Accounting and financial process management are two of the toughest professional areas in terms of job pressure and work-related stress. Keeping up with the ever-flowing stream of data and numbers leaves even the best accountants tired and dreary. Why?
This is because managing the daily flow of expenses across an organization requires a lot of know-how, pressure-handling capabilities, mental ability, and commitment to 13- or 14-hour days on a regular basis.
Accountants must remain on top of evolving international financial rules, floating exchange rates, multiple spreadsheets managed by multiple stakeholders, and strategic executive decisions. All of these must be taken immediately when performing bookkeeping and other financial obligations in a day.
How AI-Powered Automation Helps Finance Managers and Accountant
Finance Automation is used on activities like accounts reconciliation, journal entries, and financial statement preparation with minimal human involvement. Finance departments will use it to streamline procedures to ensure that everything runs smoothly.
“Automation can not only make closing the books easier; it can enable finance to do a close far more frequently.”
The most difficult part of data extraction is that documents (e.g. supplier invoices) have different formats. Each department uses different types of documents to process documents in the email inboxes of the Finance and Legal departments.
With the help of Intelligent Data Extraction technology, we can now automate this repetitive process. The software is prepared to process the documents automatically and extract key information from them and store it in a database for future use.
Intelligent data extraction can be useful for companies that process a large number of documents. Organizations can automate the process by leveraging RPA and other automation technologies, such as machine learning and artificial intelligence, to achieve end-to-end automation. For example, Ernst & Young has used RPA to automate its financial accounting and attributes the technology to the company’s financial and accounting performance. The use of RPA equipped with machine learning and artificial intelligence can help to capture data from invoices without much human intervention and provide further support for workplace automation.
Benefits of Intelligent Data Extraction for Finance and Accounting Department
1. Data Reliability
You may have an excellent finance team, but they are dependent on a number of factors outside their control. Minor errors, challenging vendors, and shifting regulations make it difficult to keep reliable records. When data is automated, you don’t have to worry about human mistakes.
2. Fast Approvals
Getting an automated approval mechanism in place, whether it’s for budget approval or a reimbursement application, will save you up to eight hours per week. You may also avoid unwieldy email threads checking on the status of each request as an added bonus.
3. Enhanced performance
When properly implemented, Cognitive Automation will easily improve the efficiency of business processes. Cognitive Automation can perform a variety of routine tasks that most humans would like to avoid, and it can do so in a fraction of the time. In other words, Cognitive Automation will perform the types of tasks that we always wish we could delegate to a computer, such as copying and pasting, data input, and transcription.
4. Simple Implementation
Compared to other AI systems, Cognitive Automation is relatively simple to implement. Since cognitive automation systems are pre-trained to automate specific business processes, they need fewer data to make an effect – they don’t need the assistance of data scientists and/or IT to create intricate models. They’re made for business users (including accountants and finance managers) and can be up and running in a matter of weeks.
Cognitive Automation – Free Yourself from Finance Paperwork
Gleematic is an AI-based platform that turns your customers’ unstructured documents into a competitive advantage by automating data extraction from various financial documents without human intervention or encoding. Gleematic processes any document, regardless of format or language, from a variety of formats.
To know more about Gleematic Cognitive Automation, try out Gleematic’s FREE TRIAL!