Research Article

APPLICATIONS OF ROBOTIC PROCESS AUTOMATION IN FINANCE AND ACCOUNTING

Volume: 14 Number: 1 October 22, 2021
TR EN

APPLICATIONS OF ROBOTIC PROCESS AUTOMATION IN FINANCE AND ACCOUNTING

Abstract

Processes that contain repetitive and well-defined steps are more suitable for robotic process automation (RPA) than others. Many financial processes such as quarterly reports and balance sheet preparation fall into this category. Also, these processes are voluminous, making the benefits of RPA even more recognizable. Financial institutions (FIs) become aware of the benefits of RPA earlier than others and adopted RPA in many of their applications. Account reconciliations, reporting, and tax planning are among the processes that have been adapted to RPA. RPA has been a popular term in the industry for the last few years, only recently has it started to become a technology that’s within the reach of most organizations. RPA market has been almost doubling every year and it is expected to grow by more than 50 through 2020. Growth in the Turkish market is also substantial: between 2018 and 2020 more than 130 top companies have employed RPA robots in their infrastructure. Banks and technology companies in Turkey adapt RPA faster than other sectors, about 50% of the companies that adapted RPA are from these sectors. This paper discusses applications and advantages of RPA by giving examples from the finance and accounting in Turkey.

Keywords

References

  1. Chakroborty, A. (2017). Robotic Process Automation for transforming Financial KPO Industry. Imperial journal of interdisciplinary research, 3(3). Retrieved 11 1, 2020, from http://imperialjournals.com/index.php/ijir/article/view/4013
  2. Dey, S., & Das, A. (2019). Robotic process automation: assessment of the technology for transformation of business processes. International Journal of Business Process Integration and Management, 9(3), 220-230. Retrieved 11 1, 2020, from https://inderscienceonline.com/doi/abs/10.1504/ijbpim.2019.100927
  3. Dogan, P. (2020, October 8). RPA ve AI’ın Buluşması. Retrieved from Medium: https://medium.com/@pinard/rpa-ve-ai%C4%B1n-bulu%C5%9Fmas%C4%B1-fff3f557594
  4. Essaides, N. (2019, April 11). Three Steps To Accelerating The Progress Of Finance Digital Transformation. Retrieved from Digitalist: https://www.digitalistmag.com/finance/2019/04/11/3-steps-to-accelerating-progress-of-finance-digital-transformation-06197683/
  5. Fernandez, D., & Aman, A. (2018). Impacts of Robotic Process Automation on Global Accounting Services. Retrieved 11 1, 2020, from http://ejournal.ukm.my/ajac/article/view/25271
  6. Huang, F., & Vasarhelyi, M. A. (2019). Applying robotic process automation (RPA) in auditing: A framework. International Journal of Accounting Information Systems, 35, 100433. Retrieved 11 1, 2020, from https://sciencedirect.com/science/article/pii/s1467089518301738
  7. Huthwaite, M. J. (2018, April 16). Why Artificial Intelligence is the Anti-Strategy for FP&A. The Online Resource for Modern FP&A Professionals.
  8. Juntunen, K. (2018). Influence of contextual factors on the adoption process of Robotic process automation (RPA) : Case study at Stora Enso Finance Delivery. Retrieved 11 1, 2020, from http://uu.diva-portal.org/smash/record.jsf?pid=diva2:1223866

Details

Primary Language

English

Subjects

Engineering

Journal Section

Research Article

Publication Date

October 22, 2021

Submission Date

March 30, 2021

Acceptance Date

April 14, 2021

Published in Issue

Year 2021 Volume: 14 Number: 1

APA
Doguc, O. (2021). APPLICATIONS OF ROBOTIC PROCESS AUTOMATION IN FINANCE AND ACCOUNTING. Beykent Üniversitesi Fen Ve Mühendislik Bilimleri Dergisi, 14(1), 51-59. https://doi.org/10.20854/bujse.906795
AMA
1.Doguc O. APPLICATIONS OF ROBOTIC PROCESS AUTOMATION IN FINANCE AND ACCOUNTING. BUJSE. 2021;14(1):51-59. doi:10.20854/bujse.906795
Chicago
Doguc, Ozge. 2021. “APPLICATIONS OF ROBOTIC PROCESS AUTOMATION IN FINANCE AND ACCOUNTING”. Beykent Üniversitesi Fen Ve Mühendislik Bilimleri Dergisi 14 (1): 51-59. https://doi.org/10.20854/bujse.906795.
EndNote
Doguc O (October 1, 2021) APPLICATIONS OF ROBOTIC PROCESS AUTOMATION IN FINANCE AND ACCOUNTING. Beykent Üniversitesi Fen ve Mühendislik Bilimleri Dergisi 14 1 51–59.
IEEE
[1]O. Doguc, “APPLICATIONS OF ROBOTIC PROCESS AUTOMATION IN FINANCE AND ACCOUNTING”, BUJSE, vol. 14, no. 1, pp. 51–59, Oct. 2021, doi: 10.20854/bujse.906795.
ISNAD
Doguc, Ozge. “APPLICATIONS OF ROBOTIC PROCESS AUTOMATION IN FINANCE AND ACCOUNTING”. Beykent Üniversitesi Fen ve Mühendislik Bilimleri Dergisi 14/1 (October 1, 2021): 51-59. https://doi.org/10.20854/bujse.906795.
JAMA
1.Doguc O. APPLICATIONS OF ROBOTIC PROCESS AUTOMATION IN FINANCE AND ACCOUNTING. BUJSE. 2021;14:51–59.
MLA
Doguc, Ozge. “APPLICATIONS OF ROBOTIC PROCESS AUTOMATION IN FINANCE AND ACCOUNTING”. Beykent Üniversitesi Fen Ve Mühendislik Bilimleri Dergisi, vol. 14, no. 1, Oct. 2021, pp. 51-59, doi:10.20854/bujse.906795.
Vancouver
1.Ozge Doguc. APPLICATIONS OF ROBOTIC PROCESS AUTOMATION IN FINANCE AND ACCOUNTING. BUJSE. 2021 Oct. 1;14(1):51-9. doi:10.20854/bujse.906795

Cited By