AI FOR MONTH-END CLOSE
Catch Accounting Errors Before You Close the Books, With the Help of Artificial Intelligence
Month-end close is manual and time-consuming. Many errors go undetected. Reduce the frequency of errors and streamline the entire process with our AI-powered solution.
Introducing the
Month-End Close AI Assistant
Many real estate companies have offshored accounting tasks. While this has reduced labor costs, it hasn’t necessarily improved the accuracy of the financial statements.
Given the large volumes of income and expense transactions across the portfolio, the Month-End Close AI Assistant provides accounting teams a list of flagged transactions to investigate further.
Scan GL Transactions
Analyze large volumes of GL transactions
Apply Checklists
Let AI apply your SOPs and checklists for accounting accuracy
Flag Transactions
Flag the transactions that fail the checklist test
Fix Issues Efficiently
Spend time efficiently by looking into the flagged transactions
What the AI Assistant Checks for
Transactions categorized to the wrong GL account
Sometimes a maintenance bill can get categorized as a marketing expense. Lot’s of such errors will make it hard to report expenses accurately. The AI Assistant will look such situations and flag any transactions it finds may have been incorrectly categorized to the wrong GL account.
Transactions charged to the wrong property
Not all vendor bills specify the property that was worked on. The AI Assistant will flag activity that it thinks could have been charged to the wrong property.
Duplicate payments to same vendor
The AI Assistant checks for vendors, amounts and frequency of expense transactions to see if a vendor might have been paid more than once for the same activity.
Unpaid bills
An unpaid bill is hard to find manually. But the AI can understand patterns of bill payments and identify the months in which an expected expense is missing.
Uncollected rent
The Month-End Close AI Assistant checks to see if every expected rent payment has been recorded.
Surprise expenses
Find out if there are expenses that have occurred at an unusual experience or at an unusual time.
Unusually large or small transactions
The Month-End Close AI Assistant looks for outliers. For example, if lawn maintenance expenses are normally between $2,000 and $3,000, but there happens to be a lawn maintenance charge of $6,000, then you would want to know that.
Large budget variances
Large budget variances reveal activity and expenses that were not anticipated. Transactions adding up to large variances need attention. The Month-End Close AI Assistant will reveal these after a scan of the data for each property.
Have your accounting team focus on high-value tasks. Let AI scan your data and flag the transactions that need attention!
Step 1: Create Your Month-End Close Checklist
Step 2: Scan your General Ledger transactions
Step 3: Review the flagged transactions
FAQ
What is the Month-End Close Assistant?
The Month-End Close Assistant is an AI-powered tool designed to streamline and automate the month-end close process for real estate investment and management companies. It helps catch accounting errors before closing the books, ensuring accurate financial reporting.
How does the Month-End Close Assistant help catch accounting errors?
The Month-End Close Assistant uses AI algorithms to detect errors such as wrongly categorized transactions, charges to the wrong property or GL account, duplicate payments, unpaid bills, unusual expenses, and large budget variances.
Who can benefit from using the Month-End Close Assistant?
Controllers, Accounting Managers, and CFOs at real estate management. It will pull data from your accounting system. It is designed to reduce manual effort, enhance accuracy, and save time during the month-end close process.
What are the primary features of the Month-End Close Assistant?
The key features include:
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- Detection of wrongly categorized transactions
- Identification of charges to the wrong property or GL account
- Duplicate payment detection
- Unpaid bills tracking
- Detection of unusual expenses
- Highlighting of large budget variances
How does the Month-End Close Assistant improve the month-end close process?
By automating error detection and providing AI-driven insights, the Month-End Close Assistant reduces the time and effort required for manual checks, ensuring a more efficient and accurate month-end close process.
How can I start using the Month-End Close Assistant?
You can sign up for a free trial by clicking the “Sign Up for a Free Trial” button on this page. We will run our AI algorithms on your data and provide you a list of transactions that need further review.
Can I customize the Month-End Close Assistant to fit my company's specific needs?
Yes, the Month-End Close Assistant is customizable. Not all companies use the same checklist, and our algorithms can be customized for each company’s checklist.
Is my financial data secure with the Month-End Close Assistant?
Yes, your financial data is secure. The data will reside on the RentViewer managed cloud environment.
How does the free trial work?
You give us a data set of transactions. We will run the AI on the data and provide you a list of flagged transactions. You can tell us if the Month-End Close Assistant gave you any useful information that you didn’t already know.