Entering manual journals is one of the most common and time-consuming processes in accounting, affecting just about every finance department’s workflow. Depending on your current finance processes and tools, applying purpose built intelligent journal entry automation and control solution from Aico can speed up your journal entry process by up to 50%.
Create new journal entries from templates
Aico offers configurable journal templates containing all the fields you need for doing journal entries and data can be automatically retrieved from external systems. The data is automatically validated against your ERP rules, which also ensures the quality of journal entries is much higher.
Copy previous journal entries
Copies of previous journal entries can be used to create a new entry. You can also import journals using Excel templates or create multiple journals from one Excel sheet.
Set up recurring journal entries
You can save time by defining how recurring journals are created and specify the reversal date already when creating a journal entry.
Follow process from dashboard
Aico helps teams and individuals keep track of their process at any given time. You can follow up on your journals in real-time either with a shared team dashboard or with your own customised version of it. This allows you to quickly identify at which stage every journal is and who is dealing with the journal now.
Set up your own workflow
Aico allows you to define responsible persons in the workflow, so you know exactly who can create different types of journals, what kind of approvals they need, and if and by whom journals are transferred to your ERP system.
Customise the system to meet your needs
With Aico dashboards, you can see in real time where the process is stuck, what actions must be taken and who is responsible for the next steps. Aico also offers you flexible and adaptable workflows. The number of required approvals can be customised depending on your needs and preferences and can also be varied dynamically based on the content of the journal itself. Workload and responsibilities can be distributed, and your workflows become more efficient.
Automate recurring journals
Aico’s journal entry automation solution allows you to define recurrence rules for creating a series of recurring journal entries automatically. These journal entries can be used to automate, for example, allocation of expenses and costs to correct periods.
You can also set a reversal date for a journal. This means that the system automatically creates a reversal journal after the original journal has been transferred to the general ledger or at a given reversal date. You can also manually reverse journals easily, with just one click.
Automate journal approvals
The number of required approvals can be customised and the approval can be done before or after posting. You can define that some journals are posted automatically without approval, while others need approval. Applying journal entry automation to process large number of small value journals with journal entry automation can save a lot of time.
Digitise your journal archive
Aico stores all files digitally in a safe way so there is no need for hard copies. Aico journal entry automation solution archives documents automatically when a journal has finished its workflow or when it has been completed without a workflow. In archiving, an internal archive copy is created to enable finding archived documents in Aico. In addition, an archive document that meets legislative requirements is created. The archive document includes document data and all supporting documentation.
Have an easy access to supporting evidence
Every journal processed or archived with Aico carries additional supporting evidence (such as postings, comments, attachments, and an action log), which speeds up processing and enables you to pull all necessary files on demand for auditing purposes.
Connect your ERP systems in real-time
Aico is designed to be the single point of access to all your existing and future systems. It integrates to all major ERP systems (such as SAP, Oracle, Microsoft Dynamics, Visma, Agresso, and others) and does it in real-time, which means there is no need for exporting and importing data from external sources. Everything is done from one point of control. Aico also automatically validates data against your ERP system, eliminating errors and speeding up the overall process.
Connect your RPA systems in real-timeUsing powerful and flexible APIs, Aico can be connected to other corporate systems, such as BI systems and modern process mining tools. Aico can also be extended with solutions like RPA (Robotic Process Automation), OCR services, and reporting solutions.