Any process that is rules based, digital and repetitive has potential for RPA, according to David Wright Consulting, Director at Deloitte.
In a webinar for ICAEW's 2018 Virtual Conference on digital disruption, he argues that the first question to ask when considering implementing RPA is: "Where do you have people doing lower value-add, rules-based and repetitive activities?"
The next thing to consider is where can robots be used to release staff time for more productive, value-add activities. He suggests that opportunities often exist in areas where workarounds have been put into place to deal with two systems, or where the integration between systems has not yet been created.
According to Deloitte areas with most potential for RPA implementation in finance functions are:
| Transaction processing |
Regulatory and Statutory Reporting | Other areas |
| Cost accounting | Statutory reporting | Financial management information |
| Accruals execution | Regulatory reporting | Customer and product analysis |
| Transaction processing | Journals and adjustments |
Project accounting |
| Accounts payable/receivable | Period end closing | Execution (governance and control) |
| Reconciliations | Consolidation | Maintain user access (systems management and control) |
| Intercompany matching/recs | Static data management (systems management and control) | |
| Fixed asset accounting | Tax accounting and reporting | |
| Daily profit and loss calculation |
Find out more
- Watch David's webinar: Implementing robotics: realising the potential for automation
- Complete our eLearning module on RPA
- Read ICAEW's guide to Robotic Process Automation in Finance.
Finance in a Digital World
Make sure you're ready for the changes that digital technologies are bringing to finance functions and accountancy work. Complete eLearning, watch webinars and read bite-sized summaries on the opportunities and challenges brought by automation, artificial intelligence and big data.
Get to grips with RPA
In this eLearning module, you'll discover how computer programs that mimic human action are beginning to automate the manual activities that often slow finance down. It covers what RPA is and what it can do; the benefits and how to identify opportunities in your organisation.
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