SquareWorks Consulting, a provider of enterprise resource planning (ERP) implementation and financial automation software, has introduced its new Expense Accrual Automation feature.
This latest addition to the SquareWorks Automate platform is aimed at improving the efficiency of financial teams using ERP systems with artificial intelligence (AI) capabilities.
Expense Accrual Automation addresses the challenges associated with expense accruals, which are crucial for internal accounting and impact decision-making and audit processes. The traditional accruals process involves collecting estimates from stakeholders and vendors, analysing data from various sources, and manually compiling reports, which can be time-consuming and labour-intensive.
SquareWorks Consulting CEO Bernardo Enciso said: “SquareWorks Consulting’s latest automation feature, Expense Accrual Automation, is a testament to our commitment in making the financial accounting process as seamless as possible for finance teams.
“By focusing on automating the accruals process, we can save accounting teams significant time every month by utilising automation and AI to streamline the financial close process, reducing manual efforts and drastically increasing productivity while improving data accuracy for more reliable financial reporting.”
The Expense Accrual Automation feature aims to reduce the time spent on repetitive tasks by over 50% through automation. It eliminates the need for manual data manipulation by allowing users to review accrual estimates and confirmations directly within the ERP platform.
This feature also provides a detailed audit trail to minimise discrepancies for future audits and establishes automated outreach processes for vendor estimates. Additionally, it enables leaders to make better decisions based on quicker and more accurate expense accrual estimates and integrates seamlessly within the ERP platform without the need for multiple system logins or integrations.
The use of AI in processing pending transactions, historical data, and open purchase orders further reduces manual labour.
Expense Accrual Automation is part of the SquareWorks Automate platform, which also includes other AI-enabled features such as Invoice Scanning, Real-Time 3-Way Match, Approval Automation, Advanced Vendor Onboarding, and Payment Automation.
