
Robotic Process Automation ( RPA ) can often be the simplest and most effective way to transform your business .
Preparing for 2023
These are just a handful of the trends we can expect to shape the finance and tax industry in the coming year , no doubt there will be many unforeseen developments . However , by preparing for MTD for CT , migrating from legacy onsite platforms to the cloud , and adopting RPA and even AI , we can make a strong start to 2023 and put our best foot forward . � www . intelligentfin . tech
31