Sep 13, 2017

Robots finds a welcome reception among China’s finance and tax services

Posted by in categories: business, finance, robotics/AI

In addition to Deloitte, the other remaining big-four accounting firms – including EY, KPMG and PwC – have introduced the technology-driven services in China to businesses ranging from banking, technology, and consumer services.

Mainland based accountants are embracing automation to lower office administration costs and enhance efficiency, moves which are opening the door to a wider embrace of artificial intelligence (AI).

Delixi Electric, a manufacturer of low-voltage electrical products, is banking on robotics to trim time needed for tax invoice issuance by 75 per cent. The Zhejiang province-based company needs to issue more than 5,000 value-added-tax invoices to more than 600 clients nationwide monthly.

A human needs 20 minutes to issue each invoice, which entails information collection, verification and recording. However, the same work can be done in five minutes by a robot, according to Deloitte, the robot supplier.

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