Robotic accounting is the buzz2word within accountancy. What does Robotic accounting mean and what role does TriFact365 play in this? Based on the experiences of Kantoor van de Mortel we would like to explain this in this blog.
What is Robotic accounting?
When people talk about Robotic accounting, they often also talk about Robotic Process Automation. Robotic Process Automation (RPA) means replacing repetitive and predictable operations (business processes) with automation (robots). Criterion here is that additional software is deployed alongside existing software.
When do we speak of robotic accounting? Robotic accounting is related to administrative systems and is based on the premise that employees and entrepreneurs are taken care of. In concrete terms, this means that the actions involved in keeping accounts are taken over by a computer. Think of automatic booking proposals based on OCR, artificial intelligence and machine learning as with TriFact365.
Learn more about the future of Robotic accounting, read the blog Robotic accounting as a space race with 4 benefits for accountants.
About Kantoor van de Mortel
The term Robotic accounting has been used and embraced by administration and accounting firms for years. This is also the case at Kantoor van de Mortel, a real Brabant accounting firm based in Deurne. Hans Coppelmans, co-owner, talks about the office:
“In the mid-nineties Kantoor van de Mortel was created from a split off from a larger organization. The passion to continue supporting the small, local SME, and not to go along with a takeover by an international organization, was the reason for this. Kantoor van de Mortel is located in Deurne and 10 employees represent the interests of our clients, SME entrepreneurs. This involves administration, filing of tax returns, preparation of financial statements, payroll administration and consulting.”
First step to automation
Every administrative office today uses accounting software and additional software to support its clients. In the early years, this was software installed on a laptop or computer. Later came server installations for the entire office. Today, most solutions are offered in the cloud.
“Around 2015, we took the first step toward robotic accounting. We then used an on premise scan and recognize solution until 2018. This was satisfactory, but we were looking for a solution that was available in the cloud. It was the wish of our customers to be able to book invoices online themselves. After researching various solutions, our choice fell on TriFact365. This was based on the user-friendliness and rates. The user-friendliness is evident, among other things, in the easy way to link with various accounting software packages. Whether it is AccountView, SnelStart or Visma eAccounting we can link TriFact365 to it. In addition, we keep control because we can step in for customers who book the invoices themselves when needed.”
Benefits of a cloud solution
TriFact365’s scan and recognize solution offers a solution for fully online delivery and processing of invoices and receipts. TriFact365 is constantly evolving with the goal of using our solution to assist offices in their development towards robotic accounting. To achieve this, new functionalities are regularly introduced. For example, our solution provides automatic line recognition and this is supplemented with data regarding ledgers and VAT codes, which are based on historical bookings.
“Robotic accounting, the dot on the horizon for every administrative office.”