T003 Lever agin g Robotic Pr ocess Au tom ation for Bu sin ess Tr an sfor m ation - SMP Centre
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T00 3 Le ve r a gin g Rob otic P r oce s s Au tom a tion for Bu s in e s s Tr a n s for m a tion Daryl Aw Lecturer, Singapore Polytechnic Diploma in Accountancy
Me e t th e SP Accou n ta n cy te a m
RPA & Caseware Working Papers
Projects team
▫ Tang Kah Heong
▫ Ronnie Hoh
▫ Yew Siew Meng
▫ Germaine Lim
▫ Ho Seow Hui
▫ Lim Cheng Chong
▫ Lee Kok Leong
▫ Daryl Aw
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SP Diploma in Accountancy
P r od u ctivity Sta tis tics
• 36.5 Billion loss in
60% 72% productivity
Time spent on primary duties
• 47.5 work days pe r
Time spe nt on primary dutie s
in Singapore globally on ave rage ye ar comple ting
adminis trative or
re pe titive tas ks
According to The Global Productivity Study by Unit 4 in April/May 2017
SP Diploma in Accountancy
Ch a lle n ge s in th e Accou n ta n cy Se ctor
• Voluminous work
• Manual and repetitive processes
• Hardcopy documentation
• Error prone
• Lack of time and motivation
• High manpower costs
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SP Diploma in Accountancy
Th e b ot: Th r e a t or e n a b le r ?
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SP Diploma in Accountancy
Cu r r e n t Ch a lle n ge s in P os t Covid
Clim a te
• Shrinking size of client’s
discretionary wallets
• Pressure to reduce client fees
• Is this the time to adopt new
tech?
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SP Diploma in Accountancy
Sle e p le s s
n igh ts ?
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SP Diploma in Accountancy
Th e d r e a m
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SP Diploma in Accountancy
Tu r n d r e a m s
in to r e a lity
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SP Diploma in Accountancy
Ca s e 1 – AR Con fir m a tion P r oce s s
Pr ep a r e AR
Fill in em a il Dr a ft ou t Ad d in em a il
con fir m a tion En d
tem p la te em a il a tta ch m en t
tem p la te
Time taken for a typical SMP
= 480 clients* x 4 debtors x 8 mins = 256 hours annually
Times process is repeated
= 480 clients x 4 d ebtors = 1920 times
* on average for a local SMP with 30 staff
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SP Diploma in AccountancyCa s e 2 – Cu s tom e r Du e Dilige n ce
Up d a te e xce l Log in to Au d itor
Op en PDF Bizfile a n d Se a r ch for n e w
Se n tr oWe b
te m p la te in for m a tion a n a lys e s in fo
extr a ct r eleva n t a n d u p d a te En d
with n e w n ew
a n d s a ve a s a n d u p d a te s
in for m a tion in for m a tion PDF con clu s ion
in for m a tion
Au d itor
a n a lys e s in fo
RPA Bot com p letes s tep s 1 to 4 En d
a n d u p d a te s
con clu s ion
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SP Diploma in AccountancyHow m u ch d oe s th e r ob ot cos t?
FREE*
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SP Diploma in AccountancySe le ctin g a
s u ita b le RP A
s oftw a r e
Uipath -
A Ma r k e t
le a d e r in RP A
According to The Forrester Wave™: Robotic Process Automation, Q4 2019 13
SP Diploma in AccountancyWh a t is RP A?
- Virtual Robot
- Mimic Human on PC
SP Diploma in AccountancyWh y RP A?
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SP Diploma in AccountancyEa s e of RP A Ad op tion
▫ Low cost
▫ Code-free – anyone can pick it up
▫ Non-invasive
▫ Increase efficiency and effectiveness
▫ End users can focus on value added or critical issues
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SP Diploma in AccountancyDe m a n d , Dive r s ifica tion a n d Dolla r s
▫ In Asia-Pacific, the RPA market size is
estimated to be US$2.9billion by 2021
and projected to grow 203% by 2021
▫ Provide value to audit client
▫ Retain audit clients
▫ Data entry from excel into
accounting system
▫ Expand your firm’s services
According to The 2018 Deloitte Global RPA Survey in Business Times in April 2019
17
SP Diploma in AccountancyTa n gib le Be n e fits of RP A Ad op tion
95% 93% 81%
Of organizations that Saw improved Say it has reduced
implemented RPA has compliance costs
improved
productivity
According to RPA research carried out by Deloitte, 2018
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SP Diploma in AccountancyWh a t ca n
we
a u tom a te ?
Learning to identify suitable processes
19
SP Diploma in AccountancyId e n tifyin g Su ita b le
P r oce s s e s
Repetitive
Rule-based
Use of structured data
Prone to human errors
Work across different systems
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SP Diploma in AccountancyTh e P os s ib ilitie s a r e En d le s s
Auditing & Corporate Secretarial HR Accounting & Finance
• Customer due diligence ▫ Processing of joiners, ▫ Procurement to payment
• Sending of audit / tax movers, leavers ▫ Order to cash
circulars
▫ Time sheet management ▫ Record to report
• Preparation of confirmations
▫ Benefits administration ▫ Vendor management
• Extraction of data from
accounting systems ▫ Recruitment – back office ▫ Collections
• Corporate secretarial process ▫ Compliance and ▫ Incentive claims
• Generation of leadsheets reporting
▫ Sales orders
• Foreign exchange rate ▫ Personal administration
reasonableness
• xBRLfiling 21
SP Diploma in AccountancyWh o s h ou ld le a r n RP A
Audit Partner Audit Manager Audit assistant Admin staff
Support staff (time, Identify processes to Implement RPA for Implement RPA for
resources, RPA and lead audit processes admin processes
remuneration ) and implementation
change management
22
SP Diploma in AccountancyExtr a ct a u d itor s of a ll th e lis te d
com p a n ie s
SGX website
23
SP Diploma in AccountancyHow lon g d oe s it ta k e
to RP A th is p r oce s s ?
SP Diploma in AccountancyWh a t h a ve w e
a u tom a te d ?
Singapore Polytechnic
Diploma in Accountancy’s
Use Case Scenarios
25
SP Diploma in AccountancyCa s e 3 – Extr a ction of In voice De ta ils
Ma n u a lly extr a ct Up d a te Re p e a t
in voice d eta ils d e ta ils for e a ch En d
fr om PDF in e xce l in voice
RPA Bot com p letes s tep s 1 to 3
En d
Loop p r oces s for a ll in voices
26
SP Diploma in AccountancyCa s e 4 – Ma n a ge m e n t r e p or tin g in
e xce l
Filter a n d
V-look u p exp en s e Pr ep a r e p ivot Pr ep a r e a n d Sen d ch a r t
cu s tom ize En d
ca tegor y in excel ta b le for m a t ch a r t via em a il
d a ta
RPA Bot com p letes s tep s 1 to 5 En d
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SP Diploma in AccountancyCa s e 5 – In cor p or a tion of Ne w
Com p a n y
Extr a ct in fo to Up d a te e xce l Sen d
Ma n u a lly d own loa d Up d a te
com p le te tr a cke r to
r em in d er d ocu m e n ts
in cor p or a tion for m p r oce s s tr a ck En d
d ocu m e n ts a n d d e a d lin e s a n d em a il to b a s e d on
fr om clien t clie n ts r e p ly
con ve r t to PDF e m a ils s e n t clien ts
RPA Bot com p letes s tep s 1 to 5 En d
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SP Diploma in AccountancyHow d o you
ge t s ta r te d ?
A 4-step process to kickstart your RPA
journey
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SP Diploma in Accountancy1 . Id e n tify Su ita b le
Sta ff
▫ Driven and motivated
▫ IT savvy
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SP Diploma in Accountancy2 . Sign u p for ISCA RP A for Au d itor s
▫ 1.5 days practical workshop + 0.5 day RPA Clinic
▫ Learn RPA skills which can be applied across
different processes
▫ RPA solutions to implement at your audit firm
▫ Funding is available
▫ https://eservices.isca.org.sg/courseDetail?course
MasterId=a0g0K00000FKnFkQAL
ISCA RPA for Accountants coming soon
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SP Diploma in Accountancy3 . Im p le m e n t RP A (op tion A)
▫ Start on small processes
▫ Do it yourself - achievable
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SP Diploma in Accountancy3 . Im p le m e n t RP A (op tion B)
▫ Engage Professional RPA Developers
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SP Diploma in Accountancy3 . Im p le m e n t RP A (op tion C) – SP
Dip lom a in Accou n ta n cy
▫ Embark on a student project with SP
▫ Final year projects (1 class + lecturer)
▫ Apr to Aug / Oct to Feb
▫ 22-week internship
▫ RPA andCaseware Working Papers
trained
▫ Mar to Aug / Sep to Feb
▫ SP lecturers as external consultant 34
SP Diploma in Accountancy4 . Ch a n ge Ma n a ge m e n t
▫ Process re-design
▫ Job re-design
▫ Performance remuneration
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SP Diploma in AccountancyCa n SP h e lp th e SMP s m or e ?
Business Accounting
Analytics & Finance
Service
Marketing Excellence & HR
Design
Thinking
bic@sp.edu.sg Business
Productivity
https://industry.sp.edu.sg/ & Supply
Fintech
bic/contact/ Chain Mgt
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SP Diploma in AccountancyCon ta ct SP
Daryl Aw
Lecturer, Singapore Polytechnic
Diploma in Accountancy
Daryl_aw@sp.edu.sg
6772 1843 / 8188 8104
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