Reducing the month-end hassle of a CFO
It is no secret that a CFO faces a lot of stress as they perform one of the vital functions that keep the business stable. Instead of planning and strategising for the growth of the business, the CFO gets immersed in time-consuming and repetitive processes such as invoice making, rising payments and most importantly, closing the books of accounts.
How can a CFO help in the growth of business if they cannot relieve themselves of the recurring month-end hassles which they have to battle alone?
Welcome accounting automation!
Accounting automation, powered by AI and ML, resolves all these issues in a jiffy. Want to know how? Read on.
Less process, more success
Processing an invoice is time-consuming and in fact, complex ones can cost around $40 to process. With the help of automation, the invoice can be captured and processed digitally, thereby reducing time and cost for the business.
AccountIfi uses a technology called Optical Character Recognition (OCR) to speed up the capturing of the invoices digitally
The unacceptable part of being human
What would happen, if on a stressful day, the person maintaining your books enters the amount to be paid by the business as $2,000 instead of $200?
Any task involving humans is likely to have 2-3% error in the process and the errors may go unnoticed during reviewing! Automation solves this by checking the payments against the invoice, making sure that businesses don’t pay $2000 in place of $200!
AccountIfi does three-way matching, which compares the purchase order, the goods receipt and the supplier’s invoice and raises it for payment approvals. Errors, if any, are flagged at this stage and the process is completed with minimum human intervention.
Does time expand? No, but it can feel like it!
With automation, the time for preparing accounts and closing books is reduced to 6 days. Financial professionals can spend the extra time focusing on how to grow the business.
Want to reduce your hassle at the end of every month? Get in touch with us at email@example.com to see how we can help to relieve you of the accounting stress!