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Expedite Financial Processing through Automation
—Support Your Finance Department with BAAR  

Challenge:

Corporate Finance departments spend a great deal of time managing financial statements, accounts, and ledgers, or calculating and verifying tax payments.

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  • Intercompany account reconciliations and bank statement reconciliations can be tedious to carry out, especially for companies with one or more subsidiaries.

  • Errors in accounts payable processing and accounts receivable processing can hurt a company’s credit rating if they are not fixed in time.

  • Tax payment is labor-intensive and repetitive, which renders it prone to human error.

Solution:

AlliedMedia has the automation solution your company needs to help its Finance team save time and money. We call it BAAR.

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  • BAAR (Business Automation, AI, and Robotics) is a virtual agent, our multi-pronged automation solution to a variety of corporate needs.

  • With the help of BAAR, your company’s Finance team won’t need to spend hours checking and double-checking statements, accounts, ledgers, and taxes for human errors.

 

This page details how BAAR can optimize your company’s Finance department. Please refer to our other pages for more information on BAAR’s HR, Legal, IT, Supply Chain, and IGA (Identity, Governance, and Administration) capabilities.

Automate Financial Reconciliations

Companies must routinely handle two main types of financial reconciliations: intercompany accounts and bank statements.

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Intercompany account reconciliation is especially crucial for companies with one or more subsidiaries. Business transactions among the parent company and its subsidiaries must be cross-checked to ensure that nothing is being double counted.

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This helps ensure an accurate representation of the overall company’s actual financial performance in each quarter. It can also reduce bank charges, especially for multi-national corporations. Instead of making multiple withdrawals and deposits, the final net amount can simply be transferred from a central corporate treasury to the appropriate account.

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Bank statement reconciliation is the process of checking bank statements against corporate ledgers so that any inaccuracies can be amended in a timely manner. Inaccuracies may include double payments, missed payments, fraudulent transactions or identity theft, calculation errors, and so on.

Not only can accurate financial reconciliation save money, it can also help when making financial projections for the future. However, trying to manually match hundreds or thousands of transactions exposes a company to human error and financial risk.

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BAAR provides a quick, easy, and affordable solution:

  • Intercompany Account Reconciliation:

    • Can reconcile accounts on an ad-hoc or scheduled basis

    • Greatly reduces the chance of inaccuracies in the completed financial statements

  • Bank Statement Reconciliation:

    • Automated workflows allow for reconciliation between the Enterprise Resource Planning (ERP) system and bank account

    • Directly compares data from the general ledger files to bank statements using a powerful, customizable matching engine

Automate Financial Reconciliations

Accounts receivable (A/R) refers to the money that customers and clients owe to a company for goods or services rendered, while accounts payable (A/P) refers to the opposite, the money a company owes to its vendors and suppliers.

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A/R may be characterized by collection periods of 30, 60, or even 90 days. This can pose a problem if the collection period for A/P is shorter than for A/R, as the company may encounter difficulties in paying off its debts.

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A/P represents the expenses required to keep a company in business. If A/P payments are late, the company’s credit rating can drop, which hinders its ability to withdraw loans and finance projects in the future.

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Due to the interdependence of A/R and A/P and the potential discrepancy in their collection periods, Finance teams can find it challenging to juggle the inflow and outflow of cash without driving the company into debt or hurting its credit rating. As a result, the company might remain more financially risk-averse than it needs to be.

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BAAR allows your company to automate the complex but repetitive process of managing A/R and A/P cash flows:

  • Accounts Receivable:

    • Examines invoices raised and respective payment terms

    • Sends notifications when payments are due

    • Can send automated follow-ups to customers with pending payments

  • Accounts Payable:

    • Validates the payment terms of the contract for each vendor or supplier

    • Ensures that a proof-of-delivery is present

    • Sends all relevant documents to the A/P team for final processing

Automate Tax Payments

Filing corporate tax returns is a labor-intensive process. Tax departments frequently engage in repetitive tasks such as gathering and validating data, running tax reports, calculating adjustments, populating work papers, and so on.

BAAR serves as a helpful aid to expedite tax payments:

 

  • Rules-based tasks:

    • Can be configured to complete a number of rules-based tasks, including opening emails and attachments, moving files and folders, connecting to system APIs, extracting structured data from documents, making calculations, collecting social media statistics, filling in forms, working with databases, following if/then commands, etc.

  • Robotic Process Automation (RPA):

    • RPA for tax payments can be easily deployed and managed from a central controller

    • Can interact with a wide range of business applications

Set up BAAR and Expedite Your Company’s Financial Processing Today

This was just an overview of BAAR’s Finance capabilities – our virtual agent can do much more for your company.

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If you’re interested in learning more about how BAAR can help your company achieve its full potential, contact us today to request a demo.

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