There are particularly busy times when days are spent recording rental contracts, overseeing contributions and managing withholding taxes. But the real world presents even more challenges: complex analyses meant to prevent corporate crises, burdensome tax disputes and an ever-growing number of certifications.

Navigating such a complex regulatory environment can be overwhelming, hence the growing demand for tools that are both innovative and cost-effective. Let us consider the accounting profession: Robotic Optimization in the Accounting Sector has made it possible to cut costs by 70%, to a staggering 30% compared to traditional methods. Robots like the ones developed by mentally.ai aim to reduce the need for additional administrative staff. Thanks to accounting software packages, firms are managing unprecedented volumes – up to 250,000 invoices and 200,000 annual bank transactions with just one human operator. 

With that being said, in a world where intelligent process robotization is becoming pervasive, mere efficiency cannot and should not be the only guiding light. Leveraging AI for Efficient Accounting Processes can be extremely beneficial, but there’s a human dimension, critical and irreplaceable, that remains fundamental. Here, Outsourcing Strategies for Contemporary Accountants emerges as an effective response. By entrusting certain tasks to specialists in the field, accountants can free themselves from the chains of routine, directing their keen analytical skills towards challenges of greater scope and depth. We are facing a new technological era where outsourcing promises to enhance that essential human touch, blending expertise and sensitivity into a higher quality service.

Value-Added Services in the Technological Era of Accounting

The accounting and tax landscapes have never been static, but today, more than ever, they are evolving at a remarkably fast pace. Not only are requirements becoming increasingly complex, but clients’ needs are evolving on a continuous basis. With challenges like intricate VAT calculations keeping professionals busy, there’s a growing need for assistance in sourcing capital, managing loans, and ESG.

The intensity of client-follow up deepens. The substantial and constant workload often impinges on service quality, occasionally resulting in sterile, superficial relationships with one’s clients. The professional is no longer a mere executor but a comprehensive consultant. At this point one is bound to ask oneself: how to address this transformation?

At the heart of this evolution, two solutions emerge. The first one has to do with staff training and job specialization. While some in the sector might choose to hire new staff with specific skills, especially related to ESG, another approach could involve retraining existing staff.

The second solution, and perhaps the most suitable one for a broader range of situations, focuses on outsourcing. However, there’s no need to look for outsourcing solutions abroad. Robotics specialists, like those at Mentally, are growing in numbers, combining deep accounting knowledge with fine expertise in robot management. With their blend of accounting and IT skills, these “bot operators” are able to leverage robots’ remarkable potential, often using AI and human-machine interface technologies with great agility.

Addressing Common Concerns with Accounting Outsourcing

Despite its obvious benefits, the idea of outsourcing has occasionally been met with skepticism by accounting professionals, with objections being primarily driven by widely-held traditional views. 

Loss of Control and Visibility: Accountants fear that by entrusting accounting to robots, one may lose direct contact with data and, consequently, control. However, this happens to be a very distorted view of the matter. Robots, besides ensuring precision and consistency, provide a wealth of background information and statistics. Contrary to what one might think, using robots not only compensates for the “loss” of information resulting from the non-manual review of each invoice, but even expands it. Thanks to the processing capabilities of robots, it is now possible to obtain syntheses and overviews of both data and writings that were previously considered unthinkable. The truth is that the adoption of such robotic solutions grants accountants a better understanding of the inner dynamics of the firms they follow.

Loss of Ownership and Control of the Client: Another common objection stems from the widely-held fear of losing one’s bond with one’s clients. Some professionals believe that, by delegating accounting, they may lose ownership towards their clients. However, this is a shortsighted view. It is precisely the value-added services and special attention that professionals offer their clients that allow them to maintain and expand their client bases. Freed from routine tasks, accountants can shift their focus towards consultancy, forging more profound relationships based on trust, expertise, and a deeper understanding of their clients’ needs. This way, clients are bound to regard their accountants not only as mere operators but as real partners.

Increased Cost: The idea that adopting robotic solutions significantly increases a firm’s costs is a persistent myth. While it is true that an initial investment is required, the benefits in terms of efficiency, time saved, and increased ability to provide value-added services far outweigh the costs. With potential cost reductions of up to 70%, and the possibility to take on more clients and increase revenue, the return on investment is substantial.

Precision and Efficiency with Mentally’s Robotic Solutions

Mentally is reshaping the field of accounting outsourcing. Its combination of robotic technology with a comprehensive accounting outsourcing service provides an effective and competitive solution.

Here’s how Mentally’s robot can make a difference in accounting:

• Efficiency: With the ability to handle complex accounting tasks, the robot eliminates the need for a large team of professionals.
• Control: Every operation is carefully monitored, ensuring a clear view of operational flows.
• Precision: Technological intervention significantly reduces the margin of error, ensuring reliability in the process.

Mentally’s outsourcing service, supported by our robot, is designed to meet the unique and evolving needs of accountants worldwide, allowing them to focus on more strategic aspects of their profession.

If you wish to explore how Mentally can support your accounting business, we encourage you to book a consultation session.