There are three new features — Intelligent Collections, Intelligent Vendor Management and Intelligent Planning — which are intended to remove time-wasting steps and friction and improve cash flow for corporate finance teams, the release stated.
Intelligent Collections will provide real-time visibility and predictive tools to show accounts receivable departments which accounts might be late on payments or delinquent, according to the release. The application will help to provide prioritization over what work is done, with automatic logging of correspondence and a built-in tonality based on the type of client.
Intelligent Vendor Management will let accounts payable and procurement teams automate repetitive vendor tasks while gathering evidentiary insights in procure-to-pay processes, such as real-time visibility into vendor payments, automated vendor onboarding and collecting tax and insurance forms, and automated invoice accruals as part of the monthly close process. There will also be automated responses to vendor and supplier inquiries about invoice payment status, approval status and short pay issues, the release stated.
Intelligent Planning helps boost accurate cash flow predictions, which in turn can bolster sustainable growth through well-placed strategy, the release noted. The feature allows cash balance and treasury forecasting, snapshots and simulations and statistical key performance indicators (KPIs) to monitor cash flow in an accurate way and put predictive automated analytics in place for back-office functions.
Automation has been used by an increasing number of chief financial officers, with 38 percent of companies reporting implementing it this year, up from 24 percent last year, a survey found.
Auditoria CEO and Co-Founder Rohit Gupta said basic automation had long been used for corporate finance, "hyperautomation and the combined automation of task execution, algorithmic analytical forecasting and automated interactive responses has yet to be fully embraced by CFOs," according to the release.
"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," he said in the release.