In the current technological environment, fully automated accounting has become as feasible as a mass-produced product. Discover the capabilities of tMentally’s  Robotic Accounting Hub. A team of A.I. agents that work synchronously to keep SMBs book in order! 

We are witnessing a significant transformation in the digitization of processes and the industrialization of accounting services, reminiscent of key historical shifts. This era bears similarities to the mechanization of industrial processes during the late 1800s Industrial Revolution. For example, the mechanization of the loom drastically increased production, reduced manufacturing costs, and altered consumption styles among the general population. 

The economic repercussions of these changes were profound, leading to the exponential growth of the textile industry, accelerated urbanization, and a fundamental shift in labor dynamics as societies moved from agrarian to industrial economies.

More recently, Germany provides an illustrative contemporary example, where fervent academic debates and industrial innovations associated with Industry 4.0 are setting precedents.

*By Industry 4.0 we mean the combination of the Internet of Things, big data, social media, cloud computing, sensors, Artificial Intelligence, and robotics applied to the production, distribution, and use of physical goods.  

A revolution that means increased efficiency, first and foremost, then also increased profits: the German Federal Ministry of Economic Affairs and Energy estimates that over a ten-year period the market potential of Industry 4.0 technologies in Germany will be nearly 45 trillion euros encompassing various economic indicators such as GDP growth, export revenues, and overall economic output influenced by the adoption of these technologies.

What does increased efficiency mean?

First and foremost, reduced operating costs, but also faster responsiveness to market needs and opportunities for greater product customization, which then becomes more effective for the end consumer. 

The good news is that this revolution also has a definite positive impact on the daily work of the accountant. We are in the midst of an era of industrialization of accounting services, which as a result leads to  improved  advisory services offered to clients. 

Robotic Hub Accounting, the technology enabling the industrialization of book-keeping.

Do you remember the futuristic automobile production lines from the 1950s in Japan, where robots worked side by side with humans? Today, this scenario can be perfectly replicated in an accounting firm or any company with sufficient book-keeping , thanks to the Accounting Robotic Hub.

A Robotic Hub is a fully dematerialized (i.e., completely digital) robotic powerhouse, where a set of robots replicates the work traditionally done by human accountants. At its core, the robotic hub encompasses a variety of functions, such as:

• Intelligent robotic recording of invoices 
• Intelligent robotic recording of receipts 
• Robotic bank reconciliation

Massive import of data from the italian tax electronic exchange on the Internal Revenue Service website. Analytics Dashboards monitor  the industrial process. They provide  process analytics of  the daily accounting robot services and  all its activities.

Practical example.

Imagine a scenario where an Italian accounting firm is overloaded with work during the run-up to a tax deadline, a common situation during the tax return period. During this time, all employees are intensely focused on retrieving information from companies and private taxpayers. We are all familiar with the typical peaks in workload for accountants and tax consultants: everyone is working tirelessly, and overtime hours are mounting.

Now, let’s envision that we can delegate all the book-keeping  tasks to a robot.

All a firm employee needs to do is click a button to activate the Robotic Accounting Hub once and for ever. 

Once activated, robotic accounting associates take over, handling tasks such as downloading statements, extracting data from the italian tax electronic exchange, classifying  invoices and receipts , and even performing error-free and autonomous bank reconciliations.

Clearly, the capabilities of such a system extend far beyond any module in AI currently offered by existing applications in the Italian Market.

How and why the idea for this Robotic Hub?

By now, nearly all categories of self-employed taxpayers are required to use electronic standardized XML  invoices in Italy, transforming a document that was previously difficult to catalog, standardize, and digitize. Traditional paper invoices had long obstructed any attempts at reporting or automation.

With the advent of standardized XML electronic invoicing in Italy, terabytes of data are now readily available in the correct electronic format, ready to be processed by digital workers at a fraction of the cost associated with paper-based data handling.

Indeed, every Industrial Revolution requires a suite of intermediate technologies crucial for facilitating the major shift to a new paradigm of productivity.

​​Who Can Benefit from a Robotic Hub?

It is a common misconception that Accounting Robotic Hubs are exclusive to multinationals and large corporations. Today, advances in technology have democratized accounting automation, making robots accessible to SMEs and professional practices such as CPAs at reduced costs.

Nevertheless, there are still barriers to entry. An Accounting Robotic Hub is best suited for firms that are committed to industrializing their accounting processes and are genuinely interested in enhancing the efficiency of their operators.

Naturally, not all entities are ready for such change. Despite the undeniable short-term benefits, many hold on to the belief that “it has always been done this way,” leading to entrenched processes. Firms with this mindset are unlikely to embrace the innovation that an accounting robot represents.

Furthermore, organizations that excel in both innovation and process management—where processes are systematically controlled—are prime candidates for a Robotic Hub.

A firm looking to adopt an accounting Robotic Hub should be keen on strategically training its employees, focusing on profit generation and the growth of individual professional skills, particularly in IT, which is crucial in today’s market.

Ultimately, only those firms that aim to lead through service innovation and have a management structure that prioritizes Key Performance Indicators (KPIs) for measurable results will truly benefit from implementing a set of accounting robots.

In the landscape of Italian professional firms, it is rare to find all these characteristics simultaneously. However, the key prerequisite is the willingness to embark on a new strategic path. Training for an accounting Robotic Hub is readily attainable, much like how workers during the first Industrial Revolution learned to operate the mechanical loom.

What is the real economic value of an Accounting Robotic Hub?

Once repetitive and tedious functions are automated, an accounting robot enables an accounting firm to make three gains:

1) Sell value-added activities with the time saved 

2) Increase the number of accounting clients. 

3) Introduce flexibility in ‘staff working hours by making room for flexibility models for categories of workers who need such flexibility

The situation in the Italian business fabric is moving in this direction.

It is well-known that many companies in Italy require accounting services that can deliver first notes and balance sheets almost in real-time, not only to enhance their creditworthiness but also to gain greater visibility on liquidity.

This is precisely where an Accounting Robotic Hub becomes an invaluable ally for accountants in advisory. Such technology enables accountants to transition into a role as strategic partners for businesses, aiding in their growth and not merely acting as traditional bookkeepers. The increasing demand for corporate controllers and financial advisors appears to directly respond to this need for more value-added and strategic accounting services.

Benefits of a Robotic Hub in numbers

Increased productivity from 150% to 500%, depending on the volume of accounting tasks and the preparedness of your employees. Such a significant boost in productivity is unattainable with management-only functions, as detailed in our related article.

Profit increases ranging from 10% to 40% are possible because, with the same number of employees, a firm can manage more clients through a convenient, robotic service hub that provides complete visibility into all information.

Monitoring and optimizing processes become continuous; by measuring, we improve consistently.

The speed of accounting operations is significantly increased; an Accounting Robotic Hub enables real-time accounting, allowing for up-to-date financial statements that meet the exact needs of banks.

Standardization of service addresses a common issue in firms where not all employees perform tasks uniformly.

Operating costs decrease naturally as a result of increased accuracy and speed in all processes.

Flexibility in deployment models provides the space and access needed to meet various operational needs.

Greater independence from software vendors: An Accounting Robotic Hub allows firms to manage their data in-house, avoiding the lock-in dynamics often imposed by traditional software vendors.

How do you implement an Accounting Robotic Hub?

Mentally.ai offers several solutions for accountants and businesses. 

Mentally offers a turnkey solution with a digital accountant who will monitor your accounting robot.

For complete customization, Mentally.ai also offers custom robots, “written” tailored to your firm’s needs, and to any type of management system. 

Contact us to find out more!