Autonomous Accounting for Record to Report

AI-Powered Anomaly Management For Faster Close Cycles

Resolve anomalies proactively throughout the financial period with alerts for all potential errors or omissions and achieve a smooth financial close

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Anomaly Detection Benefits

Solution Overview

Key Product Features

Resources

FAQs

Real-Time Anomaly Detection

Get alerts for potential anomalies based on AI capability to analyze data, establish patterns and identify deviations that could indicate an anomaly

Alert users to potential issues in real-time through automated workflows and enable them for a quicker investigation and resolution

A single source of truth for all transactions and customized view of anomalies enable you in making funding and investing decisions efficiently

Viewing all anomaly attributes in one place helps auditors find the right information and support documents for ensuring the accuracy of financial statements
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Anomaly Management Cloud Overview

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Key Product Features

Anomaly Rule Discovery

Machine Learning Engine analyzes the transactions by specific dimensional sets and determines abnormal patterns that differ from the established pattern

Business Defined Workflow

When an anomaly requires some research in order to make a correction, you can create a task and add it within a close workflow process so it doesn't get lost in emails

Automated Journal Entry Posting to ERP

If an anomaly correction requires a change in the journal entry, it'll be auto-posted to your ERP to close the loop between finding the anomaly and making the correction

AI-Enabled Remedial Suggestions

Suggestions on how to resolve the anomaly along with suggestions for correcting journal entries for some anomaly patterns

AI-Enabled Continuous Anomaly Management

Schedule the system to show potential anomalies for the week, month, or quarter to avoid the period-end chaos and have a minimal number of open items

Anomaly Rule Discovery

Machine Learning Engine analyzes the transactions by specific dimensional sets and determines abnormal patterns that differ from the established pattern

An anomaly requires some research in order to make a correction, you can create a task and add it within a close workflow process so it doesn't get lost in emails

If an anomaly correction requires a change in the journal entry, it'll be auto-posted to your ERP to close the loop between finding the anomaly and making the correction

Suggestions on how to resolve the anomaly along with suggestions for correcting journal entries for some anomaly patterns

Schedule the system to show potential anomalies for the week, month, or quarter to avoid the period-end chaos and have a minimal number of open items

Identify and resolve errors faster with our anomaly management software

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One Accounting Platform

Transform your accounting process by enabling faster close cycles, error free reconciliation and proactive anomaly management

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Financial
Close

Achieve day zero close with auto data aggregation, automated workflows and close task management Learn More
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Accounts Reconciliation

 Achieve continuous accounting process to improve reconciliation accuracy, save time and provide real-time insights Learn More
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Anomaly Detection

Proactively detect and address financial errors and inconsistencies in real-time to reduce risk and protect your business Learn More

Resources

HighRadius Deduction Automation Datasheet

AI Demystified for Detecting Errors and Omissions in the Monthly Financial Close Process

This eBook highlights the right approach for applying AI in the financial close process for error detection and the differences between AI-based algorithms and rule-based automation.
Download the Datasheet
Accounts Receivables Dispute Management

Autonomous Financial Close Checklist Template

In this template you will learn how a checklist is not a ""static reference"" or a cheat sheet, it's a dynamic tracker for managing a sucessful on-time month end cose proces.
Download the Template
Resolving Deductions 2x Faster

Organizing the Month-End Financial Close Process

This ebook analyzes that key challenges of disparate tools in the financial close process and how month-end close software helps in avoiding the period-end chaos.
Download the ebook

Frequently Asked Questions

Identify errors and omissions in the General Ledger and Sub-Ledgers is a time-intensive task that is usually done in a hurry through the end of the period to close the books. Since they do it manually, accountants might miss some anomalies and consequently, the closing cycle gets extended.

AI automates the process of finding and resolving anomalies by flagging potential anomalies automatically based on the past data of 12 to 18 months. Based on the action you take for an anomaly, it also learns and applies the same logic to the future anomalies. For instance, if you 'ignore' a certain type of anomaly alert (false anomaly), it'll stop showing similar anomalies in the future to help you focus on the 'true' anomalies.

AI-powered software doesn't just detect and flag all potential anomalies - it also suggests actions, enables managers to create tasks and assign owners for timely resolution, and arms the team with the necessary information for compliance and audit."

What kinds of anomalies does HighRadius flag?

Anomalies are classified as either errors or omissions. HighRadius detects 10 errors and 2 omission cases that are common for all organizations. For instance, when a business transaction recorded in a specific GL account shows up with a Vendor detail that is historically not posted for that GL account or an unexpected Transaction Type where a GL Transaction has been recorded in a GL Account with a Transaction Type that is not expected for that GL Account.