The corporate finance back office has been long overdue for advancement.
Before adopting ERP systems and cloud accounting software, the corporate back office was inundated with paper processes, manual data entry, and hand-built calculations. Even as technology ushered in a new era decades ago, many finance professionals still lean heavily on legacy cloud-based ERP systems as the one-stop shop for all technology needs.
Digital adoption in any capacity is a step in the right direction, but the legacy software that ERP systems are built on has historically been outdated and offers little to no customization. The “one size fits all approach” does not work, especially in the world of accounting.
Current Barriers to Success
The lack of progression in accounting is more than just an inconvenience. It creates barriers to success. Which are the biggest culprits?
1. Data Entry & Extraction
Manual data entry has been a necessary evil across the finance back office, even with the advent of cloud ERP software. Invoices, memos, and other essential documents must be entered or uploaded by hand to an ERP system which is time-consuming, inefficient, and prone to human error.
2. Data Analytics & Reporting
Access to real-time data is of utmost importance for many finance professionals to make smart decisions. However, manual data pull takes time and effort, and by the time the report is ready, the data is already a week old.
Introducing Auditoria SmartInsights
We realized the dire need for advancement in the back office of accounting departments and created a solution for more efficient and accurate work processes. Focusing on the independent needs of finance, we developed a highly customizable— and fully automated—application built on Snowflake’s data cloud.
Auditoria SmartInsights offers detailed order-to-cash insights in real-time, providing finance teams complete visibility of their entire cash process. These highly accurate and instantaneous results can help resolve issues before they escalate.
SmartInsights also enables automated data entry and uploads, eliminating wasted time and the potential for human error. SmartInsights streamlines the development of the data pipeline by providing access to “ready-to-query” data, handling change data captures, and maintaining performance and scalability across a near-infinite number of concurrent workloads, thanks to Snowflake’s multi-cluster shared data architecture.
One of the most significant advantages of Auditoria SmartInsights is the level of detail and ease of use. This software is incredibly robust, offering the ability to target and pull details on specific personas and audiences. The user experience can be customized based on the employee’s role and accompanying needs. The customization is simple to implement and does not require data scientists, DevOps, or other software professionals to set it up.
In short, Auditoria SmartInsights is a game-changer for revenue accounting teams.
Next Stop: Automation
While cloud ERP software has been beneficial to date, more modern technology has transformed all facets of the business. Finance teams now need to be armed with more than just robotic process automation (RPA), accounting software, and spreadsheets to be successful.
Auditoria increases speed, accuracy, and efficiency in the finance back-office using AI-enabled SmartBots to automate redundant and manual accounting processes.
Purpose-built for finance, Auditoria SmartBots integrate with systems of record and email boxes to act as a system of engagement to streamline collections, add controls to procurement spend, optimize vendor management and handle helpdesk inquiries.
- Reduce friction across teams
- Eliminate manual tasks
- Simplify resource complexities
- Gain insight and transparency
- Reduce days sales outstanding
- Recover thousands of hours
- Reduce bad debt write-off
- Increase team productivity
Auditoria’s SmartBots provide a system of engagement, utilizing the email function and systems of record to automate finance functions.
Ready to experience the power of Auditoria for yourself? Schedule a demo today to see our SmartBots in action.