The latest automation feature harnesses AI to predict accumulated expense estimates, generate reports and simplify month-end close
Boston, Massachusetts – September 10, 2024 – Charted, formerly SquareWorks Consulting, an ERP implementation and financial automation software provider, today announced the launch of its latest product offering, Accrual Automation. Available through the Charted AP Automation platform, a financial automation solution, Accrual Automation is the latest feature designed to elevate the experience for financial teams using an enterprise resource planning (ERP) system with AI-enabled capabilities.
Ensuring the accuracy of expense accruals is a crucial component of internal accounting operations, ensuring leaders have precise data for decision-making and to ease the audit process. The typical accruals process can be cumbersome, requiring estimates from internal stakeholders and vendors, thorough data analysis, correlating data from various locations and multiple reports and manual efforts resulting in many hours spent on this one accounting task.
“The latest Charted automation feature, Accrual Automation, is a testament to our commitment in making the financial accounting process as seamless as possible for finance teams,” said Bernardo Enciso, CEO of Charted. “By focusing on automating the accruals process, we can save accounting teams significant time every month by utilizing automation and AI to streamline the financial close process, reducing manual efforts and drastically increasing productivity while improving data accuracy for more reliable financial reporting.”
Accounting teams gain the following benefits of implementing Accrual Automation:
- Monotonous tasks such as compiling multiple reports and collating spreadsheets are automated, reducing the time spent on these efforts by over 50%.
- Eliminate the need for manual data manipulation with the ability to review accrual estimates and confirmations directly within the ERP platform, ensuring data is always up to date.
- Reduce discrepancies for future audits with a detailed audit trail.
- Outreach processes are established to ensure vendors are contacted for estimates automatically.
- Leaders can make better decisions based on more accurate expense accrual estimates, now completed faster than ever.
- Seamlessly work within your ERP platform, without the need for multiple integrations or system logins.
- Harness the power of AI to compile pending transactions, historic data and open purchase orders, significantly reducing manual labor.
Charted builds automation solutions to harness the power of ERP systems specifically for financial teams, ensuring products are seamlessly embedded for a superior user experience. In addition to Accrual Automation, the Charted platform hosts AI-enabled Invoice Scanning, Real-Time 3-Way Match, Approval Automation, Advanced Vendor Onboarding, Payment Automation and more.
For more information on the new Accrual Automation feature from Charted, please go to: https://bbcharted.com/ap-automation-suite/expense-accrual-automation-for-netsuite/
About Charted
Charted clears the path for finance teams with AP Automation solutions built directly into your ERP—no integrations, no extra systems. Gain real-time clarity on every invoice, approval, and payment so you can focus on what really matters. Eliminate manual data entry with AI-powered capabilities and expense accrual automation to accelerate your month-end close. Combine the power of your full ERP dataset with Charted built-in controls to manage the most complex approvals and workflows, producing results at scale. Backed by decades of ERP best practices and expertise, we enable multi-entity, multi-currency workflows to support your AP automation needs anywhere in the world.
Charted was born from years of hands-on implementation and consulting experience. With consulting roots and product strength, Charted is your one-stop-shop for everything ERP.
To find out more, please visit www.charted.com.
Media Contact
Alicia Sgromo
Corporate Communications & Content Manager
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