Intelligent Automation – The Present & Future of Tax, Audit and Accounting Firms

How tax, audit, and accounting firms can succeed by scaling Intelligent Automation at the enterprise level?

Intelligent Automation (IA) primarily encompasses RPA, RPA++ (OCR + RPA) & Machine Learning and can become one of the Key levers to take Accounting, Taxation & Auditing into the era of Digital Operations. The majority of such firms in & around Europe have already embarked upon the journey of digital accountancy, but this journey has its own pitfalls. In a global survey of over 400 decision-makers, 72% report to have already piloted RPA or plan to do so by the end of the year. However merely 3% of those who have started the journey have managed to scale up.

The question asked is should an accountant, tax consultant or auditor latch on to Intelligent Automation? Is it a good-to-have or a must-have? In a knowledge industry, how can IA enhance the thought leadership around new age accounting? And the most pertinent question is “will my professional acumen come under scrutiny, if it goes wrong?”

Professional services firms across Europe have realized that several aspects will need handholding at decision-making layer given the speed with which Taxation, Audit & Accounting standards are evolving. Embracing Intelligent Automation is a no-brainer, but do they have the wherewithal to get it right the first time. How can they learn from early adopters & waste no efforts in repeating the same mistakes? Whether it be adding balancing AP entries in Intercompany reconciliations, creating files for account reconciliations, creating payroll to accounting entries, manual month end journals, invoice entry & matching, payment proposal, vendor set up, contract set up, sending dunning notices, cash application or billing, a software robot comes in handy. IA can also handle judgement intensive processes viz. invoice exceptions, account reconciliation exceptions, improvised data extraction from unstructured inputs and query management, to name a few. The unique amalgamation of RPA and IA is set to create a paradigm shift in the way accounting is going to be handled and you may not want to miss on it.

Join our webinar to learn from practitioners who have successfully led transformative automation programs, alongside an industry renowned thought leader in Accounting, Audit & Tax. We will also talk about how the next leap into cognitive automation at an enterprise level is being planned, touching upon the expected outcomes and possible risks for organizations who share that vision.