Value Added Tax (VAT) was introduced in the UAE on 1 January 2018 by the UAE Government. This new tax tremendously helps the country grow, and it is one of the best thing that has happened to UAE. But for businesses, filing this can consume a lot of repetitive task. This can be automated with Robotic Process Automation (RPA).
In this article, let us help you with some use cases for taking advantage of Robotic Process Automation (RPA) in handling VAT reconciliation and VAT submission for medium and large organizations.
What is Robotic Process Automation (RPA)
Robotic Process Automation (RPA) is a software-based automation system that can perform repetitive tasks that humans perform everyday. The software works with multiple applications to perform tasks faster, better and in a more efficient way.
To sum things up, here’s what a RPA software can do for you:
- Perform repetitive, structured transactions processes
- Scale up operations and processes rapidly in your company
- Interact with and update multiple applications in a transactional manner to keep everything in sync
- Validate data in places that are complex for people to understand
- Perform calculations faster than humans
- Cut down cost by letting machines handle repeatable processes 24x7
How can RPA help in VAT reconciliation and VAT submission?
RPA has the potential to create a huge impact in filing, reconciling VAT transactions for a company. Here are some of the processes we can automate using Robotic Process Automation:
- Process thousands of transaction and record them in appropriate systems
- Submit VAT forms to the VAT filing portal
- Pull bank statements to calculate VAT
- Process Invoice automatically to verify transactions and VAT calculations
RPA based VAT reconciliation and VAT submission is picking up in the industry with tools like UiPath, Automation Anywhere and BluePrism. Where Skcript helps you is to build a complete end-to-end roadmap of this entire RPA implementation with detailed process workflows that will help your business run faster.
Why deploy robots when there are humans?
There are a lot of reasons why companies prefer bots to do the repetitive tasks than humans. For one, humans are species with intellect, which allows us to think through complex situations and act upon it. Robots does not carry emotions and are extremely faster and good at performing pre-defined set of tasks.
Here are a few more reasons why companies use RPA to help humans perform better:
- Robots operate 24x7
- Robots are super efficient in performing tasks
- The error rates are low when compared to humans
- Robots can use data directly from multiple applications and process data in parallel
- Accuracy is off the charts with RPA robots
- Consistency; you can expect a task to be complete at a consistent time and process without having any second thoughts;
- Reliability; no sick leaves, super high efficiency since bots work 24x7, every single day;
What is the Return on Investment / Business Value for RPA implementation
RPA is a proven technology. Just like how computers replaced calculators for better business efficiency, RPA is being used to build businesses that are faster and better than their competitors.
Here are some quick potential business value or Robotic Process Automation in Journal Entry segment:
- Over 50 percent annual operational productivity gains across the company;
- Implement end-to-end automation; from Record to Reporting (R2R);
- Boost in Productivity; RPA robots are meant to perform tasks faster than humans; this allows us to have 99.99% available throughout the year, and the bots work 24/7/365 with fewer errors and regulatory violations;
- Audit-able logs; bots provide us with detailed logs that helps us audit everything that is happening with the RPA process;
- Reliable and resilient process; RPA bots are configured to interact with systems that the users would have difficulty accessing in some cases;
Skcript bots that are ready-made to process VAT information from various sources, including invoice processing and image processing for documents processing. We have helped banks and other large institutions take advantage of Robotic Process Automation (RPA). Skcript creates customized bots for your business in under 100 days.
How can Skcript help you with RPA
Introducing RPA processes into your business could be a huge challenge. Working with an experienced company is essential to make sure the transition is smooth.
Skcript’s RPA Advisory Services can support you with the challenges, make the transition easy and deliver quality the Skcript way for your organization.
Our experienced RPA engineers and business professionals bring in a unique mix of expertise and an incredible depth of knowledge in RPA to help you implement a RPA process in your business.
Our job is not to make sure we implement RPA in your business, but also to make sure your people are ready before we go live in your organization.
What is the next step?
Our RPA analysts can help you run RPA workshops in your company to see how best we can implement RPA in your company; Reach out to us at [email protected] or fill out the form for us to contact us;