Intelligent Automation (IA)- The next level of Robotic Process Automation (RPA): How IA is making a significant impact in the world of accounting.

The world of accounting has a lot of challenges, but one area that has always been a challenge is the process of automation. Robotic Process Automation (#RPA) has provided a lot of success to the business world, but it has its limitations. The next level of automation is Intelligent Automation (#IA).?IA is a more sophisticated version of RPA. IA takes RPA to the next level using artificial intelligence. This enables smarter decision-making during automation processes, minimizes human interaction, and increases the level of automation. There are multiple applications of RPA and IA in accounting.

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What is Robotic Process Automation?

Robotic Process Automation is the process of automating repetitive tasks that are traditionally done by humans. This includes data entry, data processing, and other processes that are repetitive and may take a long time to complete. This helps to increase productivity and efficiency in many different areas of the business.?Repetitive tasks are perfect for RPA. With RPA, employees can focus on more high-level tasks, which increases their productivity and leads to higher quality work. RPA?sounds?transformative,?but?its?capabilities?are?less?impressive?than?those?of?intelligent?automation.

How is IA different from RPA?

RPA is process-centric and is driven by rule-based processes. The workflows assigned to a bot are easily defined and rarely change. The bot is guided by scripted actions that tell it to do process B once process A is complete and so on. Software robots need to be given instructions on how to do something and have structured data. and only work under rules that define actions.

On the other hand, IA uses a lot of technology to work intelligently. These include artificial intelligence (#AI) and RPA. IA can intelligently extract info from unstructured data such as scanned invoices, handwritten purchase orders, and delivery slips. Additionally, with machine learning (#ML), IA improves over time, learning how to make processes smarter and more efficient.?

How is IA used in the Accounting world?

Bringing in IA can help businesses automate accounting operations. This will allow staff to spend their time on more value-added tasks as accounting and finance operations are automated such as:

Accounts Payable

• Track vendor data and transactions,
• Read data from invoices of different formats with AI-powered invoice processor.
• 2-way or 3-way invoice matching against purchase orders and order receipts.
• Forward the document to the employee responsible for handling the exceptional case.
• Automatic classification and archiving of invoices.
• Identify fraudulent documents.

Accounts Receivable

• Invoice auto-generation.
• Real-time monitoring of days-sales-outstanding (DSO).
• Auto reminders to customers on the due date.

Closing Procedures?

• Data aggregation and consolidation from different sources.
• Real-time dashboards for easy analysis.

Some systems, such as EcoDocs , combine IA with BPM and integrates with other systems, such as ERPs, to help keep all data in sync?

What are the benefits of IA?

• Time and money savings.
• Automated data extraction from invoice unstructured data.
• Increase productivity by allowing employees to focus on high-value tasks.
• Increased efficiency as, according to UiPath, automated processes can be 32 times faster than human beings.
• Higher accuracy.

IA has the potential to put a significant dent in the world of accounting. Watch out for the revolution!

We hope that this information has made you more aware of how IA can help make your accounting life easier. Please feel free to contact us anytime if you have any questions or comments, we would love to hear from you! If you have been looking to implement robotic process automation, we have plenty of options for you at EcoDocs. If you're interested in finding out more about the opportunities available at EcoDocs, please visit our website at https://www.ecodocs.io . Thank you for reading, check out our other blog posts as well!

#automation #artificialintelligence #AI #RPA #finance #accounting