Automated Accounts Receivables

Automated Accounts Receivables

Add intelligence to your cumbersome excel sheets, Make Your Accounts Receivable process as “Automated Accounts Receivable" - Error Free, Fast, Proactive solution for all your Accounts Receivable need

Created on 29th April 2022

Automated Accounts Receivables

Automated Accounts Receivables

Add intelligence to your cumbersome excel sheets, Make Your Accounts Receivable process as “Automated Accounts Receivable" - Error Free, Fast, Proactive solution for all your Accounts Receivable need

The problem Automated Accounts Receivables solves

Accounts Receivable process is one of the cumbersome, tedious, error prone yet the revenue bringing in any business.
Harnessing the advancements in technology can help handling Accounts Receivable efficiently, and handle it with preparedness.
Our Idea is to add intelligence to the excel sheets, embed Machine Learning, a predictive approach to predict most of the critical fields like Duplicate Transactions, Claim validations, Bad debt, Payment Date, Creditworthiness, Credit Limit, Recommendations, Customer Segmentation, Rank, Churn Probability in our summary report.
The finance person just needs to upload the excel sheet containing the accounts receivable information like account details, address, past records of transaction and so remaining is handled by our machine learning algorithms and it adds the critical fields to the existing excel sheet
This intelligent excel sheet is then auto uploaded to another program where the report for every individual account and overall day's process like prioritizing collection from many accounts is created and can be viewed.
As different critical fields in our report have unique trends and patterns underlying it is necessary to capture them carefully and separately so we use AutoML for choosing specific Machine Learning Algorithms for different fields to render greater accuracy and let us handle Accounts Receivable process with a Proactive Approach
There are so many applications out there which provides partial solution to the Accounts Receivable process, but we try to frame things, end to end so that most of the pain points are addressed and We are providing a proactive solution which can handle the upcoming problems with adequate preparedness and act with urgency
We also apply OCR (Optical Character Recognition for auto filing applications to eliminate manual errors
With our tool we can automate accounts receivable process eliminating errors and losses
Happy Accounting with our Automated Accounts Receivable tool

Challenges I ran into

The challenges came in way was as there are so many fields each having equal importance confusion will come where to use which algorithm, but thanks to AutoML as it itself gave the set of different specific algorithms which can be used for every field prediction with higher accuracy
Another Challenge is to think about reporting we need two kinds of reports one is individual one to track long term associates with the account and the other is short term actionable report for multiple accounts so to come up with this separation took a little time
Another key challenge is to model this application with easy user interface again thanks to Streamlit which is a user interface framework for exclusive python machine learning applications so that was also resolved

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