Robotics

Robotic accounting, or robotic process automation in accounting, is defined as the use of

automation applications, like UiPath and Blue Prism, to reduce the amount of human labor
required to process accounting and finance department transactions. What does that mean in
plain English? Just think of “accounting robots” as a tool that can reduce the effort needed to
move routine data between different accounting systems and outside applications, instead of just
being confined to one.
Example
Controller function RPA use case example 
Manual work time required to process weekly invoice data feed validation comparisons
to previous week invoices received were reduced by installing an accounting robot that
automatically reconciled the current period feed against the last period once the controller
opened the file. The robot then spit out any exceptions or rejections that required human review
if they did not reconcile automatically.

Artificial Intelligence
AI is not only software that can draw conclusions from large quantities of data and adjust
its activities based on those conclusions, but it's also a system that can learn quickly in real time
and be applied to an entire organization.

Example
Streamline data entry and analysis
Artificial intelligence helps financial manager stay on top of transaction amid system that
are tedious and time-consuming. Instead of financial data spread out over multiple documents,
PDF’s and spreadsheets, machine learning – a branch of artificial intelligence – extracts data
from receipts images, automatically classifies it based on spend category and populates reports
for analysis in one place.
These comprehensive reports can provide businesses with smart insights to improve
financial planning. Machine learning also draws deeper insights as it processes data over time,
meaning businesses can gain a comprehensive view into a long-term spending pattern and
accounting staff can provide even greater value to organization by advising clients on optimal
budget forecasting.

Internet of Things
IoT refers to a system of interconnected devices, appliances, or machines that
communicate with each other and exchange data without the need of any human intervention.
Though various components of this technology, such as tracking devices and pacemakers, have
been in existence for several years, IoT can make it reach its full potential when the devices are
connected via the Internet.
It is believed that IoT can remodel the accounting and billing industry. Since it connects
all devices on a global scale, the data harvested by each connected device can be translated into
stellar strategies. IoT can be used with suitable accounting software to automate the process of
accounting and billing to improve its overall productivity. Thus, IoT has the potential to enhance
the accounting system in many ways.
Examples
Stress-Free and Seamless Accounting
This process could be hassle-free if all the ledgers were connected; transactions and other
entries like donations were recorded, sorted and verified in real-time; and the status of each
transaction was trackable. This would save plenty of time as well as efforts of the entire team and
even reduce the paperwork involved. Well, IoT has the power to make all this possible.

Virtual Reality
Virtual reality is a digital environment where the users are introduced to a simulated
environment. Virtual Reality makes its users as part of its experience rather than a person who
is viewing it.
Virtual Reality will induce more automation in the field of accounting and finance in
the coming years. VR will make the tasks of Inventory, invoicing, customer management,
auditing, and other tasks efficiently.

Example
1. Inventory

Updating real-time inventory or checking inventory for bulk orders is still a lengthy process.
VR will let the accountants know the status and the value of inventory in real time. VR will
reduce the cost of hands-on physical inventory and transportation cost. The customer can view
new products and its specifications in a flick of a finger. This not only enhances customer
experience but also saves the business from the inventory related expenses.

Augmented Reality

For many, the term “augmented reality” may conjure images of slick presentations of
data—digital images overlaid on live video or projected on glasses, for example. But that is only
one facet of AR; it has the potential to provide far more value to today’s workplaces. AR can
integrate digital information into the ways in which workers perceive the real world, enabling
them to seamlessly use that information to guide their choices and actions in real time, as they
accomplish tasks.

Example

Telescope - AR can offer an opportunity to see and use information in a new way. AR presents
digital information to workers by overlaying it on their view of the real world.

References:

https://thelabconsulting.com/robotic-accounting-5-use-cases-case-study-examples-rpa-finance-
accounting-departments/

https://www.accountingtoday.com/opinion/3-ways-accountants-can-implement-ai-today
https://www.business.com/articles/ai-and-accounting/

https://dzone.com/articles/how-iot-will-impact-the-accounting-and-billing-sys

https://blog.zaperp.com/accounting-in-virtual-reality/

https://www2.deloitte.com/insights/us/en/deloitte-review/issue-21/augmented-reality-at-
workplace.html