GreenLine Road Map: Machine Learning for Accounting Tool
From ITWeb 9 Dec 2019:
Syncrony deploys machine learning for accounting tool
The company says the machine learning component is set to empower businesses to deploy audit sensors to scan for anomalies of transaction data flowing in at month-end.
The announcement comes as organisations are grappling with their group reporting environments.
“In a group reporting environment, the biggest challenge that accountants face is to ensure their financial reporting is accurate,” says Dr Howard Rybko, chief digital officer at Syncrony Digital.
“The accountants have to be able to trust the numbers they report to their boards and bankers. This is a difficult task in an environment where fraud is rife and controls are poor,” he adds.
GreenLine automates spreadsheet-based general ledger (GL) reconciliations and reduces manual period close time by at least 50%, the company says.