HighRadius, the Artificial Intelligence-powered Order to Cash and Treasury Management software leader, expanded its Autonomous Software platform into the Record to Report function to help accounting teams complete month-end close activities faster and more accurately. The new Autonomous Accounting software includes Financial Close Management and Account Reconciliation products as part of the Record to Report suite offering.
As the deadline for closing business transactions nears each month, controllers and their staff have the often thankless job of identifying anomalies and missing transactions across the business that may be captured in ERPs, accounting systems, third-party systems, Excel, or perhaps not captured at all. Dealing with these upstream business transactions under a tight timeline puts tremendous pressure on accounting teams to complete their work by the first day of the month.
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The HighRadius Autonomous Accounting solution uses native AI to continuously evaluate every transaction – including potentially missing transactions – to flag department stakeholders to review on a daily basis and self-correct in workflow collaboration with accounting staff. This leads to a continuous review of accounting transactions resulting in a smoother and more accurate month-end close process.
“We all live in a 24/7 real-time economy,” said Sashi Narahari, Founder & CEO of HighRadius. “Business decisions can’t wait to be made for the arbitrary month-end or quarterly reporting cycle. Finance and business leaders are looking to make decisions based on a real-time review of financial performance signals. Our goal with Autonomous Accounting is to fundamentally change the month-end close and reconciliation process from being a compliance and statutory reporting exercise to a continuous strategic input for business leaders.
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