What Is Auditoria AI?
Auditoria.AI is an AI-powered solution that helps businesses automate their back-office operations. The company’s platform uses natural language processing, machine learning, Robotic Process Automation (RPA) and generative AI to automate a variety of tasks, including accounts payable, accounts receivable, and procurement. Auditoria.AI can help businesses save time and money, improve accuracy, and gain real-time visibility into their financial data.
About
Founded by Rohit Gupta, Auditoria.AI is a San Jose, California-based company that was founded in 2018. The company has raised a total of $21.5 million in funding over two rounds. The most recent funding round was a Series A round of $15.5 million led by Venrock. Other investors in the company include Workday Ventures and B Capital Group.
Here’s a snapshot of the current company profile on Crunchbase
Auditoria Funding
Auditoria.AI has raised $21.5 million in funding over two rounds. The funding rounds are as follows:
- Series A: $15.5 million led by Venrock
- Seed: $6 million led by B Capital Group
What Does Auditoria.AI Do?
Although we’ve already shared above what Auditoria does but let’s have a look at its functionality in slightly more detail.
The bottom line for every AI-powered software is automation. Auditoria is no different.
So what Auditoria does is that it automates the day-to-day tasks that typically a junior accountant has to do in a normal office setting.
From responding to emails to extracting data from invoices/bills to posting journal entries, Auditoria AI is here to relieve accounts from their tedious, repetitive and rather non-value-adding activities hence allowing them to be more productive.
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Auditoria Uses SmartBots To Automate Mundane Financial Tasks
What are SmartBots?
With the help of SmartBots, Auditoria AI, automates complex but repetitive finance assignments.
Traditionally, SmartBots were used as chatbots but thanks to the rapid innovation in the artificial intelligence realm, Auditoria has taken them one step further. The SmartBots in Auditoria not only engage with the customer/vendor but also execute workflows thus enabling Auditoria to act as a junior accountant that’s more precise and efficient.
In return, this allows the accounting team not to be more productive but also to focus on rather high-level assignments hence boosting the accounting team’s overall productivity.
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What Can SmartBots Do?
SmartBots in Auditoria serve multiple functions and can automate your office chores in the following ways:
Leveraging the technology of SmartBots, Auditoria AI performs the following functions:
- Auditoria SmartCustomer: AR Helpdesk
Is an AI-powered solution that automates the process of responding to customer inquiries related to accounts receivable. This can help to improve customer satisfaction, reduce the workload on the AR team, and free up time for more strategic tasks. - Auditoria SmartVendor: Vendor Invoice Data Extraction
extracts data from vendor invoices, such as the invoice number, amount, due date, and payment terms. This data can then be used to automate accounts payable processes. - Auditoria SmartVendor: AP Helpdesk
provides a self-service portal for vendors to submit questions and requests related to accounts payable. This can help to reduce the workload on the AP team and improve customer satisfaction. - Auditoria SmartCollections – Automation For Accounts Receivable
automates the process of sending out invoices, collecting payments, and managing late payments. This can help to improve cash flow and reduce the risk of bad debt. - Auditoria SmartVendor: Vendor Onboarding And Activation
automate the process of onboarding new vendors, including collecting information, generating contracts, and activating vendor accounts. This can help to speed up the onboarding process and reduce errors. - Auditoria Smartboarding – Customer Help
provides a self-service portal for customers to submit questions and requests related to their accounts. This can help to reduce the workload on the customer support team and improve customer satisfaction. - Auditoria SmartVendor: Vendor Tax Forms Collection And Refresh
helps to ensure compliance by regularly collecting updated IRS W-9s and W-8s from vendors. - Auditoria SmartGL: Advanced Accruals For Suppliers
helps to accelerate the monthly close by automatically capturing accruals insights, preparing journal entries, and reconciling them into your ERP system.
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Auditoria.AI – Use Cases
Since we’ve seen what can Auditoria.ai do and how it can automate all your
- Accounts payable automation: Auditoria.AI can automatically process invoices, match them to purchase orders and approve payments. This can save businesses a significant amount of time and money.
- Accounts receivable automation: Auditoria.AI can automatically track customer payments, send out reminders, and manage collections. This can help businesses to improve their cash flow and reduce the risk of bad debt.
- Procurement automation: Auditoria.AI can help businesses to optimize their procurement process by identifying cost savings, reducing the risk of fraud, and improving compliance.
- Financial close automation. Auditoria AI can automate the process of preparing financial statements, including gathering data, reconciling accounts, and generating reports. This can help to improve accuracy and efficiency.
- Risk management. Auditoria AI can be used to identify and mitigate risks, such as fraud, non-compliance, and operational inefficiencies. This can help to protect the company’s assets and improve its bottom line.
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How Auditoria.AI Can Help Achieve Higher Productivity
Auditoria.AI is an AI-powered solution that can help businesses achieve higher productivity. The company’s platform automates a variety of business processes, including accounts payable, accounts receivable, and procurement. By automating these tasks, Auditoria.AI can help businesses save time and money, and improve their overall productivity.
Here are some of the ways that Auditoria.AI can help businesses achieve higher productivity:
- Automate repetitive tasks: Auditoria.AI can automate a variety of repetitive tasks, such as processing invoices, approving payments, and managing vendor relationships. This frees up employees to focus on more strategic and value-added activities.
- Improve accuracy: Auditoria.AI uses artificial intelligence to identify and correct errors in data. This can help businesses reduce the risk of fraud and errors, and improve the accuracy of their financial reporting.
- Improve visibility: Auditoria.AI provides businesses with real-time visibility into their financial data. This helps businesses to make better decisions about their finances, and to identify areas where they can improve their efficiency.
Auditoria AI Is Best For…!
If you come from the following line of jobs then Auditoria.ai is best suited for you:
- CFOs
- Controllers
- General Accounting Team (A/P, A/R, G/L Accountants, etc.)
- Shared Services Team
- IT & Finance Transformation Team
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What Is The Current Status Of Auditoria AI? Is It Available To the Public?
All right. If Auditoria sounds to be quite cool already then you must be thinking about how can you get your hands on this software. Right?
Well, there’s a small catch here. Auditoria.AI is currently in private beta and is not yet available to the public. The company plans to launch a public beta in the coming months. However, you can surely Request A Demo by submitting a quick brief form.
Conclusion
Auditoria.AI is an AI-powered solution that can help businesses achieve higher productivity. By automating repetitive tasks, improving accuracy, and providing real-time visibility into financial data, Auditoria.AI can help businesses save time and money, and improve their overall performance.
If you are looking for a way to improve the productivity of your business, especially the financial, accounting and routine, day-to-day administrative chores then Auditoria.AI is a great option to consider.
In the end, Feel free to check out this list of Best AI Tools to keep yourself abreast with all the AI developments going around and keep visiting Cool AI Software.
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