AI Innovation for Finance
3 Pillars of Reconciliations and Posting
The AI based Posting and Reconciliations service greatly increases speed and productivity in posting transactions and reconciling accounts, and financial and process control. The use of AI has opened up what has hither to been out of reach of most enterprises, but now transformed to high ROI and reaches to all areas of automation. Use cases include AR, AP, Bank Statements, Payment Providers, Credit Cards and Balance Sheet Accounts.
Pillar 1 : Account Reconciliations – AI will reconcile transactions and retain and improve this knowledge so the process is fast, easy and repeatable. People can then focus on reporting rather than tasks.
Pillar 2 : Posting Transactions – this creates the GL transactions from the subledgers, on a daily basis, and posts these when authorised, eliminating manual work
Pillar 3 : Controls and Business Intelligence – get immediate visibility of the reconciliation positions across all accounts, with alerts. The time series analysis is ground breaking as it identifies breaks in process and accounts