Intelligent automation technologies (robotic process automation, artificial intelligence, machine learning) are transforming how the world works. Accounting tasks – especially the ones that are step-based and repetitive in nature – can be easily automated.
While AI is unlikely to replace accountants any time in the future, the last few years have seen a lot of talk about automation. However, a large number of accounting departments are still using paper and Excel sheets.
Many in the industry embraced the idea of AI as a silver bullet – as a mystical beast of burden that would carry the heaviest load in accounting departments. Over time, as businesses and vendors invested in solutions that actually work, the optimism was tempered by the acquaintance with the fact that not every accounting process can be transformed. Today, finance leaders are well aware of the challenges around the same:
Difficultyof knowing where to begin, especially when the processes are even fully digitised
- Lack of appetite for the huge investment that AI solutions entail, especially when the impact on the bottom line is not crystal clear
Fearof jumping on the automation bandwagon and becoming a guinea pig for untested solutions
- Lack of operational understanding, hindering solutions providers in creating solutions that actually work
At QX, we provide finance, accounting and payroll services to industry leaders in the US and UK. As we
Our twin talents – in-depth operational understanding plus technology excellence – allow us to build solutions that work as advertised. In the words of Sourav Patnaik, Sr. Vice President and Head of Intelligent Automation at QX, “The chasm between operational teams on the floors and automation teams is one of the main reasons behind
Our solutions are powered by ADAM and EVE. ADAM takes complete control of all repetitive, time-intensive, mundane tasks while EVE handles all the cognitive/AI/ML based activities. ADAM and
We are betting big on robotic process automation and cognitive solutions and see an opportunity to automate a wide range of finance, accounting and payroll activities. Clients who implement these solutions will yield rich rewards including:
1) Reduced costs
- Cost savings: Elimination of human errors boosts accuracy, reducing the time and money spent on rectifying errors
- Resource redeployment: With
automation reducingthe cycle time, FTEs can be redeployed to other processes
- No licensing cost: No additional cost involved from
automation licensing perspective
2) Improve productivity
- Scalability: Enhanced scalability due to availability of virtual workforce (ADAM) to handle volume spikes.
- 24/7 operations: Round-the-clock operations support using ADAMs and EVE.
- Quality: Mature process robots deliver 100% accuracy day after day, ensuring quality of services.
3) Boost operational efficiency
- 100% compliance: Ensure complete compliance with regulatory and internal policies.
- Risk mitigation: Significant reduction in risk due to elimination of manual errors.
Optimisedoperations: Streamlined processes, faster processing and data management improveservice delivery.
Are you looking for a finance & accounts outsourcing partner who can help you streamline processes and assist you with your digital transformation journey? Check out our finance & accounting automation solutions for more details, or get in touch with us and speak with our automation experts.