Reducing Close Cycle Time - How We Do It: Leveraging AI for Faster Financial Closures
Datasolix leverages artificial intelligence (AI) to significantly shorten the financial close cycle.
AI-Powered
Data Aggregation
AI-Driven
Error Detection
AI-Powered
Forecasting
AI-Generated
Reports
AI-Driven
Insights
AI-Powered
Robotic Process Automation (RPA)
How We Do It
Datasolix integrates AI to automate and optimize every stage of the close consolidation process—from data gathering and reconciliation to journal entries and intercompany eliminations. By minimizing manual intervention, automating complex tasks, and providing real-time monitoring, AI helps finance teams close faster, more accurately, and with greater efficiency.
Would you like further details on how AI tools work within the financial close cycle or specific features offered by Datasolix?
The Datasolix method
Here’s how We achieve this
01
Datasolix uses AI to automate the integration and aggregation of financial data from various systems and subsidiaries in real-time. AI algorithms pull data from multiple sources, eliminating manual data entry and synchronization, which speeds up the entire consolidation process.
Benefit: Automated data gathering significantly reduces the time needed to prepare data for consolidation, accelerating the close cycle.
03
Datasolix’s AI models continuously monitor financial transactions and automatically reconcile accounts. AI detects discrepancies and flags them in real-time, allowing the finance team to address issues as they arise rather than during the final stages of the close.
Benefit: Faster reconciliations and the ability to identify issues immediately reduce bottlenecks, speeding up the close cycle.
02
AI tools within Datasolix can automatically create or suggest journal entries and adjustments based on historical data patterns. This includes tasks like intercompany eliminations, currency translation, and other required adjustments.
Benefit: AI reduces the time spent manually entering and reviewing journal entries, streamlining the close process.
04
Datasolix's AI-driven reporting tools generate real-time insights into the financial close status, allowing managers to make quick decisions. With accurate and timely reporting, executives can quickly access the financial health of the company, reducing time spent waiting for reports.
Benefit: Immediate access to insights allows for faster decision-making and reporting, accelerating the overall close process.