What’s a typical day look like for an accounts receivables team?
…the list goes on.
For one major tech company, their biggest pain point was month-end expense accruals. Keep reading to learn how AI helped this company achieve results in days, not weeks or months, using automation with minimal IT dependence.
The process of accruing expenses at the end of the month is predominantly done manually and involves contacting suppliers, gathering purchase order and invoice information, and estimating accruals. The manual and error-prone processes of contacting suppliers, gathering purchase order and invoice information, and estimating accruals were becoming increasingly inefficient.
Recognizing the need to streamline these processes, this tech company turned to an AI-powered solution.
It’s not uncommon for large enterprises to experience challenges with month-end expense accruals. This major tech company is no different.
The manual accruals process relied on tedious and repetitive manual work that tied up valuable resources and generated errors and exceptions. The legacy “human involvement” based processes were inefficient, error-prone, and often did not provide adequate transactional visibility and predictive\prescriptive analytics.
With a lack of visibility into how accruals estimates were compiled and a concern over the completeness of inputs that were being created, team members were left chasing internal and external stakeholders who often did not reply.
In addition to chasing down stakeholders, the team spent hours reviewing paper documents and piecing together various sources of information to get a clearer picture of how the monthly close was coming together.
And because much of the work was manual in nature, a good amount of time was spent on compliance, preparing tedious audit documentation for both external and internal auditors to review.
The AP team needed a way to increase the efficiency and effectiveness of the work being done.
Auditoria’s Al-based SmartGL Advanced Accruals for Suppliers helps accelerate its month-end accruals process. The Auditoria SmartFlow Skills Platform is natively and seamlessly connected to the company’s Workday Financial Management system using secure APIs to transform the accruals for suppliers' functions.
Auditoria’s Advanced Accruals utilizes SmartBots to automate monthly outreach to suppliers and internal stakeholders, estimating accruals using stakeholder inputs and Workday-sourced data such as draft invoices, contracts, purchase orders, and purchase requisitions. Entries are automatically created, reviewed, and written to the general ledger. SmartBots detect anomalies and identify erroneous or unusual activity in the general ledger.
The Auditoria SmartFlow Skills Platform is natively and seamlessly connected to the company’s Workday Financial Management system using secure APIs to transform the accruals for suppliers' functions.
The Auditoria and Workday partnership offers the tightest integration and highest levels of support with a direct line into the Workday Financials product engineering teams, delivering unprecedented access and unparalleled service.
Auditoria’s SmartBots provide a system of engagement, utilizing the accrual inbox and Workday Financial Management data to automate general ledger functions. SmartBots deliver error-free task execution that removes human-introduced mistakes to ensure that transactions accurately reconcile with Workday financial data. By enhancing Workday customer, invoice, and payment data to improve finance functions and optimize workflows, SmartBots are helping organizations achieve greater cash position visibility.
Auditoria SmartBots handle more than 75% of the administrative work that an FTE would do.
By standardizing processes across the finance function, the team dramatically increased efficiencies, enhancing margins and improving cash performance by harnessing artificial intelligence.
SmartBots’ automated functions deliver benefits such as:
With SmartBots, the accrual teams no longer lack visibility into how accrual estimates are compiled. SmartBots help the accounting team feel comfortable with the completeness and accuracy of accrual estimates.
Each interaction—whether SmartBot- or human-driven—is captured, providing detailed audit analytics with greater visibility and transparency.
With SmartBots, the accrual teams no longer lack visibility into how accrual estimates are compiled.
Powered by AI, machine learning, and natural language processing, Advanced Accruals allows this major tech company to gain unprecedented speed to scale as a fast-growing and dynamic company.
Auditoria's Advanced Accruals solution presents a transformative opportunity for organizations to streamline their month-end expense accruals process. By harnessing the potential of automation and generative AI, businesses will achieve greater accuracy, efficiency, and visibility, ultimately driving financial success and growth.
Ready to embrace the future of finance with Auditoria and unlock the full potential of your accruals processes?
Download our Advanced Accruals for Suppliers solution brief to learn more!