Automation of Accounting

Manual accounting tasks such as data entry, invoicing, account reconciliation and payment transactions can be automated. Repetitive tasks in particular, such as the automation of recurring postings, can be automated using advanced (AI-based) technologies. Automation is an interesting lever for optimizing business processes, especially for companies with accounting obligations.

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Typical use cases of our AI software

Whether claims, procurement processes or invoice processing – our AI-based IDP platform solves a variety of use cases and helps companies to increase efficiency, increase sales and reduce risks.

Delivery Bills

Can delivery bills also be processed? Yes, that’s no problem. Delivery bills accompany the delivered goods and confirm which items were delivered and in what quantity. They are important for reconciliation with the invoice to ensure that the items delivered match the items invoiced.

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ExB's IDP (Intelligent Document Processing) platform saves you money and enhances overall efficiency.
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Automate accounting - everything you need to know about the topic

Recurring accounting tasks include the categorization of expenses, the declaration of social security contributions and VAT as well as the preparation of balance sheets. These are not only repetitive and time-consuming tasks, but also error-prone. Automating accounting processes enables companies and organizations of all sizes to optimize their financial management, ensuring a smooth, efficient and transparent workflow and managing financial transactions accurately and quickly.

There are various software solutions that aim to automate accounting processes and thus help companies to work more efficiently and error-free. This is because accounting generally involves the same tasks at least every month, which always involve a great deal of effort.

Es gibt verschiedenste Softwarelösungen, die das Ziel haben, Buchhaltungsprozesse zu automatisieren und somit Unternehmen dabei zu unterstützen, effizienter und fehlerfreier zu arbeiten. Denn: In der Buchführung fallen i. d. R. mindestens jeden Monat die gleichen Tasks an, die stets mit hohem Aufwand verbunden sind.

Automate accounts payable accounting

In contrast to accounts receivable, accounts payable focuses on the obligations of companies to properly manage, monitor and settle invoices and payables to suppliers.

This includes industries such as retail, manufacturing, services, healthcare, construction, technology, financial services and many others. In short, wherever companies have suppliers and need to pay invoices, accounts payable plays an important role.

Advantages of automated accounting

The automation of accounting processes can give companies a decisive competitive advantage. Some concrete advantages can be summarized under the following points:

  • Time savings: automating bookkeeping speeds up processes.
  • Error reduction: By minimizing manual entries, sources of error are significantly reduced.
  • Improved compliance: Automation enables consistent processes, real-time monitoring, traceability and accurate reporting.

Software for the automation of accounting

There is a wide range of modern accounting software on the market. Their aim is to save time and resources and minimize errors. Accounting automation software is based on advanced technologies such as RPA AutomationMachine Learning (ML), Artificial Intelligence (AI), Optical Character Recognition and Intelligent Document Processing.

RPA bots, for example, can largely automate accounting by performing repetitive manual tasks such as entering invoices, extracting data, reconciling transactions, posting documents and creating reports.

The aim of such software is not to make employees obsolete, but rather to outsource time-consuming and repetitive tasks so that accountants can concentrate on more strategic and analytical tasks. On a smaller scale, tax consultants, for example, also rely on automation in accounting.

Choosing the right accounting software

It is crucial to choose the software that meets the individual requirements and also ensures compliance.

The various technologies on which automation software is based have different advantages and disadvantages. ExB’s software combines Optical Character Recognition, Machine Learning and Robotic Process Automation and offers customized solutions for every use case. This means that any type of document can be processed, regardless of the format in which it is available. As an intelligent document process platform, ExB provides the processed data in a structured format so that it can be fed into existing systems via API.

If you operate an accounting system and would like to become a partner, please contact us without obligation.

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Artificial intelligence (AI) is increasingly finding its way into our everyday lives and corresponding solutions will become a natural component of digital change in large companies and German SMEs in the coming years. But is AI also worthwhile for your company?

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“ExB’s advanced technology enabled us to not only overcome AGILA’s challenges in animal health insurance, but also to provide added value. The high precision and automation of ExB’s AI extraction was a key factor in this.” 

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Further information on automating accounting with ExB

Explore our comprehensive platform overview, discover the benefits for your industry and expand your knowledge with our informative IDP blog and advice section.

Find out what IDP is, how our platform works and what advantages it offers.

Mit ExB automatisieren Sie Ihre Dokumentenverarbeitung – ganz egal, zu welcher Branche Ihr Unternehmen gehört.

In our blog, we report on the latest developments and explain exciting trends relating to IDP and AI.

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