Application of Robotics in Accounting and Auditing of Business and Financial Information

Today is the day in which all the business organizations are running behind the technology for achieving its goal by the rendering of goods and services in an efficient manner. But not all the functions of business organizations have adopted the technology. For instance, accounting and auditing functions are paper-based in most of the organizations. The paper-based accounting and auditing function require high human effort, time, and energy and cost because it involves repetitive clerical tasks and it is also highly impossible to get high accuracy. The accounting and auditing function is one of the important functions in par with the main operations of the business because it speaks about the soundness of the operations and “true and fair” view of its operations and its financial conditions. Conventional accounting and auditing are still suffering from various problems such as paper-based time-consuming work, difficulty in maintenance of books of accounts, check-list manner of verification of business and financial transactions etc., so the present paper is intended to analyze the benefits of application of robotics in accounting and auditing of business and financial information