Accounting is a language of business, so accounting information must be understandable, relevant, reliable and comparable. On the basis of accounting information stakeholders takes decisions on the basis of requirements. Information generated by accounting must have quality of reliability and must be free from material error and bias so that it can be relied upon by users to represent faithfully that which it either represents or could reasonably be expected to represent. Now-a-days Robots taking hold of the world of learning and interesting discoveries about Artificial Intelligence are making sure that in the days to come manual accounting is going to change through cloud accounting and robotic accounting. Robotic accounting requires Robotic Process Automation (RPA) for working procedure. This paper focus on the concept of Robotic Accounting, its applications and benefits it would ripe.
KEYWORDS: Rural Robotic Accounting, Robotic Process Automation (RPA).
Introduction Today, days have gone by where slow and steady wins the race, especially in the field of business where the slogan has now changed from, "slow and steady", to "the quicker it is the better it is .” In the modern business world where there is a cut throat competition a delay of fraction of a second in generating responding disseminating or adapting to an information may bring down curtains of the business organization, so it becomes inevitable for the practitioners of accounting, which is regarded as system of information generation and dissemination to reckon the need of the hour and develop new and advanced means of information generation and dissemination along with accounting concepts, postulates and principles with the use of cutting-edge technology, which would accounting information more worthy to its users as in modern corporate world information delayed is treated as equivalent to opportunity denied
With ever changing and evolving field of accounting various new methods and facets are coming and taking centre stage and making financial reporting better, easier, and worthy than ever before Cloud Accounting and Robotic Accounting are one of them. Cloud Accounting is a simple way of performing accounting operations through software that is hosted remotely on the cloud – i.e., Internet, instead of using software hosted locally on a desktop where company’s data and concern software stored hard disk of a desktop, with the objective of accessing of these data retrieve at any time, at any place and at any device which has internet connection, whereas robotic accounting requires Robotic Process Automation (RPA) for working procedure.