Caseware Launches AI-Powered Auditing Tool

Financial reporting solutions firm Caseware International is unveiling a digital assistant.

Called Caseware AiDA, the artificial intelligence (AI)-enabled software is being introduced on a prelaunch basis, Caseware said in a Tuesday (May 28) news release. AiDA works with Caseware’s suite of solutions for accounting, audit and finance professionals, the company added.

AiDA was made to enhance efficiency, ensure compliance and provide context-aware responses to profession-specific enquiries, Caseware said in the release. The tool can help accounting, audit and finance workers to be more efficient, collaborate with greater effectiveness and gain deeper insights.

Some of the benefits of AiDA include enhanced workflow efficiency with precision and relevance, reassurance around security and compliance, assistance with routine tasks and a focus on quality output, according to the release, which noted that AiDA can drive practice growth and power clients’ financial success.

“Caseware AiDA is the future,” David Osborne, CEO at Caseware International, said in the release. “Our vision is to place powerful tools in the hands of our clients, enabling them to do their work better than they have ever done before. This release is just the beginning of a wave of innovation in AI and it demonstrates the focus we have on our accelerated roadmap to build out our offering on the Caseware Cloud platform.

“Caseware AiDA offers powerful digital assistance to accountants and is further proof of the ways in which Caseware is underpinning the relevance of the profession,” Osborne added.

AiDA is available to Caseware Cloud customers in the U.S. for early access, and will ultimately be available across the globe and specifically in Australia, Canada and Europe later this year.

More firms are turning to AI to manage their finances.

“Leaders are applying AI across the board, not just for processing invoices but also for coding invoices and approving them, all the way to payments,” Krishna Janakiraman, head of engineering at Ottimate, told PYMNTS in April.

Janakiraman added that with businesses applying AI end-to-end across the entire accounts payable (AP) function, these firms are helping to foster increased efficiency and accuracy throughout the AP cycle, setting new standards for the industry.