Event Alert!

Webinar

A Panel Discussion on Straight-through processing of financial documents

October 23, 2024

Event Alert!

Webinar

A Panel Discussion on Straight-through processing of financial documents

October 23, 2024

Hyperbots

Embedding AI into all finance functions

Our AI Assistants provide 80% productivity gain in finance operations like Accounts Payable, Expense Processing and Accounts Receivable by eliminating all repetitive and mundane tasks. They are catalysts to CFOs’ strategic objectives like cashflow optimization and better financial control.

AP-AI Assistant

Existing Accounts Payable process

Accountant(s) receive 100s of invoices every day
They open emails and read the emails
They open the invoices one by one, open each PO, open each delivery receipt and read all of them
They do a 3-way matching

They accept or reject invoices
They communicate with CFOs
They make general ledger updates
They initiate payment

They carry out tasks for capitalization, accruals and amortization
They also create expense reports from time to time

They communicate with vendors and internal stakeholders to resolve discrepancies

AP pain points we are solving

Invoice matching with purchase orders and delivery notes takes lots of human effort, and in some cases leads to human errors

Invoice data entry to downstream ERP systems is effort-intensive, also error-prone

Capitalization, accrual and amortization tasks are tedious and manual. These are very often not accurate

Invoices have missing taxes, or tax computations are incorrect

Invoices are duplicates and partial or do not match with purchase order and delivery note

Lack of financial control in the absence of prediction of expenses, KPI monitoring, cash-outflow optimization, discount-based cash outflow savings

Existing Accounts Payable process

Accountant(s) receive 100s of invoices every day
They open emails and read the emails
They open the invoices one by one, open each PO, open each delivery receipt and read all of them
They do a 3-way matching

They accept or reject invoices
They communicate with CFOs
They make general ledger updates
They initiate payment

They carry out tasks for capitalization, accruals and amortization
They also create expense reports from time to time

They communicate with vendors and internal stakeholders to resolve discrepancies

AP pain points we are solving

Invoice matching with purchase orders and delivery notes takes lots of human effort, and in some cases leads to human errors

Invoice data entry to downstream ERP systems is effort-intensive, also error-prone

Capitalization, accrual and amortization tasks are tedious and manual. These are very often not accurate

Invoices have missing taxes, or tax computations are incorrect

Invoices are duplicates and partial or do not match with purchase order and delivery note

Lack of financial control in the absence of prediction of expenses, KPI monitoring, cash-outflow optimization, discount-based cash outflow savings

AP-AI Assistant

Existing Accounts Payable process for an accountant

Accountant(s) receive 100s of invoices every day
They open emails and read the emails
They open the invoices one by one, open each PO, open each delivery receipt and read all of them
They do a 3-way matching

Problems we are solving

AP pain points

Invoice matching with purchase orders and delivery notes takes lots of human effort, and in some cases leads to human errors

Invoice data entry to downstream ERP systems is effort-intensive, also error-prone

Capitalization, accrual and amortization tasks are tedious and manual. These are very often not accurate

Invoices have missing taxes, or tax computations are incorrect

Invoices are duplicates and partial or do not match with purchase order and delivery note

Lack of financial control in the absence of prediction of expenses, KPI monitoring, cash-outflow optimization, discount-based cash outflow savings

Accounts Payable process with Hyperbots AI Assistant

Hyperbots AI Assistant does all the tasks that accountant does with human in the loop approach.

Benefits

80%+ in-process cost optimization
Upto 10% cash outflow reduction due to early payment discounting
Improved vendor satisfaction
Improved auditability of books with improved capitalization and accruals
Higher control on cash outflow

EP-AI Assistant

Existing Expense Processing (EP) process

Employees have to keep bills, track soft and hard copies of bills, have to prepare the claim manually

Accountant(s) receive 100s of claims every week
They open the claims one by one on the HR portal or email, open each proof and open policy if needed
They read all of them
They do 3-way matching

They accept or reject claims
They communicate with CFOs
They make general ledger updates
They initiate payment

They carry out tasks for capitalization and accruals
They also create expense reports from time to time

They communicate with employees and managers to resolve discrepancies

EP pain points we are solving

Too much back & forth between finance managers (clerks) and employees due to claims not being supported by proofs

The repeat claims, wrong claims, and delayed claims result in overspending by the company

The delayed claims processing (often 1-2 months) due to errors and mismatches with policy result in employee dissatisfaction

The employees lose bills and have to spend lots of time filing claim forms, adding attachments, reading policy and following up against their claims

Undesired cost on finance human resources doing mundane tasks of claims processing

The claims are beyond prescribed limits and require human validation

Slip-through of wrong claims or over claims is high in the absence of robust fraud detection techniques

Existing Expense Processing (EP) process

Employees have to keep bills, track soft and hard copies of bills, have to prepare the claim manually

Accountant(s) receive 100s of claims every week
They open the claims one by one on the HR portal or email, open each proof and open policy if needed
They read all of them
They do 3-way matching

They accept or reject claims
They communicate with CFOs
They make general ledger updates
They initiate payment

They carry out tasks for capitalization and accruals
They also create expense reports from time to time

They communicate with employees and managers to resolve discrepancies

EP pain points we are solving

Too much back & forth between finance managers (clerks) and employees due to claims not being supported by proofs

The repeat claims, wrong claims, and delayed claims result in overspending by the company

The delayed claims processing (often 1-2 months) due to errors and mismatches with policy result in employee dissatisfaction

The employees lose bills and have to spend lots of time filing claim forms, adding attachments, reading policy and following up against their claims

Undesired cost on finance human resources doing mundane tasks of claims processing

The claims are beyond prescribed limits and require human validation

Slip-through of wrong claims or over claims is high in the absence of robust fraud detection techniques

EP-AI Assistant

Existing Expense Processing journey of an accountant

Employees have to keep bills, track soft and hard copies of bills, have to prepare the claim manually

Problems we are solving

EP pain points

Too much back & forth between finance managers (clerks) and employees due to claims not being supported by proofs

The repeat claims, wrong claims, and delayed claims result in overspending by the company

The delayed claims processing (often 1-2 months) due to errors and mismatches with policy result in employee dissatisfaction

The employees lose bills and have to spend lots of time filing claim forms, adding attachments, reading policy and following up against their claims

Undesired cost on finance human resources doing mundane tasks of claims processing

The claims are beyond prescribed limits and require human validation

Slip-through of wrong claims or over claims is high in the absence of robust fraud detection techniques

Expense Processing with Hyperbots AI Assistant

Hyperbots AI Assistant does all the tasks that accountants and employees do with human in the loop approach.

Benefits

80%+ in-process cost optimization
Upto 10% cash outflow reduction due to overspending elimination
Improved employee satisfaction
Improved auditability of entries with improved capitalization and accruals
Higher control on cash outflow

AR-AI Assistant

Existing Accounts Receivables (AR) process

Accountant(s) update customer PO information into ERP
They open PO, confirm delivery of goods/service and generate invoice
They create an email for the customer, send the invoice and follow up

They make general ledger updates and reconcile payments against invoices

They have to create DSO and cash inflow reports from time to time

They escalate non-payments internally and externally
They process refunds on partial and defective delivery

AR pain points we are solving

Higher DSO days due to delayed invoice generation or lack of customer follow-ups

More discrepancies or customer disputes due to defective product/service being invoiced, duplicate invoicing or POs not matching with the invoices

Lack of coordination between sales, finance, and customer success teams on DSO tracking & customer follow-ups results in bad debts and higher DSOs

General ledger updates on invoice generation, payment receipts, refunds and reconciliations are manual and time-consuming

Escalation management of higher DSOs or non-payments is inefficient

Report generation actions are all manual and dependent on skilled technical people

Defining and implementing invoice tracking policy with milestones-based timely communications to customers is either ad-hoc or does not exist

Invoicing based on various contract terms and company payment norms is time-consuming and frequently leads to delays or errors

Processing refunds is delayed and results in customer dissatisfaction

Existing Accounts Receivables (AR) process

Accountant(s) update customer PO information into ERP
They open PO, confirm delivery of goods/service and generate invoice
They create an email for the customer, send the invoice and follow up

They make general ledger updates and reconcile payments against invoices

They have to create DSO and cash inflow reports from time to time

They escalate non-payments internally and externally
They process refunds on partial and defective delivery