HighRadius vs. Traditional Accounting Software Comparison

Introduction

Accounting software has been in the market for a long time. Accounting was one of the first areas within finance to be automated since most accounting workflows are repetitive.

But with the advent of AI and ML, traditional accounting solutions are getting replaced with new-gen record-to-report solutions that don’t just work based on rule-based automation but are more intelligent and self-learning.

HighRadius’ record-to-report software, powered by an AI engine, makes anomaly detection, variance analysis, and financial close task management easier.

In this article, we look at the features offered by our Autonomous Accounting solution. We also compare HighRadius’ solution with traditional accounting software.

Key features of HighRadius’ Autonomous Accounting solution

Here we look at the key features of HighRadius’ AI-powered accounting solution.

1. Journal entry posting to ERP: Automatically post transactions entered in the accounting solution into the ERP to provide real-time visibility into accounting data to all stakeholders.

2. Auto-prioritization of tasks: The record-to-report function includes many steps such as recording expenses, reconciling cash, and updating financial data. Our solution helps you prioritize critical tasks among these each day, saving you time and ensuring no tasks are missed out.

3. Dashboards: Get end-to-end visibility into all accounting tasks with out-of-the-box dashboards. Monitor task statuses and filter items by their due date, priority, or other criteria.

4. Financial-close project planning: Create detailed month-end close plans and assign and track specific close tasks assigned to different R2R analysts. Automated workflows: Automate repetitive workflows such as creating, assigning, editing, executing, and sending workflows for approvals and approving/rejecting a task

6. Auto reconciliation of data sets: Configurable rules and algorithms support the auto-matching of data items for faster reconciliation and close.

7. Risk controls: Identify mismatches between GL and SL records, track reconciled and unreconciled items, and reduce the number of open items.

8. Reporting templates: Choose from a wide range of pre-built templates to generate timely and accurate financial reports.

HighRadius vs traditional accounting software

Accounting software like Tally has long replaced Excel sheets in completing financial reporting tasks. Today, traditional accounting software is being eclipsed by new-gen accounting software that combines the power of AI and analytics to complete complex accounting tasks and financial reporting accurately.

Below, we look at HighRadius vs traditional accounting software.

HighRadius’ key competitors in the accounting space include Newgen, Conduent, Blackline, and Vena, among others.

What makes HighRadius’ solution stand out is its AI features that help solve even complex accounting challenges. We also offer O2C and treasury solutions for the office of the CFO, making ours a complete suite.

Level Up Your Accounting Practices with HighRadius’ Record to Report Software

HighRadius offers a cloud-based Record to Report Software that helps accounting professionals streamline and automate the financial close process for businesses. We have helped accounting teams from around the globe with month-end closing, reconciliations, journal entry management, intercompany accounting, and financial reporting.

Our Financial Close Software is designed to create detailed month-end close plans with specific close tasks that can be assigned to various accounting professionals, reducing the month-end close time by 30%. The workspace is connected and allows users to assign and track tasks for each close task category for input, review, and approval with the stakeholders. It allows users to extract and ingest data automatically, and use formulas on the data to process and transform it. 

Our Account Reconciliation Software provides an out-of-the-box formula set that can configure matching rules and match line-level transactions from multiple data sources and create templates to automate various transaction processing required for month-end close. Our solution has the ability to prepare and post journal entries, which will be automatically posted into the ERP, automating 70% of your account reconciliation process. 

Our AI-powered Anomaly Management Software helps accounting professionals identify and rectify potential ‘Errors and Omissions’ throughout the financial period so that teams can avoid the month-end rush. The AI algorithm continuously learns through a feedback loop which, in turn, reduces false anomalies. We empower accounting teams to work more efficiently, accurately, and collaboratively, enabling them to add greater value to their organizations’ accounting processes.