SANTA CLARA, CA – SEPTEMBER 22, 2020 – AUDITORIA.AI, a pioneer in AI-driven automation solutions for corporate finance teams, today announced new Intelligent Automation capabilities to transform the finance back office. Automated Intelligent Collections, Autonomous Planning and Intelligent Vendor Management reinvents how CFOs and corporate finance teams interact with collections and payments. After introducing SmartFlow Skills earlier this year, these three new capabilities significantly expand Auditoria’s approach to hyperautomation for the recovery of time, removal of friction and improved cash flow performance across the corporate finance function.
Recent research from Auditoria shows that the majority of companies are automating 40 percent or fewer back-office tasks and processes. Almost half of finance teams say that repetitive, manual work is a significant burden on the organization, with Accounts Payable and Accounts Receivable suffering from the most manual processes. Grant Thornton’s 2020 CFO Survey also reported that CFOs are increasingly looking to adopt advanced analytics, machine learning, artificial intelligence and RPA to automate back-office operations.
“While basic automation has been used across the corporate finance function for years, hyperautomation and the combined automation of task execution, algorithmic analytical forecasting and automated interactive responses has yet to be fully embraced by CFOs,” said Rohit Gupta, CEO and co-founder, Auditoria. “Auditoria’s Intelligent Automation capabilities includes a new set of ground breaking SmartFlow Skills, that can significantly accelerate financial insights, reduce DSO and recover lost time spent on repetitive manual tasks. Our new product functionality puts the finance team in the driver’s seat, unburdening them from the hours spent on collections, vendor management and cash flow forecasting.”
New Intelligent Automation SmartFlow Skills include:
Intelligent Collections: Auditoria provides Accounts Receivables departments with real-time visibility to predictive remittance forecasting in order to understand the accounts likely to be late in making payments or potentially delinquent. Using six new SmartFlow Skills, Auditoria can dynamically prioritize how work is completed, with two-way automated correspondence automation, automated logging of all correspondence touchpoints and built-in tonality based on client type, with support for Fast Payers, Slow Payers, Strategic Accounts, Bank References, Trade References and end-to-end tracking of the payment lifecycle. Automated Intelligent Analytics provides key collections metrics, including Dynamic Days Sales Outstanding (DSO) calculations, Risk Indicators on Accounts, and more.
Intelligent Vendor Management: New SmartFlow Skills provide Accounts Payable and Procurement teams with the tools to automate repetitive vendor management tasks while gathering evidentiary insights in procure-to-pay processes, including real-time visibility into vendor payments, automated vendor onboarding and collection of tax and insurance forms, and automated invoice accruals as part of the monthly close process. This also includes automated intelligent responses in response to vendor and supplier inquiries on invoice payment status, approval status, short pay issues, and more.
Intelligent Planning: Accurate cash flow predictions allow financial planning and analysis teams to build better strategies for sustainable growth. Auditoria’s new Autonomous Planning capabilities provide FP&A with cash balance and treasury forecasting, snapshots and simulations, and statistical KPIs and metrics to more accurately track, measure and predict cash flow and introduce predictive automated analytics as a foundation for the financial back office.
“Automation means consistency 100 percent of the time. Alongside scale and efficiency, the consistency of automation is a huge benefit for CFOs,” said John Fernandez, CFO, ForgeRock. “Gone are the days when finance teams use a Dunning letter machine for automation. Auditoria’s hyperautomation approach provides the intelligent escalation necessary without the manual tracking aspect that took up the majority of a collector’s day.”
“Cash is the lifeblood of any organization. It keeps CFOs and finance teams up at night; without accurate cash flow, a business will most likely fail,” said Chris Siegfried, CFO, Armanino LLP. “Auditoria’s new Intelligent Automation capabilities gives CFOs and finance teams peace of mind that they have full visibility into cash flow without the need to continuously check in with vendors and clients on payment status.”
Auditoria’s hyperautomation approach, with the automation of tasks, analytics and responses, can help to increase productivity, accelerate the monthly or quarterly close, reduce time spent on manual tasks and improve the company’s bottom line. Automated, accurate, predictive forecasting on cash balances, along with simulated scenario-driven forecasting, can help CFOs and finance teams with planning, while Intelligent Collections can recover thousands of hours in lost time and significantly reduce Days Sales Outstanding to improve cash flow.
To learn more about hyperautomation in the back office, join Auditoria.AI and CFO Daily News on September 24th for “Intelligent Collections: Making Debt Recovery Smarter and Easier” and discover how to evaluate and implement automation that seamlessly hands off data between bots and humans. Click here to register for the webinar.
To learn how Auditoria is transforming the corporate finance back office, set up a test drive today: https://info.auditoria.ai/request-test-drive