Ensuring accuracy in accounting is paramount, given the profound repercussions of errors in numerical data.

Accounting departments, faced with the substantial workload of processing invoices, reports, and data, are increasingly turning to AI solutions to maintain competitiveness. Workday users find AI particularly instrumental in the following key areas:

• Automation: The automation of core financial transactions, traditionally handled manually, yields benefits such as reduced errors, costs, and time expenditure. Machine learning capabilities facilitate the bulk upload and scanning of invoices, identifying urgency and prioritizing processing. Subsequently, specialized routing based on past assignments ensures optimal support alignment.
• Anomaly Detection: Businesses leveraging AI for continuous anomaly detection mitigate bottlenecks during period-end activities. The conventional record-to-report process entails a concentrated workload within a limited timeframe. Machine learning significantly reduces oversight time, empowering accounting teams to allocate more time to analysis and engage in strategic initiatives.
• Intelligent Recommendations: artificial intelligence enables businesses to generate continuous recommendations throughout the accounting period. In processes like contract-to-cash, where 50% of receivables’ time is traditionally spent on manual payment processing, machine learning detects inaccuracies in accounting and recommends invoices closely matching customer receipts. This not only enhances efficiency but also ensures greater accuracy in financial operations.