SANTA CLARA, CA – OCTOBER 19, 2021 – AUDITORIA.AI, a pioneer in AI-driven automation solutions for corporate finance teams, today introduced Auditoria SmartPay, an automated B2B Payments offering, at SuiteWorld 2021. Combining artificial intelligence (AI), finance process automation and payments processing, Auditoria SmartPay significantly expands Auditoria’s finance automation market leadership by providing enterprises with a wide range of automated options to collect payments from their customers.
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BrainSell is a growth enablement company that helps its clients and partners by solving business challenges with guidance and technology. According to BrainSell, most ‘enablement’ discussions revolve solely on the empowerment of the sales department; but BrainSell believes the entire organisation should be working together to help the business grow, as stated by the official press release. Auditoria increases the productivity of finance teams with SmartFlow Skills to automate, analyse, audit, and collaborate across the modern finance organisation with AI, Cognitive RPA, Natural Language Processing, and Machine Learning technologies.
This collective partnership will provide opportunities for Auditoria and BrainSell to be a part of ERP automation. While the finance back-office has been slow to implement artificial intelligence, Auditoria and BrainSell will work together to provide clients with new opportunities to automate financial back-office processes.
Artificial intelligence (AI)-driven solution firm Auditoria.AI, which works with corporate finance teams, will partner with Applications Software Technology (AST) to improve automation for businesses, according to a press release.
With the partnership, Auditoria.AI’s SmartFlow Skills program will integrate into Oracle ERP Cloud, and it will work to help boost delivery for quick financial insights, improve serviceability and help with customer needs. AST is one of the premier implementation firms in the U.S. for Oracle ERP Cloud, the release stated.
US-based Auditoria.AI, an AI-driven automation solutions platform for corporate finance, has announced that Auditoria.AI SmartFlow Skills will now support the Oracle ERP Cloud.
The integration is a result of the strategic partnership with Applications Software Technology (AST), an enterprise solutions provider. Auditoria.AI SmartFlow Skills will be integrated into the Oracle ERP Cloud and as an AI-enabled RAPID ERP Solution to deliver intelligent automation to execute corporate finance business processes, improve the delivery speed of financial insights, as well as serviceability, and respond to customer needs.
Auditoria SmartFlow Skills will natively support modules inside the Oracle ERP Cloud application platform, including accounts payables, accounts receivables, general ledgers, and budgeting and planning.
As a provider of back-office financial technology, it’s vital to speak with chief finance officer (CFO) and finance executive end-users about what they need and which friction points are giving them the most pain.
For the users of corporate finance automation technology firm Auditoria.AI, CFO Rohit Gupta said the top of the priority list is clear for today’s CFOs.
Exploration into the rapidly evolving world of the CFO, and the innovative technologies that power back office finance
The Digital Evolution of Back Office Finance
The challenges facing CFOs and back office finance teams have remained the same for decades – they seek automated solutions to simplify, enhance and streamline their activities, and ERPs simply don’t suffice. If you talk with the CFO or accountant of any small or mid-sized company, they will likely share the various work-arounds they have employed and the pain points they experience with manual data entry and systems that do not integrate.
Finance chiefs are caught in a vicious circle, CFOs said in a CFO.com webinar last week. They’re too preoccupied by the pandemic to make the shift to automation even though they know doing so would improve their ability to respond to it.
Traditional transactional applications have run their course. The pressure to reduce margins, technical debt and investment in core systems creates tremendous incentives for the automated enterprise. Customers seek cognitive-based approaches in order to build the true foundation for automation and artificial intelligence–driven precision decisions. The benefits include less staffing, reduced errors, smarter decisions and security at scale. The quest for an autonomous enterprise starts with a desire to consider what decisions require intelligent automation versus human judgment.
Whether it’s workflow processes, data quality, or reporting troubles (to name a few), accounting and finance pros are echoing the same pains regarding how they handle their ERP and back-office efforts.
New research from Auditoria shows that accounts payable (AP) and receivable are the most manual back-office processes in their company, and 72% waste one full day per month just reviewing outsourced work. Furthermore, only one out of every seven people surveyed said that their ERP is sufficient to meet their automation needs. Ultimately, a 20-person team could lose upwards of $125k per year in hours spent coordinating manual accounting practices.
Auditoria.AI, Santa Clara, Calif.-based provider of a SaaS solution that addresses challenges of the enterprise finance back office, raised $6m in funding.
The round was led by Neotribe Ventures, Engineering Capital, and Firebolt Ventures.
The company intends to use the funds to continue to expand operations and its business reach.
- Year Founded: 2019
- Office Locations: United States, India, Romania
- HQ Location: Santa Clara, California
- Founding Team