FINANCE
Robotic revolution set to reach the back office
Fast-learning robots are set to shake up the way firms of all sizes manage their finances in the near future, according to chartered accountants Newby Castleman. The Leicestershire-based firm is encouraging its clients to familiarise themselves with Robotic Process Automation (RPA), after HMRC announced plans to trial the software. RPA technology uses smart software to learn how to undertake
repetitive tasks. The exploration of RPA is part of a wider emphasis from HMRC on the digitalisation of tax. It follows the launch of ‘Making Tax Digital’, a Government initiative with the aim of transforming the tax system and scrapping the traditional Tax Return before 2020, by using online software to record companies’ tax data in real time. John Griffin, Partner at Newby Castleman, said: “We have been keeping
our eye on developments with regards to RPA for some time now, and the fact that HMRC is now investigating its use tells us that this technology has reached a watershed moment and is on the verge of becoming mainstream. “In the vast majority of cases, RPA won’t
replace human workers – it will just redefine job roles, take away mundanity and offer the benefits of reliable, up-to-the-minute data that businesses and their accountancy partners can work with. “Businesses need to be
aware of RPA and those that can absorb the set- up costs should consider the long-term benefits of this technology in terms of back office administration.”
UK businesses urged to check insurance cover
Leicester-based Towergate Insurance is warning businesses that the drop in the pound could leave many underinsured, with the financial market’s nervous reaction to the Brexit vote a year ago leading to the pound falling by around 15% against many other currencies. This leaves businesses that
import goods from overseas, priced in a foreign currency such as the euro or dollar, facing a higher risk of being underinsured because the sum insured for those goods will be valued in sterling. Discovering the shortfall can
have a huge financial impact because the size of the claim is likely to be reduced. Andy Bedford, Managing
Director of Towergate, said: "Underinsurance can have a devastating effect on businesses if they need to make a claim. We would strongly urge businesses to check sums insured so that adequate cover is always in place.”
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business network September 2017 57
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