Desperate to find ways to streamline efficiencies and improve accuracy, CFOs should embrace and leverage automation software to integrate with their business systems.
Results of the Tipping Point: 2021 State of Automation in the Back Office Report revealed nearly 60 percent of finance professionals do not believe that the finance-back office is sufficiently automated, and one-third of finance teams said they are process-heavy.
Accounting automation saves finance professionals valuable time, allowing them to focus on higher-value activities that benefit the business. Companies recover countless hours and save considerable costs by automating finance processes historically reliant on humans manually performing mundane and repetitive tasks.
Auditoria continues to deliver, expand, and optimize mundane and repetitive finance back-office tasks. We work to provide solutions for seamlessly accelerating and rapidly delivering best-in-class AI-driven automation for finance and accounting departments. Crafted with advanced AI technology, Auditoria’s solutions are built with machine learning and natural language processing capabilities that understand finance vocabulary and context for the richest, most reliable AI-enabled finance workflows.
Auditoria SmartFlow Skills are discrete, pre-packaged, purpose-built accounting applications that automatically perform a wide range of critical finance back-office functions. AI-enabled SmartBots make actions and handoff to humans using workflows to escalate when intervention is needed. SmartBots work alongside your team to create and manage supplier invoice accruals from crucial stakeholder input, purchase order, and purchase requisition data, and capture required data – all while invoices are still processing.
And we introduced yet another SmartBot to make finance professionals’ lives easier.
Auditoria SmartGL automates an accruals process using machine learning to accelerate the monthly close with capabilities to create journal entries, estimate accrual expenses, support purchase orders and purchase requisitions, automated matching with third-party data sources and built-in reconciliation with the general ledger.
Two significant features of Auditoria SmartGL SmartFlow Skills are:
Advanced Accruals for Suppliers – SmartBots automate monthly outreach to Suppliers and estimate accruals using Supplier input and Purchase Order and Purchase Requisition data.
Entries are automatically created, reviewed, and pushed to the general ledger. SmartBots detect anomalies and identify erroneous or unusual activity such as backdating or, in some cases, fraudulent transactions in the general ledger.
Bank Statement GL Matching – SmartBots autonomously review bank statements and retrieve specified transactions to reconcile bank entries to general ledger entries.
The SmartBots integrate with systems of record and automatically generate journal entries while supporting segregation of duties. Entries get approved for export and then updated in the general ledger.
AuditoriaSmartGL solves several back-office challenges, including data capture, task management, and security woes. Let's review each further.
Data Reconciliation with Systems of RecordAuditoria delivers capabilities for autonomous supplier outreach to automate an accruals process using machine learning to accelerate the monthly close. With automated capabilities to create journal entries, estimate accrual expenses, support purchase orders, and purchase requisitions, automated matching with third-party data sources, and built-in reconciliation with the general ledger, SmartGL delivers an industry-first capability to automate the typically arduous and error-prone monthly accruals processing.
Error-Free Task ExecutionSmartGL shortens the time it takes to close the month through automatic communications and instant recognition of transactions. With the reduction in touchpoints and removal of human labor, accuracy is significantly improved. The resource time previously spent on manually tying out month-end and preparing audit workbooks is instead reallocated to more critical tasks.
Security and Peace of Mind
Beyond the benefits of time and money, our SmartBots offer security. Machine learning lacks the human traits that often lead to error, including boredom, distraction, and fatigue. Precision is not optional in financial accounting. There is a risk that companies will need to restate their financials if accruals are materially inaccurate. The consequences of this are widespread, including employee burnout from all the extra work, loss of investor confidence (which may lead to an unexpected selloff of shares), and increased audit fees. Mistakes are inevitable, but in the case of accounting, they have the potential to derail a company’s growth trajectory.
Speed and Velocity
See the value in days, not weeks or months, using automation with minimal IT dependence, thanks to pre-built integrations with leading ERP, collaboration, and email systems. This advantage makes it possible for finance professionals to gain the ability to provide real-time insights into the current status of the business. In addition, they also look into the future and proactively steer the business to a whole new level of success with advanced predictive algorithms.
SmartBots capture actions and hand-off to humans using workflows to escalate when intervention is needed. SmartBots could reduce labor costs and eliminate the human error component and allow staff to perform more value-added work. Automation creates an opportunity for staff to develop their review capabilities in a well-rounded way and allows them to focus on more challenging and thought-provoking projects.
Introduce the capability to automate repetitive and error-prone monthly accruals processes to your finance team’s back-office today.