Project Report on “Robotic Accounting in Small and Medium-sized Enterprises (SMEs) of Bangladesh: Perceptions and Readiness”

Abstract

This study explores the realm of robotic accounting systems and their potential adoption within Small and Medium-sized Enterprises (SMEs) operating in Dhaka City, Bangladesh. The primary aim of this study is to comprehensively examine the current landscape of accounting practices among SMEs in this region, scrutinize their awareness and preparedness for technological transformation, and culminate in the formulation of practical recommendations to facilitate the seamless integration of robotic accounting systems into their operations. To achieve these objectives, the study adopted a qualitative research approach and conducted semi-structured interviews with ten SME owners based in Dhaka City. These interviews were instrumental in eliciting valuable insights regarding the perceptions, readiness, concerns, and aspirations of SME owners in relation to robotic accounting systems.

The initial phase of the study unveiled a noteworthy observation. The majority of SMEs in Dhaka City had not yet ventured into the realm of robotic or electronic accounting systems. In fact, many of the SME owners exhibited a conspicuous lack of awareness regarding the concept itself. However, as the interviews progressed and awareness-building initiatives were set in motion, a discernible shift occurred, with SME owners displaying a marked interest in exploring the potential benefits and opportunities that these systems could offer.

The thematic data analysis of the interviews unearthed several key themes that collectively contribute to a comprehensive understanding of the landscape. These encompassed perceptions and awareness, highlighting a willingness to learn and adapt as SME owners were introduced to the concept of robotic accounting. The potential benefits of enhanced accuracy, time savings, and reduced paperwork resonated with them. However, concerns and challenges loomed, including budget constraints, job security, technological complexities, maintenance needs, regulatory compliance, and employee resistance. SME readiness was intertwined with influencing factors like a skilled workforce, training, suitable software, IT infrastructure, cybersecurity, compliance commitment, and scalability. Suitable areas for automation were identified within accounting processes, including payroll, financial reporting, accounts receivable, expense management, bank reconciliation, data extraction, and inventory optimization. Additional comments from SME owners emphasized data-driven insights for pricing, accurate financial reports, and enhanced inventory management.

Last but not least, this study underscores the palpable potential for the adoption of robotic accounting systems within Dhaka City's SME sector. However, it also illuminates the various challenges and concerns that must be navigated to realize this potential. To facilitate a smooth transition, the study formulates a comprehensive set of recommendations, encompassing sustained awareness campaigns, accessible educational resources, financial support programs, and ongoing education and consultation services. By embracing these recommendations, policymakers, industry stakeholders, and technology providers can collectively empower SMEs to enhance their financial processes, bolster their competitiveness, and contribute to the growth and prosperity of this vital sector in Bangladesh.