Rillion Adopts AI to Streamline Financial Closing Processes

Software company Rillion has introduced artificial intelligence (AI) solutions designed to significantly reduce manual work in corporate financial closing processes. The technology focuses on automating the handling of supplier invoices, which the company claims can make financial closings both faster and more accurate.

Rillion points out that the traditional process of invoice coding and approval is often time-consuming and prone to errors. Manual handling requires substantial resources, and invoices circulating between different departments can lead to delays and additional costs, such as late payment fees. The company states that its AI solution can automate up to 95 percent of these manual tasks.

The system utilizes predictive AI, trained on a client's invoice history, to automatically suggest coding, department allocation, and tax rates for new invoices. The AI also assesses the confidence level of each invoice, helping businesses identify and correct discrepancies before they enter the approval workflow.

Kristian Gylling, CFO at Rillion, describes AI as a natural fit for automating financial processes. He suggests that AI frees up finance department resources from routine tasks, enabling more efficient and precise financial closings. Rillion views AI as an increasingly important competitive advantage for companies looking to enhance their financial operations.