Cash Flow Automation

A digital workforce can automate your cash positioning to monitor your day-to-day cash inflows and outflows, determine balances and make predictions on future surpluses or shortages. The cash flow forecasting process can be time-consuming and rife with manual errors. With heightened demand, your teams must have access to the most accurate and timely financial data at all times so they can make data-driven decisions. With IA, you get:

• Real-time visibility: Get accurate insights into cash balances, pending payments and receivables.
• Cash forecasting: Leverage historical cash flow data to forecast future cash flows with greater accuracy.
• Scenario analysis: Conduct scenario analysis by simulating different business outcomes and their potential impact on cash flow. This helps identify potential risks and opportunities to help you develop contingency plans.
• Working capital management: Reduce the time between invoicing and payment to minimize payment delays, improve cash flow liquidity and help maintain optimal cash reserves for future needs.
• System integration: Integrate your IA seamlessly with financial planning and analysis systems to help set realistic goals.

IA can help expedite the accounts payable process and ensure accurate cash flow management. Digital workers automatically extract data from invoices and validate them against purchase orders or contracts, and initiate payment processes accordingly. Streamline your entire accounts payable process with IA:

• Processing invoices faster: Digital workers can extract data from invoices quickly and accurately to reduce processing times and accelerate the approval and payment process.
• Validating invoices: IA validates invoices against purchase orders (POs), contracts, etc., and flags any discrepancies.
• Speeding approval workflows: IA routes invoices to the appropriate individuals or departments for approvals based on predefined rules.
• Initiating payment: Once invoices are validated and approved, IA triggers payment processing according to predefined payment terms and schedules.
• Visibility and tracking: IA provides real-time visibility into invoice statuses at every stage of the processing cycle.

Capture and categorize expenses automatically, ensuring regulatory compliance and speeding up reimbursement processes. IA can automatically:

• Capture expenses: Eliminate the need for manual data entry by using digital workers to capture expenses from various sources including receipts, invoices and credit card transactions.
• Categorize and code: IA can categorize and code expenses based on predefined rules to ensure consistent and accurate reporting.
• Enforce policy: Flag non-compliant expenses and notify employees or managers for review and approval.
• Process reimbursements: Generate and distribute reimbursement requests, initiate direct deposits or issue checks, all through a digital workforce.

Finance & accounting automation can expedite the reconciliation of bank statements, invoices and other financial documents from your organization’s bank accounts, reducing the likelihood of discrepancies and ensuring accurate cash flow reporting. IA can help with:

• Automated data import: Import data from various sources to eliminate manual effort.
• Matching transactions: Match transactions from different sources based on predefined criteria such as amount, date and reference number.
• Exception handling: Identify exceptions, such as unmatched transactions or duplicate entries, and flag them for further review automatically.
• Audit trails: Maintain a complete audit trail of reconciliation activities including changes, approvals and adjustments. This ensures better transparency and compliance.