How Squack is Revolutionizing RPA for Accountants
Accountants are no strangers to the tedious work that comes with processing large amounts of financial data. From categorizing bank transactions to reconciling ledgers, these tasks are essential but time-consuming. That's where Robotic Process Automation (RPA) comes in - it's meant to automate these repetitive tasks and help accountants save time and focus on more important tasks. But traditional RPA tools come with a steep learning curve and require coding skills, making it challenging for non-technical accountants to use them effectively. That's where Squack comes in - a natural language RPA tool that uses large language models (LLMs) to create complex automations using everyday language. In this article, we'll explore how Squack is revolutionizing RPA for accountants.
Company Launches: Squack - Natural Language RPA Tools for Accountants
Founded in 2022, Squack is a San Francisco-based start-up that's making waves in the accounting world with its innovative RPA tool. The tool uses LLMs to enable accountants to build and fine-tune automations with plain language, eliminating the need for coding skills. For example, a bookkeeper with no coding experience can use Squack to create a workflow that processes a bank ledger and automatically categorizes transactions in just a few sentences. The founders of Squack are three long-time college friends who lived in the same house at Caltech - Eitan Borgnia, Elijah Sorey, and Preston Zhou. They have a strong background in machine learning and a passion for using AI/ML tech to solve technical problems.
The Problem: Traditional RPA Tools are Hard to Learn and Use
Accountants have been using RPA tools for a while now to automate their repetitive tasks. However, these tools are designed for technical users and require coding skills to use effectively. No-code tools like Alteryx are meant to make data processing accessible to non-technical employees, but they come with a steep learning curve and are often harder to learn than traditional code. For instance, Alteryx workflows can be needlessly complicated, making it challenging for accountants to create and fine-tune automations. As a result, these tools have a low utilization rate of just 5% in a typical organization. New associates find them so challenging to learn that they often delete these RPA programs off of their computers the instant the "training" is over. This results in accountants over-utilizing brute force labor from off-shore teams to make deadlines during their busy seasons, which is both expensive and inconvenient.
The Solution: Squack's Natural Language RPA Tool
Squack's solution to the RPA problem is simple yet innovative - create a natural language RPA tool that uses LLMs to create complex automations using everyday language. The tool allows accountants to streamline their data workflow by building tools with everyday language. It eliminates the need for coding skills and makes it easier for non-technical employees to create and fine-tune automations. Squack's LLM-based tool can translate data processing instructions into a concise step-by-step procedure and wield powerful python packages like pandas to implement the procedure. It can dynamically generate new automations and modify old ones via natural language requests, making it a flexible and efficient tool. Squack can also perform other LLM tasks like categorization, data restructuring, and OCR, making it perfect for handling the slight variations in accounting workflows from different clients.
Who Can Use Squack's Product?
Squack's innovative RPA tool can help accounting firms and other organizations streamline their data workflow and automate repetitive tasks. Their natural language approach makes it easy for non-technical employees to create and fine-tune automations with plain language, eliminating the need for costly and time-consuming offshore teams. But who exactly can benefit from Squack's product?
Audit, Forensic, and Tax Strategy Accounting
Accounting professionals in the audit, forensic, and tax strategy fields deal with complex financial data on a daily basis. They need to be able to process this data accurately and efficiently to meet deadlines and provide accurate results for their clients. Squack's RPA tool can help these professionals automate their workflows and reduce the risk of errors in their work. With Squack, they can easily create a workflow that categorizes bank transactions, for example, just by writing a few sentences.
Outsourced Labor Agencies
Many companies outsource their accounting and bookkeeping tasks to labor agencies, which can be located in different parts of the world. These agencies often use offshore teams to complete these tasks, which can be costly and time-consuming. With Squack, labor agencies can eliminate the need for offshore teams and automate their workflows using natural language. This can save them time and money while improving the accuracy and efficiency of their work.
Bookkeeping firms deal with large amounts of financial data on a daily basis. They need to be able to process this data quickly and accurately to provide their clients with timely and reliable information. Squack's RPA tool can help bookkeeping firms automate their workflows and reduce the amount of time and effort required to complete their tasks. With Squack, they can easily create a workflow that processes a bank ledger and automatically categorizes transactions in only a few sentences.
Squack's natural language RPA tool for accountants is an innovative solution that can help accounting firms and other organizations streamline their data workflow and automate repetitive tasks. Their LLM-based tool can translate data processing instructions into a concise step-by-step procedure, wield powerful python packages like pandas to implement the procedure, dynamically generate new automations and modify old ones via natural language requests, and perform other LLM tasks like categorization, data restructuring, and OCR.
Squack's approach to RPA is unique in that it eliminates the need for costly and time-consuming offshore teams and makes it easy for non-technical employees to create and fine-tune automations with plain language. With Squack, accounting professionals, labor agencies, and bookkeeping firms can improve the accuracy and efficiency of their work, save time and money, and provide their clients with timely and reliable information. As Squack continues to develop and refine its product, it is sure to become an indispensable tool for accounting professionals and organizations around the world.