BusinessPlus CFO AI Assistant

BusinessPlus CFO AI Assistant is a smart tool designed to automate and simplify accounting, finance & treasury workflows for businesses. Its four major functions are:

1. Auto-capture of Documents: This feature instantly captures and classifies e-forms or documents as they come in, significantly reducing manual effort.

2. Semantic Document Search: You can easily search for documents using natural language, making information retrieval straightforward.

3. Natural Language Data Query: This allows you to ask questions in plain language and receive answers directly from your enterprise data.

4. Risk Alerts & Task Reminders: The assistant proactively notifies you about potential risks and reminds you of important tasks.

Data Extraction of Incoming Financial Documents

Incoming Document feature of BusinessPlus CFO AI Assistant is designed to help your team by automatically capturing and classifying all incoming documents, such as invoices, receipts, quotations, bank statements and bank-in slip, etc. It then routes them into the correct e-form workflow, eliminating the need for manual data input. It also helps to reduce errors and save valuable time for everyone involved.

Major purposes of the AI Assistant includes:

1. Data Extraction: The AI Assistant can automatically extract relevant data from financial documents, such as dates, amounts, vendor names, and line items, which helps to reduce manual entry.

2. Information Organization: It helps categorize and organize financial data, making it easier to manage and retrieve when needed.

3. Validation and Verification: Generative AI can cross-reference extracted data against predefined rules or databases to ensure accuracy and compliance.

4. Integration: It can facilitate the integration of captured data into accounting systems or ERP software, streamlining workflows.

Digital Transformation for Finance & Accounting Operations

By leveraging GenAI for financial document capture, organizations can enhance their operational efficiency and accuracy while reducing costs. The AI Assistant’s auto-capture of documents feeds directly into both payment request, expense claim and bank statement. For budgets, it grabs expense, travel, or purchase documents and matches them to budget controls, helping with real-time tracking and approvals. For contracts, it sorts supplier contracts and e-signatures into the right workflows, making sure everything’s organized and easy to manage.

Below is a modular highlight of BusinessPlus CFO Solution:

1. General Expense: Handles expense requests and claims, streamlining reimbursement and tracking all general spending.

2. Travel Expense: Manages travel requests including travel plan and their relevant expense claims grouped in detailed categories, making it easy to control business trip spending.

3. Purchase & Payment: Covers purchase and payment requests, automating procurement and supplier and bills payments

4. Service Request: Automates admin service requests as itemized e-form approval and declarations of conflict of interests, improving administrative efficiency.

5. Budget: Supports budgeting and budget control, ensuring spending stays within approved limits.

6. Cash Management: Manages payment receipts and bank reconciliation for better cash flow visibility by linking bank transactions collected from bank statements.

7. Financial Management: Handles accounting (GL, AR, AP) and financial analysis for informed decision-making.

8. Asset Management: Tracks fixed assets and facilities, ensuring proper asset control from acquisition to transfer and from disposal to regular asset inventory count.

9. Contract Management: Manages supplier contracts and e-signatures for streamlined contract handling.

10. AI-Assistant: Auto-captures and classifies incoming documents (like e-forms), feeding them into the right workflows to save time and reduce errors.

For More Information About BusinessPlus CFO AI Automation https://www.businesspluscfo.com