Robotic Process Automation (RPA) is the use of software to automate high-volume, repetitive tasks. In Tax, RPA refers to software used to create automations, or robots (bots), which are configured to execute repetitive processes, such as submitting filings to tax authority web portals.
Bots are scalable to relieve resource constraints and save both time and money. As little as a ninth of the cost of an on-shore resource, and a third of the cost of an off-shore resource, robots can undertake a much higher volume of tasks than any human, operate 24/7 (never stopping for a coffee break or taking a sick day), and in side-by-side comparisons, have exhibited greater accuracy.
Automation can therefore free up a business’s tax team to focus on the higher value work, such as research, or planning and analysis.