Author: Natasha Lam, Head of Finance Automation at Blackbook.ai

We all groan at some stage of the month that we still need to complete our balance sheet recs. The manual validation of this checking process is painful, but 100% necessary in order to maintain accurate classification and transparent accounts.

Imagine there was a cloud-based application that gave you live integration with your ERP systems and other business systems to ensure that you always have access to the most accurate data for reconciliation purposes. Well, now there is… RecBuddy — reconciliation in real-time.

The KPI — Excel is used heavily for…

Don’t be scared of the sophistication of algorithmic trading and blockchain! Its logic and functionality can save thousands of hours spent reconciling. As Accountants, we wait around at the end of the month for allocation cycles to run or Intercompany accounts to balance, due to either resource or system restrictions. Components of Blockchain and algorithms can solve these issues.

The KPI — A Deloitte survey a few years ago suggests that disparate software systems pose the biggest problem for intercompany accounting, followed by intercompany settlement and a number of others including transfer-pricing compliance. …

Author: Ben Lynton, Head of Data Science at Blackbook.ai

The full story falls far behind the hype. But for now, let’s focus on Quantum Computing.

Quantum computing has been reported as a technology that will take over the world. It suggests imagery of nuclear missile silos being hacked, every major bank going down overnight, total anarchy. The reality of large-scale quantum computing is more pleasant. If there were to be a paradigm shifting breakthrough today, we’d likely benefit from stronger encryption technology, major advances in the medical industry, and even radically improved weather forecasting (think advanced bushfire warnings).

To be…

Author: Natasha Lam, Head of Finance Automation at Blackbook.ai

Most organisations are aware they collect less than what they are owed but often can’t identify the source or extent of revenue leakage. Revenue leakage occurs when sales and finance teams don’t have a complete understanding of commercial relationships. This lack of visibility means organisations are unable to capitalise on the full value of their contractual agreements.

The KPI

Statistics surrounding revenue leakage vary, however recent estimates indicate that most companies stand to lose between 1 and 5 percent of their earnings before they can be realized.

With hundreds or potentially thousands of…

Author: Natasha Lam, Head of Finance Automation at Blackbook.ai

How to identify AI opportunities in the Month End Process

Today our subject matter is Month End, the bane of all accountants’ existence, right!! We are going to talk about the challenges with Month End and opportunities where AI can assist.

Ok, let’s break it down.

The KPI

Every accountant loves a good stat. The KPI’s for Month End are;

· According to a general benchmarking survey form APQC last year, Month End generally lasts anywhere between 4 and 10 days or more.

· It is expected that 3–5 days within this timeframe are wasted on rule-based tasks and manual reconciliations.

· In…

Author: Byron Costas, Head of Process Automation at Blackbook.ai

What is OCR?

Optical character recognition (OCR) involves the electronic or mechanical conversion of images of typed, handwritten or printed text into machine-encoded text. It is widely used as a method of digitising documents so it can be edited, stored, searchable, utilised by robots (Robotic Processing Automation) and other forms in process automation and artificial intelligence.

Most traditional OCR solutions utilise templates to capture the desired text. The OCR platform will search for the selected text and record it in a digital format (eg PDF). …

Author: Natasha Lam, Head of Finance Automation at Blackbook.ai

Payroll compliance is no longer a consequence of AI, it’s a driver.

Today our subject matter is Payroll Compliance. Payroll — the thing we sometimes just cross our fingers and hope the systems get it right, right!! Within Payroll recently we have seen a massive movement from audits by the Fair Work ombudsman, resulting in many companies rallying to ensure their employee payments are correct. We are going to talk about the challenges with Payroll and Opportunities where AI can assist.

Ok let’s break it down.

The KPI

Every accountant loves a good stat. The KPI’s for Payroll Compliance are;

· In late 2019 the…

Author: Natasha Lam, Head of Finance Automation at Blackbook.ai

Introducing a blog series that provides practical AI solutions for Accountants or those working within Finance functions.

Now that RPA is well and truly embedded in most finance functions, it’s time to start to open Accountants’ minds to what’s next. Artificial Intelligence (AI) can solve real accounting issues and help the finance function to improve its service, free up more strategic resources and start to add real value to organisations.

The purpose of this blog is not to advise you on how to embark on an AI project, rather to explore the possibilities and the feasibility of leveraging AI in the Finance function. . A hot tip however…

Photo by Peter G on Unsplash

Author: Cooper Wakefield, Data Scientist Blackbook.ai

The Artificial Intelligence world consists of two schools of thought: research and application. This is an important distinction, where the implementation of AI will be the focus of this. When looking at the application side, we are looking at consulting firms and in-house data science teams; with their focus on leveraging AI to provide solutions that solve business-level problems.

Something that is evident in the Artificial Intelligence sphere is that data scientists, and more specifically, AI companies, are placing too much emphasis on model development and hyper-parameter tuning. …

Author: Thuy Lam, CEO Blackbook.ai

Right, here are my 5 ramblings for 2020. Why you might ask? I get asked a lot whenever I talk to clients: what is everyone doing? what are people doing differently than us? where do you think emerging technologies are heading? should I believe the media, the articles, the research? My general response is a shrug of the shoulder and I tell them, well I can only give you what I’ve seen and what I’ve heard. I’m no expert and do not have a team of researchers working for me. …

Blackbook.ai

Australia’s largest single focus Automation consulting company that specialise in Artificial Intelligence, RPA and Intelligent RPA.

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