Automation

60% of Finance work can be completely or mostly automated according to a recent McKinsey & Company study. About 1/3 of the savings opportunity is from robotic process automation (RPA), such as Power Query. 

Get started with Power Query here.

Source: McKinsey 2018 study

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Power Query provides solutions to problems which accountants historically were not able to easily fix. It no longer has to be done the same way as it was done before.

Common reasons for not fixing data at the source

• Inadequate IT resources to modify reports

        SOLUTION: Power Query

• Low prioritization for fixing reports

        SOLUTION: Power Query

• Too many custom reports become difficult to manage

        SOLUTION: Power Query 

• Report modification capabilities are restricted to select users

        SOLUTION: Power Query 

• GL users don't understand how to modify ERP reports

        SOLUTION: Power Query 

• Report queries are difficult to modify

        SOLUTION: Power Query 

Traditionally, accounting automation required IT assistance or an understanding of writing macros or SQL. Power Query wraps the traditional tools in to a user friendly interface written in plain English that is also easy to alter as business changes.

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💥BEST PRACTICE TIP 

Create queries by connecting to the source whenever possible. Before loading data in to Power Query, evaluate if the data is coming from the best source.  Receiving data directly from a source system is best. 💥 

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With a little investment, you will be part of The CPA Revolution and can add robotic process automation to your resume.



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