Join the RACE with Robotic Process Automation

Ever felt the itch to dive into the Robotic Automation Consulting Era (RACE) as an advisor, but were deterred by coding complexities? I navigated this landscape without ever touching a line of code, and so can you! In this article, I share how I got started with RPA (robotic process automation), the enormous business opportunity it presents for forward-thinking accounting firms, and what you need to know to get started!

What is Robotic Process Automation (RPA)?

Robotic Process Automation (RPA) is a technology that employs software bots to perform repetitive and rule-based tasks within digital systems, mimicking human interactions. It streamlines processes by automating routine activities such as data entry, file transfers, or processing transactions. By doing so, RPA not only increases efficiency and accuracy but also frees up human workers to focus on more strategic, analytical, and creative tasks. Integrating RPA into a workflow can improve productivity, and cost-savings, and enhance customer experiences in various industries, from finance to healthcare.

When to consider RPA

RPA is appropriate when you encounter the following issues with workflow:

Software solutions like QuickBooks conflict with other operational platforms.
Data integrations do not transfer the exact information you need the way you want.
Administrative staff face the drudgery of repetitive tasks, sourcing data from diverse client-specific software.

And you have likely already provided advice on solutions that included:

Finding and implementing alternative software that provides better synchronization.
Use of Integration that is nothing more than what I call a “Journal Entry Dump.”
The endless pursuit of software support (Good luck with that!)
Hiring custom programmers.
Creating manual work-a-rounds using customized reports, excel spreadsheets, and/or import/export routines. Resigning to manual and daily data-entry Routines.

All of which are painful, expensive, and labor-intensive.

An illustration of RPA at work

In my most recent case:

My client and I struggled to access and copy revenue and collection information from their medical billing & practice management software (AdvancedMD). We needed the information and integration to QuickBooks to include financial data for reconciliation and financial, operational, and budget vs actual reporting.

The promised “integration” was merely a journal entry dump that included three lines: “total revenue,” “total cash,” and “net change to accounts receivable.” Obviously, this lack of information was not going to work. So, now what?

What seemed to be a fairly simple request quickly became a challenge that neither software company could -or would- help us translate (go figure).

Additionally, both my client and I were at the crux of limited staffing. Even if we could create a manual solution, we both lacked the resources and dreaded the assignment of yet another daily, manual task, that could be fraught with errors and lack of timeliness.

Define the problem first

The first step when solving any problem is to define it. I had to visually articulate the flow of what data was needed, and how and where it would come from. So, I created a step-by-step blueprint (with screenshots embedded into an Excel file) that outlined the daily requirements:

1. Excel worksheet 1 - Log in to the web-based medical software and run two custom reports.

2. Excel worksheet 2 - combine the data (two reports) into one Excel file -and- also determine if the result is a positive -or- negative adjustment to accounts receivable

3. Excel worksheet 3 - enter an “invoice” or “credit memo” in QB, based on the results from the prior step.

This likely sounds familiar to you, as I’m sure you’ve conquered a few manual work-a-rounds like this!

Could RPA be the answer?

I had heard about robotic software automation, and I had been meaning to familiarize myself with it, so I decided to investigate a few solutions to see if they could help us automate this daily routine task. I mean, I’m savvy enough to learn how to write a Zapier automation or an Excel batch routine and I wanted to learn if it was possible for me to automate the process myself using an RPA “low to no code” platform. I also needed to know how much of a time investment this would entail for me and whether it could open up additional service opportunities for me.

What I learned was very cool, very technical, and outside of my league. However, I also discovered that I could orchestrate the delivery of the solution to the client with less technical skills than I thought. You may think that offering this type of service is too daunting, but I found that done right, offering RPA consulting services is very doable, even if you don’t have programming or strong technical skills. Let me share what I learned and what worked for our firm.

I called three companies that specialize in RPA, and they shared essentially the same thing, which I have broken down into two main elements, required tools and blueprinting.

Required tools and components to create robotic process automation

RPA Software - first, you will need to purchase RPA software. Prices varied significantly, ranging from $5,000 per automation to $50,000 for unlimited automations.

Dedicated server – you can choose cloud-based or local options. I opted to engage a Microsoft cloud service provider, who was able to set this up for me at a reasonable price, but any cloud provider will work. The server will host your automation software, bots, and RPA coder(s).

Additional licenses - you may encounter the need for ODBC & API licensing fees, depending on the applications you connect to. For example, the QuickBooks API is free, however, the medical billing software my client is using suggests the use of both ODBC & API connections. By the way, we were able to pass all these costs directly to our client.

Once you’ve got the hardware and software you need, you’ll need to hire RPA coders or learn to use the software yourself. You can find and engage coders on a per-project, part-time, or full-time basis. We opted to hire a full-time coder in our firm. In my opinion, taking classes to learn how to use the software yourself is best suited for database experts and coders.

How to work with an RPA developer

It turns out that RPA coders just need a demonstration of the manual process you are looking to automate. In other words, they only needed a copy of the blueprint (the visual demo, I created earlier) to show the process and data we wanted. As a QuickBooks advisor and accountant that has created complex accounting workflows for many clients, I am an expert at this part of the process.

That was it. In about 60 days, we had a working automation. The key to success was staying in touch with the RPA developer, every step of the way. This ensured that the data was copied and translated precisely as we needed it.

The benefits of robotic process automation to the client and the accounting firm

The actual benefits of using RPA for this client were a labor savings of 20 hours per month and a cost savings of approximately $18,000 per year. It eliminates the possibility of errors by replacing manual entries, and it provides the client with real-time data because the process runs automatically.

My exploration and implementation of RPA taught me that I already have the expertise to architect the process and that RPA consulting is a very lucrative venture. This client paid a mid-five-figure up-front fee, along with an ongoing monthly fee. We have established our firm as a niche provider in the healthcare industry, which brings more opportunities for growth.

In the end, the client was thrilled. So much so, that they requested a second robot from me, with additional expected savings of $60,000 per year, and we are already discussing several other automation opportunities.

Get started with RPA consulting in your firm

The bottom line? Don’t be afraid or intimidated by RPA technology. You already know which of your clients’ processes should be automated. Take the leap and talk to your clients about the possibilities. You may be surprised by the response you get.

Offering RPA consulting in your firm will distinguish you as a cutting-edge service provider in your niche. Take full advantage of this burgeoning technology and make yourselves an (even more) invaluable asset to your clients.