Back-office automation should boost efficiency and insight for CFOs

CFOs must act on the data imperative identified in a recent HFS F&A study, and move from outdated processes to those which increase efficiency by delivering real-time insights to support decision-making.

Technologies, such as Auditoria.AI, help CFOs uncover greater cash position visibility by gathering data and insights using analytical algorithms and delivering cash flow performance reports, over and above the speed and efficiency benefits of automation. 

Automation is now an increased priority with stronger C-suite sponsorship. Seizing the opportunity of this rebounding demand, Auditoria.AI, a SaaS-based artificial intelligence (AI) automation provider in the finance domain, has updated its product offerings to make its back-office finance functions cater to the growing needs of CFOs to connect the front, middle, and back offices.

The former HFS Hot Vendor has repositioned its product offerings – SmartVendor, SmartCustomer, and SmartGL, targeting insight generation and more integration with existing systems of record.

Back-office finance solutions with minimal IT involvement

Auditoria automates routine and repetitive tasks in the finance function by applying machine learning (ML), artificial intelligence (AI), and natural language processing (NLP) to speed up back-office processes with a focus on transparency, predictive insights, and compliance.

The products, SmartVendor, SmartGL, and SmartCustomer, automate functions across the finance value chain, such as procure-to-pay, record-to-report, and order-to-cash accounting functions, respectively. These products connect directly to general enterprise applications, including ERPs, collaboration software, and email systems, using APIs. Auditoria’s offering includes SmartBots, which act like “junior accountants.” It uses cognitive RPA and NLP-powered bots to deliver 24/7 availability, execute bi-directional correspondence using emails, and understand finance-specific intent. It also automates task creation and processes.

ERP-agnostic and cloud-native – enabling finance leaders to automate fast

It is ERP-agnostic, offers no-code development, and is a cloud-native application, requiring minimal IT involvement and so allowing finance leaders to move faster on their plans to automate.

Doing so helps them tackle the talent crunch, highlighted in this HFS talent study. Automating menial tasks and enabling end-to-end processes should foster motivation, support talent retention, and scale business without increasing headcount. Automated processes are intended to enable CFOs and their teams to focus on strategic tasks instead of doing transactional finance activities, and, by running processes across silos, they can support enterprises in their OneOffice journeys.

Cut down the manual and mundane to allow leaders to think strategically

Automation solutions improve efficiency, lower costs, reduce workload, and accelerate response times, freeing up finance leaders to do more strategically. For instance, a senior director at LiveRamp said that when they deployed the latest SmartGLproduct in their organization, it replaced the need for manual reach-outs and made the month-end close happen more quickly and accurately.

But finance leaders need to be ready to change to reap the benefits of automation. Systematic training of employees and a change in the organizational mindset are needed for the most effective deployment and optimization of any automation software.

The Bottom Line: Right mindset plus an ecosystem approach will deliver the benefits of financial transformation.

HFS has seen automation continue to top the lists of high-demand tools, including those of finance leaders seeking to drive finance transformation. Auditoria’s updates can deliver value. But no tool can solve business problems alone. Finance leaders need to bring a change mindset and be willing to combine Auditoria’s domain focus and expertise with an ecosystem of partners focused on improved outcomes from financial transformation.