Accounting - Fliweel.tech

Deploy AI and Automation in the Accounting Sector

Leverage AI and automation to elevate your accounting practice, streamline operations, and achieve outstanding results.

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AI adopters that have experienced improved operational efficiency due to advanced AI strategies

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Source: Deloitte

Cost reduction with AI-driven financial data analysis and reporting

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Source: McKinsey & Co.

Level of improvement in audit accuracy among early adopters of AI-enabled accounting tech

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Source: PwC

Transform Accounting Practices with AI and Automation

Enhance client services, streamline financial processes, and optimise accounting workflows with cutting-edge tech solutions.

AI Strategy & Implementation

Design AI strategies to automate reporting, cash flow forecasting, and financial insights.

AI Agents

Use AI agents to handle client queries, document requests, and routine finance task 24/7.

RPA

Automate repetitive tasks like invoice entry, reconciliations, and month-end close.

Systems Integration

Connect accounting tools with CRMs, banks, and ERPs for seamless data flow.

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Use Cases in Accounting

Elevate your accounting practice with our integrated AI and automation capabilities. We combine cutting-edge technologies with bespoke services to deliver transformative solutions.

Automated Financial Reporting

What It Is: AI-driven tools to manage and automate financial reporting and documentation.

Problem It Solves: Time-consuming manual financial reporting and data analysis processes.

How It Would Be Applied: Leveraging AI to automate financial data collection, analysis, and report generation.

Business Impact: Increases efficiency, reduces errors, and frees up accountants to focus on strategic financial planning.

Audit Accuracy Enhancement

What It Is: AI-powered tools to enhance the accuracy and efficiency of financial audits.

Problem It Solves: Manual audits are time-consuming and prone to errors, leading to potential compliance risks.

How It Would Be Applied: Using AI to analyse financial statements and identify discrepancies or areas of concern with greater precision.

Business Impact: Improves audit accuracy, reduces compliance risks, and accelerates the audit process.

Client Onboarding and Communication

What It Is: AI-driven systems to streamline client onboarding and communication processes.

Problem It Solves: Lengthy and inconsistent client onboarding and communication processes.

How It Would Be Applied: Automating the gathering of client information, managing documentation, and providing real-time communication through AI chatbots.

Business Impact: Enhances client experience, reduces onboarding times, and ensures consistent communication.

Financial Forecasting Automation

What It Is: AI-based tools to automate and enhance financial forecasting.

Problem It Solves: Traditional forecasting methods can be inaccurate and labour-intensive.

How It Would Be Applied: Using AI to predict future financial trends based on historical data and current market conditions.

Business Impact: Improves forecasting accuracy, supports strategic decision-making, and reduces financial risk.

Case Study

Challenge

A leading accounting firm faced challenges in managing large volumes of financial data, ensuring compliance with ever-changing regulations, and improving the accuracy of financial audits. The manual processes involved were time-consuming, error-prone, and led to delays in financial reporting.

Objective

To improve financial reporting efficiency, enhance audit accuracy, and streamline compliance processes through AI and automation.

Solution

The firm partnered with a technology solutions provider to implement an AI-driven financial management and audit system. The solution included:

AI-Powered Financial Analysis: Automated analysis of financial data to identify trends, risks, and opportunities.
Audit Automation: Tools to manage audit processes, detect discrepancies, and ensure compliance with financial regulations.
Compliance Monitoring: AI algorithms to continuously monitor regulatory changes and ensure adherence to accounting standards.

Implementation

Phase 1: Needs Assessment and Customisation
- Conducted a detailed analysis of the firm’s financial reporting and audit processes.
- Customised the AI system to handle specific types of financial data and compliance requirements.
Phase 2: Integration and Testing
- Integrated the AI tools with the firm’s existing financial management systems.
- Performed rigorous testing to ensure accuracy and reliability of AI-generated insights.

Phase 3: Deployment and Training

- Deployed the AI system across the firm’s departments.
- Provided comprehensive training for staff to effectively use the new tools and leverage AI insights.

Results

Enhanced Efficiency: The AI-driven system automated 65% of routine financial reporting tasks, significantly speeding up the process and reducing manual errors.
Improved Accuracy: Audit accuracy increased by 45%, minimising compliance risks and improving client service.
Streamlined Financial Management: Financial management workflows were streamlined, leading to a 35% reduction in reporting times and improved overall productivity.
Regulatory Compliance: Automated compliance monitoring ensured the firm stayed up-to-date with regulatory changes, reducing the risk of non-compliance.

Deploy AI and automation to revolutionise your accounting practice, enhance client satisfaction, and achieve operational excellence.

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