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industry

Accounting Firms

Transforming Productivity and Profitability for Accounting Firms

The Accounting industry continues to evolve at a rapid pace. The last few years has seen several significant changes. Technology enhancement has driven changes across both the Practice and Client landscapes. SMB adoption of cloud-based Finance Software has created new opportunities for firms to automate their service delivery to clients. At the same time, creating both the opportunity and imperative to adapt their business model to providing differentiated Advisory services rather than a sole focus on Tax and Compliance.

Robotic Process Automation (RPA), often confused or conflated with AI, offers enormous potential to Accounting Firms. Mid-tier Firms typically run at 60-80% of cost base being salaries, at a time when societal changes have made this one of the most challenging times in recent history for Accounting Firms to attract and retain the staff required to drive growth. RPA Robots can complete much of the high volume repetitive work that exists in practice and provide a low cost alternative to “”Offshore staffing”” and has a very significant and current value proposition for Accounting Firms. Generative AI though still in its formative stages, is showing early promise without yet reaching the maturity of RPA. Data Analytics and Environmental Social Governance (ESG) Services provide additional service lines, particularly for those Firms that free up staff capacity to offer clients such Advisory services via Automation.

Valenta Accounting Robots offer

Significant Versatility - with

20-30

processes that can be automated in the typical ANZ Accounting Firm

Huge Operational Cost Advantage - these 'Digital workers' produce

10-20

times the output at around half the 'salary' of one human colleague.

Proven Experience - over

100

Robot projects delivered to ANZ Accounting Firms

We Help Address Key Challenges in Accounting

Attracting new clients

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Loss of productivity due to repetitive tasks

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Attracting and retaining quality staff

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Maintaining data accuracy

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Limitations of existing software platform

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Removing data duplication and inconsistencies

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author
Client Name, Designation Company Name

Our Services for the Accounting Industry

Robotic Process Automation

Valenta’s RPA solutions take on any manual, repetitive processes that accounting firms rely on people to do today – freeing up valuable time for staff to focus on more strategic work

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Conversational AI

Valenta’s Conversational AI solutions understand, process, and respond to voice or text inputs in natural language – allowing companies to deliver exceptional customer and employee experience with 24/7 availability and unmatched efficiency

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Data Analytics

Valenta’s Data Analytics service accelerates visibility and drives better insights and decisions from the data across the entire business

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So what exactly is Robotic Process Automation (RPA) for Accounting Firms?

Robotic Process Automation is a technology that mimics the way humans interact with computer applications to complete high volume, complex, repetitive tasks (Accounting Practices are full of them!)


Often confused with “AI”, RPA is actually a separate technology category and has been in use, at scale, in large enterprise for a few years ahead of the more recent wave of interest in Generative AI technology, such as ChatGPT. According to Gartner, RPA is the fastest growing sector of the Enterprise software market. The combination of these, often referred to as “Hyper Automation” will provide even greater opportunities for Accounting Firms.

The “Big 4” have not only driven the growth of RPA via their consulting divisions but have extensively used RPA internally. They have automated hundreds of processes across all key functional areas of the Firm (e.g. Tax/Compliance, Audit) reducing average start to finish processing time by over 80% (Social Sciences Research Network). They have slashed operational costs and dependence on offshore processing as a result.

Valenta have built a managed service and commercial model that brings the capabilities of RPA to mainstream Accounting firms. Arrange contact with our Team to find out how you can deploy a Robot workforce in your practice.

What have other ANZ Accounting Firms achieved with their Valenta Accounting Robot?

Accounting Firms
  • 1 Valenta Robot
  • 4 Process delivered to date and one in development
  • First Process deployed more than paid for the Robot replacing the work of 1.2 FTE at a monthly cost approx. half FTE salary
  • Subsequent Processes replaced the work of a further 2.8 FTEs (monthly cost still approx. half FTE salary)
  • Less than 50% Robot capacity currently utilised.
  • 1 Valenta Robot
  • 1 Process delivered to date across 6 locations
  • Workload of 7 FTE currently replaced at a monthly cost approx. half FTE salary
  • Initial Process continuing to be rolled out across further offices with 2 more Processes being scoped.
  • Less than 50% Robot capacity currently utilised.
  • 9 Processes deployed to date
  • First two Processes more than paid for monthly Managed service fee of Robot.
  • Approx 4 FTE effort replaced to date
  • 8 Processes Deployed across Tax/Compliance, Wealth Management, Internal Admin, SMSF Management
  • Approx 6 FTE effort replaced to date
  • Multiple other processes in scope including multiple in Payroll

Case Studies & Insights

Valenta Accounting Robots in Action!

Video-Testimonail
Coming Soon
Valenta Robot Completing end to end BAS Process

Client estimate this Business Activity Statement process averaged approx. 1 hour. Robot completes the same task in approx. 8 minutes.

Why Valenta for the Accounting Industry

Agility & Reponsiveness

Our Managing Partners are located in nearly every major market in order to be able to collaborate with you efficiently and to ensure timely response and delivery from the team.

Relationship Focus

Valenta’s Managing Partners are focused on building long-term relationships and offer unmatched experise across nearly every business vertical, allowing us to resolve challenges, enhance efficiency, and minimize costs for our clients.

Global Coverage

We have 48+ offices and 8 service centers in 17 countries across the Americas, UK, Europe, India, Australasia, and growing.

Customer Centric Approach

Our holistic approach is centered on the specific needs and requirements of each client, and Valenta offers unmatched flexibility in our engagements to make it easy and risk-free to work with us.

Hybrid Solutions

Valenta offers a comprehensive set of business solutions ranging from Process Consulting, Automation, Digital Transformation, and Staff Augmentation that can all work together to provide the best solution to fit your needs as you navigate through business transformation.

The Valenta Way

With over 150 combined years of experience working with SMB and mid-market companies around the world, our team created the Valenta Way to ensure we collaborate most effectively, efficiently and consistently with every client.

Talk to an Expert

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John-Waterworth-2

John Waterworth

Managing Director
Practice Lead for Accounting New South Wales

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FAQ

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