A Nottingham based accountancy firm has made a new appointment to its team…one that never makes a mistake and does not need to have a tea break!
Turning Point Accountancy Services, located on Highfields Science Park, has partnered with one of its customers, fellow Nottingham company The Robot Exchange, to integrate the use of artificial intelligence in the form of software robots within the business to automate routine and back office functions. The innovative appointment makes Turning Point Accountancy Services one of the first such practices in the country to use Robotic Process Automation (RPA) as part of their firm’s internal processes.
With a bespoke design to meet the needs of individual businesses, the deployment of robotic automation will improve accuracy for clients and increase overall efficiency. For the qualified and skilled staff at Turning Point Accountancy Services it means that they have been ‘freed up’ to devote their time to high value activities such as in-depth analysis of customer finances and to provide an even more personalised service.
The AI project, which has been developed by The Robot Exchange, headquartered on Toll House Hill in the city centre, is an application which will run across all Microsoft office applications and automates the administration and repetitive office work. For example, the robot can take data from an Excel spreadsheet and automatically populate this information into cloud accounting software such as Xero or QuickBooks.
Christopher Salvidge, senior accountant and manager of the project at Turning Point Accountancy Services comments: “Technology is a growing part of any modern business and for an accountancy firm it is no different. Accountancy is becoming a more exciting and innovative environment and at Turning Point Accountancy Services we are keen to keep on trend. Robot automation is just the first step in our aim to use technology and AI to streamline our business.
“It is an exciting opportunity to work with The Robot Exchange as they are developing unique tools that are ground-breaking and cost effective, all delivered in a professional and streamlined service. From the initial assessment of our business processes and needs by the The Robot Exchange, through to the building of the robots which specifically meet the needs of our business, together with the ongoing support we receive, we are confident our decision to use robotics technology has paid off.”
Founder of The Robot Exchange, Andy Wallace, is delighted to have liaised with Turning Point Accountancy Services to introduce Robotic Process Automation. Through this collaboration Andy is aiming to further develop the technology and make his robots available to businesses across a wide range of sectors.
Andy Wallace comments:
“We have developed the robots to be 100% accurate across a range of business processes and, of course, being a robot, they can run at night so that administration can be completed outside of office hours, saving companies valuable time. We see huge potential for Robotic Process Automation in all manner of businesses and our work with Turning Point Accountancy Services is an illustration of how we can enable small and medium sized companies to access this new technology and bring a multitude of benefits to their business,”
Robotic automation is forecast to become more commonplace within UK businesses due to the time advantages and associated cost savings. Since it started trading in January 2018, The Robot Exchange estimates that it has already saved its clients £932,000 on the cost of running their back-office processes.