Chatbots Power the Digital Transformation of Finance and Accounting

Businesses can reduce customer service costs by up to 30% by implementing
conversational solutions like chatbots.

How chatbots improve accounting and finance efficiency and reduce costs

40%

of repetitive accounting and finance tasks can be effectively automated by chatbots.

90%

increase in accuracy can be achieved by eliminating the inefficiencies and complexities inherent in traditional accounting processes.

50%

reduction in payroll costs can be achieved by implementing chatbots to augment your existing finance or accounting staff.

How Kore bots help accounting and finance teams be more productive and proficient

Accounts payable/receivable

Invoice processing can be a complicated process and involves many time-consuming and productivity-killing steps that are, nevertheless, crucial in maintaining accurate financial records. Our chatbots can be
trained to identify the accounting codes that should be assigned to each type of invoice and can automatically update the necessary systems of record. Plus, your staff can be notified the moment a new invoice is received or successfully processed. Streamlining your accounts payable and accounts receivable processes in this manner can improve finance visibility, productivity, and cost-effectiveness and reduce the likelihood of human error.

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Procurement

The procurement and purchasing processes for most organizations are outdated and inefficient. These processes are often loaded with paperwork and use different systems and files that are not always
compatible with one another – increasing costs and taking up space. Plus, misfiled requests or lost paperwork can take hours to locate, and an unexpected audit or review could present logistical problems for an already busy staff. Our chatbots can be used to help scan and process new documents and to quickly and easily find existing electronic documents. They can also be used to help workers fill out forms and applications using voice and text commands, instead of having to physically fill out documents and manually upload them to systems of record. They can even be used to track price changes among your authorized suppliers, ensuring you maintain proper records and get the best deal possible.
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Expense tracking and reporting

Expense management presents major challenges for businesses, yet studies show that strong, efficient cost management can be a source of competitive advantage. Kore bots can help businesses submit and
track expenses and receipts. With the help of our chatbots, your finance team can track outstanding invoices, and automate the follow-up process to ensure that invoices are paid and closed in a timely manner. Our chatbots can also be used to allow employees in other departments, like sales or marketing, to more effectively report on and track business expenses by submitting receipts directly to the bot or by asking simple questions like, “do I have any outstanding expense reports?” or “when will I be reimbursed for this business expense?”

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Payroll

Payroll plays a large role in companies for a reason. The crucial nature of payroll, and the impact it has on employees, means that it’s imperative that companies pay close attention to how it is managed. Despite being
fairly straightforward in concept, processing payroll is still subject to common errors related to insufficient training, lack of access to up-to-date employee information, and more. Plus, employees often ask the same questions over and over again, which makes it hard for payroll staff to complete their work and increases the likelihood they make a mistake. Our chatbots can be used in two ways to help streamline payroll and payroll processing. Kore bots can be used to answer common employee questions related to topics like direct deposits, pay periods, and benefits. They can also be used to help onboard and train inexperienced payroll staff, or help experienced employees stay up-to-date, by pulling information directly from your knowledge bases, including FAQs, websites, documents, and wikis. This helps your payroll staff complete tasks more quickly and accurately.

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Internal customer support

Internal customer service is important in that it helps your employees do their best to serve external customers and promote the interests of the company. Many companies have found that employees, contractors, and
suppliers often ask the same questions and types of questions over and over again. Chatbots can be used to answer these questions, to create faster, more satisfactory employee experiences, and to improve relations between the finance and accounting departments, the rest of the organization, and the supply chain.

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Supplier onboarding

Selecting the right suppliers for your business is vital to ensure that you can deliver your products and services on time and at the best price while maintaining quality standards. Choosing the right supplier,
however, involves much more than simply scanning a series of price lists – including factors like value for money, quality, reliability and service. Collating this data, however, can be a cumbersome and time-consuming process for finance and accounting teams. Our chatbots can be used to help vet new suppliers by checking their credit scores or tax information. This information can be accessed by your team by quickly and easily chatting with the bot using natural language. They can even help set new suppliers up in your systems of record. Our bots help take care of the more mind-numbing and monotonous tasks financial professionals must complete, freeing them up to take on tasks they are better suited for.
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What sets our bots platform apart

See for yourself why enterprises around the world trust our platform to build conversational chatbots. The Kore Bots Platform is an end-to-end platform that was built, from the ground up, with the enterprise in mind and includes all the features financial institutions like banks, accounting firms, and insurance providers need to build powerful and transformative bots at scale.

Our chatbots are helping finance and accounting departments across the world fill the gaps left behind by document process automation solutions.
Kore bots can help automate manual accounting tasks related to data collection, data entry, and data consolidation as well as transfer data from one application to another.
Chatbots built on our platform can help streamline important processes, from procurement and purchasing, to supplier onboarding.
Your finance and accounting teams can leverage our chatbots to complete monthly, quarterly and annual closing reconciliations faster, freeing them to focus on higher-level work.

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Want to Learn More About Our Finance Virtual Assistant?

Check out these helpful resources or reach out so we can chat about how your business or organization can benefit from bots built on the Kore VA Platform.