Cash forecasting software can predict when crunches are likely to occur, as well as identify cash-rich periods when companies might consider expanding the team or purchasing new equipment.
AI-powered accounting software can also go beyond straightforward bookkeeping and glean insights from the anonymized financial patterns of other organizations, flagging fraud, error or risk in an individual company’s cash flow.
Software that automates the auditing of expenses and invoices not only flags and resolves errors as soon as they arise, but also can identify and validate different types of payment, automatically approving and paying bills. Companies might benefit from early payment discounts, while employees have more time to focus on vendor relationships.
