The latest automation feature harnesses AI to predict accumulated expense estimates, generate reports and simplify month-end close

SquareWorks Consulting, an ERP implementation and financial automation software provider, today announced the launch of its latest product offering, Expense Accrual Automation. Available through the SquareWorks Automate platform, a financial automation solution, Expense 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.

“SquareWorks Consulting’s latest automation feature, Expense 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 SquareWorks Consulting. “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 Expense 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.

SquareWorks Consulting 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 Expense Accrual Automation, the SquareWorks Automate 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 Expense Accrual Automation feature from SquareWorks, please go to: https://squareworks.com/automate-ap-automation-suite/expense-accrual-automation-for-netsuite/

About SquareWorks

SquareWorks Consulting is an enterprise resource planning (ERP) implementation provider focused on elevating its customers’ experiences with exceptional automation solutions and consulting services. Our products include Automate, a financial automation platform providing best-in-class automation and AI-enabled capabilities. We also provide exceptional consulting services and partner with our customers to deliver high-quality implementations, optimization services, custom solutions and ongoing support. To find out more about SquareWorks Consulting, visit www.squareworks.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240910678607/en/