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IMA: transforming finance with RPA technology

The Institute of Management Accountants (IMA), announces its recent report detailing the sustainable benefits of RPA for transforming finance.

|Jul 21|magazine7 min read

In a recent report conducted by the Institute of Management Accountants (IMA), the company highlights how robotic process automation (RPA) presents a clear and sustainable path to transform the finance function. 

Within the report titled ‘Transforming the Finance Function with RPA’ the company details the technology’s capabilities and software, as well as explaining its impact on the finance and accounting function, including its applicability to specific processes.

“Finance and accounting professionals are performing tedious manual processes daily, spending less time on higher-level, value-added tasks for their businesses,” explains IMA in a company statement. With the use of RPA, organisation’s can automatically complete less complex business processes, to help increase operational efficiency and generate financial savings.

With many organisations yet to implement RPA or realise the benefits, the report also provides an implementation blueprint for RPA at scale for large and small businesses to demonstrate how finance and accounting professionals can achieve the most value from RPA technology.

“In today's business environment, accounting and finance professionals are being asked to do more with less, and many are just treading water," said Loreal Jiles, Director of Research, Digital Technology and Finance Transformation at IMA and author of the report. "This report is intended to be a comprehensive guide for finance professionals to begin using RPA to lighten their loads and focus on more value-adding work."

The report ends with action items finance and accounting professionals for those looking to learn more about RPA technology.

"RPA has plenty of potential and can be simple for all enterprises," continued Jiles. "Unlike other digital transformation projects, initial RPA pilots can be implemented in a matter of days for well-documented processes, and RPA skills can be developed in a few short weeks, rather than months or years."

Alongside the report, IMA has launched an NASBA approved online course series to provide step by step and holistic guide to implementing RPA into an organisation. 

To find out more about the online course series, click here!

To read the full report, ‘Transforming the Finance Function with RPA’, click here!

About the Institute of Management Accountants (IMA)

Founded in 1919, the Institute of Management Accountants (IMA) operates within Asia Pacific (APAC), the Americas, Europe, the Middle East and India. IMA is one of the largest and respected associations that focuses exclusively on advancing the management accounting profession. IMA provides support via research, the CMA and CSCA programs, continued education, networking and advocacy of the highest ethical business practices. 

IMA’s global network has over 125,000 members in 150 countries, with 300 professional and student chapters.

To find out more about the Institute of Management Accountants (IMA), click here!

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