Auditories AI today announced SmartFlow Skills, a ground-breaking new SaaS solution that addresses the most pressing challenges of corporate finance back office. Auditoria is the first company to combine AI-based finance process automation with natural language-driven configuration and powerful recommendation analytics to produce a smart engagement system for ERP applications. Auditoria also announced $6 million in venture financing under Neotribe Ventures, Engineering Capital and Firebolt Ventures.
SmartFlow Skills automates routine business processes that otherwise take days or weeks, while accelerating surgical financial insights that improve visibility and decision-making. Despite advances in financial application technology, today’s enterprise finance back office is still largely manual, resulting in increased friction between internal and external stakeholders, increased costs due to manual work and bug fixes, and increased demand for the provision of evidence within severely constrained timelines to meet conventional GAAP audit requirements. Typical company finance back office on average:
Has over 400 business processes across procurement, order-to-cash and record-to-report areas.
Leverages outsourcing of business processes through onshore or offshore service providers to staff with shared service functions for transaction-intensive processes
Spends more than 60% of its OpEx on fixed and variable personnel costs to meet its business objectives.
“Almost every organization has sought the ability to intelligently automate its processes as part of its operational efficiency initiatives. While these efforts to automate often begin with cost savings, the advent of artificial intelligence components such as natural language processing, computer vision, machine learning and neural networks present opportunities for fully autonomous capabilities that have strategic and long-term impacts,” said R “Ray” Wang, Senior Analyst and Founder of Constellation Research. “The future is about making precision decisions, which happens when you automate your transactions, deploy artificial intelligence, and set up an autonomous enterprise. “That’s right.
Auditoria SmartFlow Skills offers a reliable alternative to traditional approaches to the execution of typical back-office finance processes, resulting in significantly improved business resilience. Using natural language-driven configurations, Auditoria SmartFlow Skills ephemerally automates mission-critical finance business processes while querying and reconciling data into financial record systems. In addition, SmartFlow Skills includes modern machine learning algorithms for statistical and predictive analysis, enabling companies to have quick access to key financial indicators, higher accuracy and accuracy in predictive recommendations, and to be continuously audit-ready while at the same time minimizing risks, eliminating errors and reducing accounting infringements.
“Auditoria SmartFlow Skills eliminate friction, repetition and wasteful effort on payables, receivables, FP&A and audit functions within a typical enterprise,” said Rohit Gupta, co-founder and Chief Executive Officer of Auditoria. AI, AI “Auditoria offers a modern, AI-driven automation platform for CFOs looking to identify hard-to-site trends, accelerate predictive forecasting, improve business continuity, and make their accounting and back office teams more productive and efficient than ever before, to complement their ERP applications while streamlining their planning and audit efforts. “That’s right.
“Traditional ERP applications have been mechanical and focused on accounting, with a lot of manual processes,” said Rex Jackson, Chief Financial Officer at ChargePoint. “AI can be a real bonus for back office finance, for task automation, data aggregation, and data purification. Auditoria’s modular approach to automating and applying machine learning to the back office is revolutionary. “That’s right.
“Auditoria checks all the boxes when it comes to the type of company we are looking to invest in,” said Aditya Singh, Co-Founder and Managing Director of Neotribe Ventures. “Autonomic applications and automation in the back office of finance is the next disruptive trend. Founded by an experienced team to solve a problem that affects every business today, with a ground-breaking approach to delivering autonomous capabilities, Auditoria is set to be the preferred solution for CFOs and their finance teams. “That’s right.
Availability of
Auditoria SmartFlow Skills is currently in limited availability for companies operating Oracle NetSuite and Sage Intact, with Workday support in the second half of 2020. Visit the Auditorium AI to learn more about how your organization can benefit from AI-driven automation in your back office.
About the Auditorium
Founded in 2019, Auditoria is a provider of AI-driven automation solutions for finance teams based in Santa Clara, California, supported by Neotribe Ventures, Engineering Capital and Firebolt Ventures. Its flagship offering, Auditoria SmartFlow Skills, leverages natural language processing, artificial intelligence and machine learning to eliminate friction and repetition, automates finance back office business processes, and delivers cutting-edge, real-time predictive analysis to corporate finance and accounting teams.
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