HighRadius Launches Autonomous Accounting to Disrupt Month-End Close
HighRadius adds Record to Report offering to Office of the CFO portfolio of leading Order to Cash and Treasury solutions
HOUSTON — November 2, 2021 — HighRadius, the Artificial Intelligence-powered Order to Cash and Treasury Management software leader, today 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.
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.”
To learn more about how HighRadius’ Autonomous Accounting software will elevate the month-end close process, visit www.highradius.com/software/autonomous-accounting/
About HighRadius Corporation
HighRadius offers cloud-based Autonomous Software for the Office of the CFO. More than 700 of the world’s leading companies have transformed their order to cash, treasury and record to report processes with HighRadius. Our customers include 3M, Unilever, Anheuser-Busch InBev, Sanofi, Kellogg Company, Danone, Hershey’s and many more.
Autonomous Software is data-driven software that continuously morphs its behavior to the ever-changing underlying domain transactional data. It brings modern digital transformation capabilities like Artificial Intelligence, Robotic Process Automation, Natural Language Processing and Connected Workspaces as out-of-the-box features for the finance & accounting domain.
Finance business stakeholders have been led to believe that they have only two choices: pick an application software vendor that digitizes a paper or Excel-based process to an electronic system of record, or, choose a middleware platform for AI or RPA to build and maintain in-house, domain-specific capabilities. In contrast, HighRadius Autonomous Software combines the best of both worlds to deliver measurable business outcomes such as DSO reduction, working capital optimization, bad-debt reduction, reduce month close timelines and improve productivity in under six months.
Click here to see Autonomous Software in action.