Make This Your Last Crazy Tax Season
Few industries are as ripe for Robotic Process Automation (RPA) as tax accounting and compliance. As organizations work to recover from the devastating financial impact of the ongoing Covid-19 pandemic, the need for efficient, effective, accurate, and scalable business solutions is paramount. In the past, it may have been more cost-efficient for organizations to have employees manually perform repetitive tasks than to implement automation, but with advances like process discovery technology, flexible pricing plans, and software-as-a-service (SaaS), the barriers to RPA are lower than ever before.
More Than Man-Hours Saved
In a recent Kryon case study, a large North American CPA firm implemented RPA for high priority workflows, such as processing and tracking Form 8879, a declaration document and signature authorization for e-filing. Sounds boring, doesn’t it? Just ask the CPA firm’s staff, who used to be tasked with processing this form hundreds of times a day. This is the type of work that RPA was born for.
Automating the monitoring, tracking, printing and reports associated with 18,000+ annual form submissions freed up 10-15% more time for the firm’s agents to devote to tasks requiring human attributes like reason, judgment, perception, and creativity. While the monetary value of automating this process translates into roughly $70k in savings, the real value is in what the CPA firm’s employees can do with that saved time.
Reskill, Upskill, Add Value
The worldwide health crisis set in motion an accelerated timeline for digitization, one that industries ignore at their own peril. It highlighted how unprepared the global landscape was to deal with large-scale business disruptions that sprung up seemingly overnight. RPA is the solution that righted the ship in many cases, but automation is worthless without people behind it.
If you had 10-15% more time in your day, what would that mean to you? For employees freed from the drudgery of tedious paperwork and tasks better suited to boredom-resistant computers, it means an opportunity to create more worth, which in turn leads to higher morale and company loyalty. Automation considers the value of an employees’ time and expertise, giving them more freedom to perform higher level, higher reward tasks.
One way to reduce RPA total cost of ownership (TCO) is to invest in training and development. By educating and supporting staff in the use of automation, you empower them to improve their daily lives. Not only does the organization gain in-house support for their automation programs and increase responsiveness, but this opens the door for employees to become problem-solvers in their own right as citizen developers.
If that sounds daunting, it shouldn’t. Tools like Kryon’s user-friendly Kryon Studio, part of the Full-Cycle Automation suite, don’t require advanced technical knowledge. Free training at Kryon Academy can get business users started with RPA even if they have no background in coding.
The Accounting Firm of the Future
What does the future of accounting look like with RPA? Imagine beginning the day with a briefing from your on-screen virtual assistant, each appointment and task prioritized and complete with supporting materials. Queries and reports are compiled, analyzed, and summarized with areas needing attention highlighted. They arrive at the same time each month or quarter-end down to the minute, while seamlessly being stored in the cloud after populating related databases with relevant information. In addition to fetching data and assisting with tasks, your virtual assistant can suggest optimization paths to make non-automated workflows easier and offers on-demand training and support, reducing reliance on IT and supervisors.
It’s true that implementing RPA across the CPA firm saves time and money, improves consistency, and reduces errors. But it also improves the employee and customer experience and retention, both of which ultimately benefit any company’s bottom line.