financial process automation

White Paper: Star

Executive summary Expense management is costly and time-consuming. Depending on business size, the average expense report costs $58 and 20 minutes to complete. Factor in human error and compliance issues, and what should be a simple process becomes needlessly complex. Behind these challenges lie immense opportunity: AI-powered expense management solutions. New technologies are helping businesses improve financial control, enhance reporting and visibility and ensure compliance with company policies and government regulations. In this analysis, we dive into what decision makers need to leverage expense management solutions to improve business operations, including: ➔ Expense management market fundamentals ➔ Automation to boost flexibility, efficiency and productivity ➔ Strategies to create new revenue streams ➔ Key capabilities in an expense management innovation partner Expense management is an essential growth lever in today’s digital-first economy. Borrow our insights to capitalize on new opportunities and craft solutions fine-tuned for your business.    

White Paper: Gravity Software

Company leaders are increasingly looking to CFOs for strategic direction, not just the latest financial reports EY Germany’s Dr. Marcus Gantzkow noted that CFOs are gradually taking on the role of “Chief Value Officer.” “CFOs today are expected, from an internal management perspective, to provide real-time insights from data of all types, also increasing beyond the scope of purely financial insights,” EY says. This is due in large part to the decreased cost and increased accessibility of technologies such as cloud-based systems and instruments for data analytics, as well as “greater clarity about key analytical areas.” In an economy marred by uncertainty – rampant inflation, unpredictable supply chains, an ever[1]tightening labor market and fluctuating consumer demand – it’s imperative that business leaders stay a step ahead of whatever crisis may be coming next. Business intelligence tools can help companies in many ways, including: • Strengthening competitive advantage • Driving innovation • Improving collaboration among departments • Uncovering opportunities for growth and improvement • Reducing risk exposure This is especially true for multi-entity organizations, which often have several silos of information but no single source of truth

White Paper: Statement Matching

The purpose of this document is to discuss the benefits of supplier statement reconciliation and why Accounts Payable departments should be more proactive. The Challenge Accounts Payable resources are limited, so the priority is always to process invoices through to payment on time. Suppliers share the same priority and consume significant AP resources, following up invoice submission with queries to check invoices have been received and when they are going to get paid. Paying any suppliers late increases the workload in AP as suppliers submit duplicate invoices, further queries and ultimately disruption to the business if they put the account on stop. All of this leads to Accounts Payable being largely a reactive process, which makes it difficult to ever free up enough time to be more proactive and drive efficiencies as a result. Reconciling supplier statements is a key control that enables Accounts Payable to check if all invoices/credits have been received and if there are any errors on the ledger to resolve in order to pay suppliers accurately and on time. Reconciliations are all too often done on a reactive basis, on request by suppliers or when AP recognises a supplier account needs to be cleared. If Accounts Payable could routinely reconcile their top supplier accounts, proactively on a monthly basis, then all the errors would be resolved before they become an issue - More suppliers will be paid on time, queries and duplicates will reduce which improves relationships with suppliers and reduces workload in AP. The process of reconciling statements manually is very time consuming and it’s the first thing to suffer in a busy AP department, so we cannot reconcile anywhere near the volume of statements we should be doing. There is no visibility, audit trail or reporting to manage the process, so we don’t know how many or what types of errors there are, whether they have been followed up and what the next actions are. Automating the process would enable a much higher volumes of statements to be reconciled, significantly improve controls, proactively identify and resolve issues, reduce supplier queries and gain valuable insights into AP processes to identify where controls could be improved to fix root cause.