Automate accounting with AI bots for your business and CPA firms, save thousands


Estimated learn time: 5-6 minutes

The reply to saving tens of 1000’s of {dollars} and work hours every year comes down to 1 easy factor: 100% accuracy in accounting.

And due to the most recent know-how software program, it is 100% doable.

At the moment, many accounting companies and companies are bettering effectivity and lowering prices by means of clever accounting bots, or robotic course of automation(RPA). Based on ISACA, 53% of accounting and finance firms have already began utilizing RPA bots. Additionally they count on this to extend by 72% over the following few years.

Even the Inside Income Service (IRS) is utilizing RPA robots, in response to Federal Information Community. The article says, “In 2020, the procurement division was going through a decent deadline to change its contract clauses to stick to adjustments in federal laws. Utilizing the facility of RPA, Webbers’ staff executed practically 1,500 contract modifications in 72 hours, a course of that manually would have taken one yr. That automation mission diminished administrative burden on contracting officers, eradicated information errors, emailed the modification to distributors after which uploaded documentation into the contract file repository.”

If that is not sufficient to entice you, this is a better have a look at how an automatic accounting course of can enhance your small business.

What’s robotic accounting?

Robotic accounting is strictly what it feels like: Robots do your day-to-day, repetitive accounting duties. These software program robots can mimic your actions (similar to clicking a mouse, coming into information, sending emails, studying invoices, and so forth.) and automate nearly every little thing you do in a secured cloud server. They combine a number of programs to deal with all types of software program, together with Quickbooks, Excel, Billing.com, buyer relationship administration (CRM) and others.

Advantages of accounting bots for companies, accounting companies and CPAs

Think about the distinction it could make if 80%–90% of your accountants’ handbook duties may very well be automated by means of RPA. Not solely would this save 1000’s of {dollars} and firm hours (once more, seek advice from the information above) however it could have a big affect on CPA and worker morale. With 100% accuracy and no human errors, productiveness would soar and companies might scale with none additional prices.

The excellent news for Utahns is that it is now simpler than ever to implement robotic accounting because of an area firm.

Intelgic helps companies and CPA companies in Utah automate all types of accounting processes with its accounting bots. Whether or not your wants are in accounts receivable, accounts payable or account reconciliation, they have a bot that may make it easier to accomplish duties with ease and effectivity.

Automate accounting with AI bots for your business and CPA firms, save thousands
Picture: TarikVision/Shutterstock.com

Intelgic’s Accounts Payable (AP) Bot

Intelgic’s AP Bot automates 80–90% of your bill processing work, which saves 40–60% on bill processing prices. It additionally prevents you from paying duplicate, false or fraudulent invoices and offers higher predictions and money estimation.

The AP Bot screens your accounts payable inbox, pulls bill particulars, handles and harmonizes funds and performs three-way matching for invoices, buy orders and receipts. You may study extra in regards to the AP Bot right here.

Bill processing with AI bots

Should you’re processing your invoices manually, chances are high good that you just’re spending greater than $10 to course of only one bill. Not solely is it costly, however it could take as much as 9 days to course of that bill. Between manually coming into information, matching line objects and lining up the acquisition orders (PO), you are spending a whole lot of time and manpower on one factor.

AI bots will learn emails with invoices and enter the information into your ERP or accounting software program. From manufacturing companies to monetary companies, adopting this highly effective AI know-how can prevent money and time processing invoices.

Intelgic’s Accounts Receivable (AR) Bot

By automating your accounts receivable course of, you may guarantee larger accuracy and remove wasting your time throughout month-end closing. Intelgic’s AR Bot helps you eradicate about 90% of handbook AR outcomes, which frees as much as six hours of your AR supervisor’s time per day.

Amongst different duties, the AR Bot creates invoices and follows up on collections, tracks and processes buyer funds and makes journal entries. For a full checklist of its capabilities, click on right here.

Intelgic’s Account Reconciliation Bot

Lastly, account reconciliation is well essentially the most tedious and time-consuming job for any accounting division. Based on a survey by Ernst & Younger, as much as 59% of a monetary division’s sources become involved in driving transaction-intensive operations. 95% of their effort will get wasted on transactions which can be already legitimate.

Surprisingly, most individuals nonetheless sort out this course of manually. An Institute of Administration Accountants survey discovered that 61% of finance organizations stay “extremely dependent” on spreadsheets. Meaning accountants are spending extra time on one thing that is more likely to be inaccurate.

Intelgic’s Account Reconciliation Bot can repair this drawback by enhancing your monetary report accuracy. It handles financial institution reconciliations, bank card reconciliations and third-party processors (Amazon, Shopify, app shops, and so forth.). For the reason that bot can deal with infinite transactions, this improves your course of visibility and saves three hours per day for every employee. To study extra in regards to the Account Reconciliation Bot, click on right here.

Procurement bots

Bots can automate buying by checking the stock and discovering out objects that must be ordered and discovering out the seller who provides these merchandise. Bots can both ship RFP or generate buy orders mechanically.

Finish-to-end robotic accounting implementation

If the method of switching to an automatic accounting course of sounds daunting, relaxation assured that Intelgic will likely be with you each step of the best way. From discovering your accounting practices to creating and implementing bots and integrating them together with your present system, they do all of it.

However Intelgic’s work would not cease there. Clients can rely on continued assist and coaching with a private contact from an area Utah-based staff — both on-demand or by means of a month-to-month retainer.

Begin saving money and time with course of automation. Go to intelgic.com for a free demo in the present day.

Extra tales you could be occupied with

Leave a Reply

Your email address will not be published. Required fields are marked *