We understand the roadblock in terms of a full-scale RPA implementation for financial reporting is a belief by accounting leaders that the process must be standardised before it is implemented.
Gartner Interviewed CAOs and controllers concluded that a common belief that without standardised processes, the failure rate due to exceptions was much more likely.
These potential failures within financial reporting processes were viewed as riskier compared with other automation opportunities due to the risk of financial misstatements or missed reporting deadlines.
“By implementing RPA on the processes that can be automated from day one, accounting teams can immediately free up capacity with a minimum of disruption that typically occurs when new process standards are introduced,” said Mr. Gannon.
“This ultimately increases speed to adoption and the benefits that come with RPA.”
Finance departments can save their teams from 25,000 hours of avoidable rework caused by human errors by deploying robotic process automation (RPA) in their financial reporting processes, according to Gartner, Inc.