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AcctTwo Blog

RPA Makes Room for Your Entire Accounting Agenda

Accountants have always relied on automation to make their lives easier, even going back as far as the abacus. But now thanks to data-driven technologies and self-directed processes, robotic process automation (RPA) is possible. And as a result of these new capabilities, accounting is transforming in a number of ways.

RPA is lowering costs, refining accounting insights, speeding up reporting, and eliminating errors and omissions. Where accountants really feel the impact of automation, however, is in their own workloads and schedules.

Topics: RPA Robotic Process Automation Accounting Accounting SaaS Finance Automation

The Advice You Need Before You Implement AI

Artificial intelligence (AI) is rightly being called one of the most transformative technologies in human history. Systems that are intelligent and adaptable will make it possible to accomplish and understand more than has ever been possible before. The repercussions for business are huge, but the impact is likely to reach every corner of humanity.

It's appropriate to talk about AI excitedly, but it's also a little misleading. The promise and potential of AI is huge, but it's not going to change the world overnight. It's also not going to solve every hassle or headache that companies deal with. AI is a powerful tool, but it's not a panacea.

Topics: Artificial Intelligence Finance Automation Accounting

4 Disruptive Trends in Finance and Accounting Automation

Automation has been used in accounting since at least the first adding machine. But now that automation is driven by advanced algorithms and intelligent machine learning, it's impacting accounting more than ever before.

Most offices rely on some form of automation to expedite accounting and ensure accuracy. However, the recent trends in finance and accounting automation suggest it's evolving beyond a tool and into a mission-critical asset. The capabilities currently coming online promise to have a positive impact on accounting for a long time to come:

Topics: Finance Automation Accounting Machine Learning

RPA is Coming: How to Keep Robotic Accountants Effective

When we think about the robotic workforce of the future, we tend to focus on industrial applications, but the impact of automated labor may be felt most broadly and deeply in the world of finance.

A recent piece in the Wall Street Journal highlights an accountant named Roberta working for the Nordic energy firm Statoil. Roberta is tasked with analyzing huge amounts of payment data to locate missing invoices. And she is incredibly good at her job because she is actually a piece of software.

Topics: RPA Robotic Process Automation Finance Automation

The Evolving Accounting Profession – Predictions for 10 Years Down the Road

The accounting field is dynamic by nature. But it's also bound by traditions, obligations, and regulations. As a result, the pace of change in accounting has been historically slow. Until recently.

A confluence of forces ranging from new technologies to new opportunities and risks is transforming the field at a breakneck pace. The promise and potential of accounting is greater than ever before. But so is the complexity and consequence.

The companies that hope to take advantage of these shifts must be aware of what is coming next. Here are some predictions for the near future from industry experts:

Topics: Accounting Informational CPA Finance Automation technology Managed Accounting Services (MAS)

AcctTwo Customer, SailPoint, up 8% after Successful IPO

SailPoint Seen as a Strong Buy and Valued at More Than $1 Billion after First Day of Trading

At AcctTwo, we're laser focused on the success of our customers, so when we heard the news about SailPoint's successful IPO last week, we had to share it. SailPoint is the leader in enterprise identity management. The company’s open identity platform gives organizations the ability to enter new markets, scale their workforces, embrace new technologies, innovate faster and compete globally. As both an industry pioneer and market leader in identity governance, SailPoint delivers security, operational efficiency and compliance to enterprises with complex IT environments. Their customers are among the world’s largest companies in virtually every industry, including: 9 of the top banks, 7 of the top retail brands, 6 of the top healthcare providers, 6 of the top property and casualty insurance providers, and 6 of the top pharmaceutical companies.

Topics: Accttwo Clients Initial Public Offering Financial Reporting Finance Automation

Time to Close the Books is Trending Downward Due to Advances in Technology

Accelerating time to close has not traditionally been a key focus for finance and accounting executives. But now that companies of all sizes across all industries (including nonprofits) are looking for a competitive advantage, every process is ripe for improvement. And thanks to new approaches and new capabilities, time to close has shrunk significantly.

Topics: General Ledger and Month-End Close financial close Automation and Workflow Finance Automation process automation

Machine Learning – Unlocking the Full Potential of Accounting

Despite all the technological progress that has been made over the last 150 years, accounting has changed very little. The daily work of most accountants involved massive amounts of data entry, clerical work, and administrative routines. Spreadsheets may have replaced ledgers, but the role of the accountant never really evolved.

That is quickly changing with the advent of machine learning. This 21st century technology is still in its infancy, but already it’s having an impact on the accounting profession that is broad and deep. As the potential of machine learning continues to advance, look for the expectations of accountants to change radically.

Topics: Machine Learning Finance Automation Automation and Workflow process automation

Finance Automation - Is the New Bookkeeper a Robot?

 

In a recent article in the Wall Street Journal entitled "The New Bookkeeper is a Robot," Vipal Monga (sort of) makes that claim. What he's really talking about, however, is automation in the finance department and its increasing importance. And he cites some powerful trends that can be tied directly to an increase in finance and back-office automation

Topics: Blog Informational Featured Posts Finance Automation Awareness