The rise of automation in accounting is a trend that has been gaining momentum in recent years. With the advent of new technologies such as Robotic Process Automation (RPA), organizations are now able to automate many of their accounting processes. As you can imagine, this has led to a huge increase in accounting efficiency, accuracy, cost savings and many other advantages.

ACCA Global claims that the rise of automation in accounting has been driven by advances in technology, such as Invoice Processing and Accounts Payable automation. A number of surveys suggest that more transactions are being processed automatically and more reporting is being done by machines, with smart machines working alongside humans to help make Finance increasingly effective and productive.

The use of automation in accounting has also led to the development of new skills, amongst them being data analytics. The ability to work with large datasets is becoming a vital skill in all sectors, which requires knowledge of common reporting tools and experience with cloud-based ERPs (Enterprise Resource Planning software).

In conclusion, the increasing use of automation in accounting is a trend that is here to stay. It provides several benefits that can help businesses run smoother and be more productive. It can reduce errors, improve compliance, provide real-time data and insights, and enable accounting departments to scale their operations as companies grow. 

As we look to the future, and as technology continues to evolve, we can expect to see even more automation in the accounting industry.

Red Dot Now provides accounting, payroll and tax compliance services using the best of breed online technology.

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