You might have noticed. AI tools are increasingly widespread, and you have probably seen them everywhere. AI offers a faster way to get tasks done, and in finance, it can help teams automate repetitive work and save more time to focus on things that matter. By adopting AI for finance teams, companies can also increase efficiency in their day to day operations. So now we can see, AI brings countless advantages for finance teams when it is used the right way.
However, research shows that finance tasks in many companies are still manual. If you and your team are in the same boat, it is high time to upgrade. In this article, explore five ways AI can help your finance team work smarter and faster.
Automate Data Entry
Unlock the potential of AI to automate data entry for financial documents you process every day. With technology called Optical Character Recognition (OCR), documents like receipts, invoices, purchase orders, and even bank statements can be transformed into structured data ready for input in seconds. Unlike manual data entry that is prone to errors, automation ensures a higher level of accuracy, helping your team save time and avoid delay.
Fintelite, an AI-powered document solution, offers end-to-end automation for this process. From extracting data to seamlessly delivering it into your spreadsheets or ERP system, Fintelite makes the entire process much more efficient.
Accelerate Invoice Processing
Accounts payables is one of the finance team’s main tasks. By automating data extraction from invoices, you can input and process them faster. But that is just the beginning. Furthermore, AI can help you capture purchase information from invoices and automatically match it with purchase orders and delivery orders.
When using automation, choose the right solution that ensures data protection. Trust Fintelite AI for reliable financial data processing. With Fintelite, you can automate invoice data extraction and three-way matching while ensuring your data remains secure.
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Detect Fraud in Financial Documents
Do not ignore the possibility of fraud. As finance teams process financial documents regularly, it is important to stay watchful for potential manipulations in the documents. Some common fraud cases that finance teams should watch for are duplicated invoices aiming to claim repeated payment, or tampering receipts targeting higher reimbursement requests.
AI-powered fraud detection, like Fintelite, is the right strategy for prevention. Simply upload the document, and it analyzes file metadata, structure, and content to check for any suspicious signs indicating fraud.
Improve Budget Planning
In each year, or in each specified period, finance teams must prepare a company budget plan. The budget plan should be arranged strategically and effectively to support business goals.
AI-powered solutions play a role in analyzing historical spending, revenue trends, and operational data to provide predictive insights. This allows finance teams to create more accurate budgets and make informed decisions.
Optimize Bank Reconciliation
Bank reconciliation is the process of matching transactions in bank statements with bookkeeping records. Due to the large volume of transaction data, this process is often time-consuming, especially when it is done manually.
Use AI to automate data extraction and instantly compare transactions. AI can help flag discrepancies between the records. With optimized bank reconciliation, AI enables them to maintain compliance and improve overall financial accuracy.
