Accounting software has been in the market for a long time. Accounting was one of the first areas within finance to be automated since most accounting workflows are repetitive.
But with the advent of AI and ML, traditional accounting solutions are getting replaced with new-gen record-to-report solutions that don’t just work based on rule-based automation but are more intelligent and self-learning.
HighRadius’ record-to-report solution, powered by an AI engine, makes anomaly detection, variance analysis, and financial close task management easier.
In this article, we look at the features offered by our Autonomous Accounting solution. We also compare HighRadius’ solution with traditional accounting software.
Here we look at the key features of HighRadius’ AI-powered accounting solution.
Accounting software like Tally has long replaced Excel sheets in completing financial reporting tasks. Today, traditional accounting software is being eclipsed by new-gen accounting software that combines the power of AI and analytics to complete complex accounting tasks and financial reporting accurately.
Below, we look at HighRadius vs traditional accounting software.
|HighRadius Autonomous Accounting||Traditional accounting software|
|A cloud-based solution, it makes collaboration between accountants easier and enables real-time updates.||Mostly on-premises systems, require software installation on hard drives. Data access from anywhere is not supported.|
|Powered by AI, our Autonomous Accounting solution is intelligent and can handle out-of-the-box tasks.||Most accounting software is rule-based and cannot complete tasks that deviate from the standard formats.|
|Native AI ensures better anomaly detection, enabling error-free records.||Anomaly detection is not 100% accurate as it is done with predefined rules|
|Dashboards and report templates enable continuous accounting to improve transparency and decision-making.||Reporting templates often support only month-end and quarterly reporting cycles.|
|Seamlessly integrates with other systems including ERPs, HR, CRM, payroll software, and banking systems.||Integrations can be complex and expensive. Manual intervention is often required to complete workflows.|
HighRadius’ key competitors in the accounting space include Newgen, Conduent, Blackline, and Vena, among others.
What makes HighRadius’ solution stand out is its AI features that help solve even complex accounting challenges. We also offer O2C and treasury solutions for the office of the CFO, making ours a complete suite.
With AI capabilities, HighRadius’ Autonomous Accounting solution helps eliminate the use of Excel spreadsheets and achieve faster financial close with 100% accuracy.
Autonomous Accounting solution supports single touch posting, improves collaboration between teams, and streamlines accounting workflows. Achieve 40% faster monthly financial close while ensuring compliance with SOX (Sarbanes-Oxley Act).
Talk to our experts to discuss how we can help you put your accounting operations on auto-pilot.
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HighRadius Autonomous Accounting Application consists of End-to-end Financial Close Automation, AI-powered Anomaly Detection and Account Reconciliation, and Connected Workspaces. Delivered as SaaS, our solutions seamlessly integrate bi-directionally with multiple systems including ERPs, HR, CRM, Payroll, and banks. Autonomous Accounting proactively identifies errors as they happen, provides the project management specifically designed for month end close to manage, monitor, and document the successful completion of tasks, including posting adjusting journal entries, and provides a document repository to support each month’s close process and support the financial audit.