EIQ Platform for Finance and Accounting
Transform O2C, P2P and R2R processes by breaking departmental boundaries.
Popular Finance and Accounting Use Cases
Shared Services Transformation
Drive tangible improvement in business KPIs across the O2C / P2P / R2R lifecycle in shared services centers.
How it works?
- Integrate disparate systems across business units and geographies to create harmonized processes.
- Use modern automation techniques including context comprehension from emails, voice, and unstructured documents.
- Build a Financial Cockpit for CFOs, Controllers, and F&A analysts with multi-language / multi-currency support.
Touchless Accounts Receivable Processing
Streamline cash application and reconciliation process to avoid delays and improve revenue recognition.
How it works?
- Automate the overall cash application process integrating banking systems with ERP and CRM systems.
- Use ML tools to carry out predictive match and reconciliation between fields to carry out 2-way and 3-way matching
- Give time back for the accounts staff to focus on higher value-added work.
Billing and Settlements
Automate payment requests and billing queries to significantly improve customer experience.
How it works?
- Automate processes like changes to direct debit mandates, chasing late receivables or correcting overcharges.
- Respond to email queries with responses by training the system to analyze sentiment before responding.
- Seamless interface with ERP system to get customer data and trigger payment as per the payment terms without manual intervention.
F&A Intelligent Documents Processing
Use unstructured to structured data conversion to accelerate the automation of document F&A processes involving invoices, POs and Bills of Lading.
How it works?
- Use intelligent document processing to extract key terms from unstructured, multi-format documents like invoices, purchase orders, and order confirmation.
- Increased digitization increases the capacity of existing staff and have them focus on managing the operations better
- Better data means better analytics possible for data-driven decision making.
Talk to us today to understand how we enabled an MNC optimize their cash flows using the EIQ platform.
Touchless Accounts Receivable Reconciliation
Client Context
A multi-national corporate was looking at ways to eliminate delays in accounts receivables processing to improve cash application and DSO metrics. The highly manual process was also having a negative impact on employee morale.
Business Process Area
Accounts Receivable Process within Order To Cash
Value Delivered:
- 40% Improvement in unallocated cash
- 80% AR analysts redeployed to higher value tasks
- 80% Straight-through processing of cash application
- Error rate reduced to 0%
- 10 Months to ROI Realisation
