Financial Services Ireland

The future of tax: Robotic Process Automation

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The future of tax: Robotic Process Automation

Today, humans are the typical vehicle to move data across platforms. Around the time of tax deadlines, teams whose time would best be spent on meaningful tax planning and analysis end up spending far too much time carrying out time-consuming and tedious administrative work. Actions might include logging into a system, downloading information, changing the formatting, reconciling, pushing the data to the next system and repeating the process again and again.

With Robotic Process Automation (RPA), the virtual software BOT can be taught how to do these things for you. Instead of spending time trying to remember various passwords and transfer data across multiple platforms, BOT takes care of that work for you. It performs the activities of its human predecessor much faster, while also improving job satisfaction by allowing teams to focus their efforts on higher-value activities like true tax planning and analysis.

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Benefits of Robotic Process Automation:

Why invest in a BOT? Here are a few of the benefits you can expect.

  • Automated solution works 24/7 driving responsiveness and enhanced processing speed compared to human beings
  • An annual license cost per BOT is more cost-effective than time charged, resulting in an improved margin for your organisation
  • Significant increase in accuracy with on-time delivery
  • Increased capacity to handle significantly higher transaction volume
  • It works with existing IT architecture and there are multiple robotics providers to select from
  • BOT pays for itself within a year
  • BOT creates a fully-maintained audit trail for compliance

RPA is an important tool connecting technologies. There are three costs that organisations should consider in thinking about a BOT:

  • Annual software costs–generally pretty minor
  • Development costs
  • Maintenance costs

Most organisations want to do a proof of concept or pilot project first. This might begin with a conversation with your IT department or other groups internally who may already be exploring these technologies, and lead to a mini-assessment on where you should apply RPA first.

If you have a question about BOT, get in touch.

 

 

Sinéad Colreavy

Director, Business Tax Advisory
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