Innovative AI-Based Accounting Solution Unveiled by Applied
Introducing Automated Statements: A New Era in Accounting
Applied Systems has unveiled an innovative application named Automated Statements, set to revolutionize the accounting landscape for agencies. This AI-driven solution is designed for the seamless recording and reconciliation of direct bill commissions and agency bill payables, and it is anticipated to launch in the upcoming fall season. Integrated directly into Applied Epic’s General Ledger, the platform provides users with an intuitive way to manage their accounting tasks.
Enhancing Efficiency with AI Automation
Gone are the days when agencies grappled with tedious reconciliation processes. Automated Statements simplifies the workflow by enabling users to upload various formats of direct or agency bill statements. The platform leverages artificial intelligence to extract pertinent data, facilitating easy matching and reconciliation with existing policies and plans in Applied Epic. This shift promises a significant boost in efficiency, transforming the way financial transactions are managed within the agency.
Centralized Workflows for Better Financial Management
What sets Automated Statements apart is its ability to centralize and automate accounting workflows, bringing clarity and speed to convoluted reconciliation processes. Covering over 90% of certified Property & Casualty (P&C) and Benefits carriers, the solution captures data from statements in diverse formats—scanned images, PDFs, or CSV files. This comprehensive extraction capability ensures that every agency can adapt the solution to its existing operations, making financial data management smoother and more reliable.
Streamlined Processes for Financial Growth
With just a click, agencies can submit their statements to the Applied Epic General Ledger, either for suspension or reconciliation. This feature not only saves valuable staff time but also enhances the accuracy with which agencies can reconcile their records. In today’s fast-paced environment, the ability to manage finances efficiently directly impacts your bottom line. The AI-powered automation provided by Applied Epic ensures that all stakeholders, including the business, team members, and carrier partners, are compensated swiftly and precisely, minimizing back-office costs while promoting sustainable revenue growth.
Strategic Insights from Leadership
Chase Petrey, president of Applied Pay at Applied Systems, emphasizes the importance of such innovations. According to him, "Applied has been integral to the accounting workflows of agencies from the beginning. The rapid advancement of digital payments introduced by Applied Pay highlights a clear necessity for increased automation in back-office operations. Direct bill commissions and agency bill payables represent significant yet tedious tasks for finance teams. By embedding this solution into the management system’s general ledger, we're poised to deliver substantial efficiency boosts and simplify the money movement process like never before."
About Applied Systems
Established as a leader in cloud-based software solutions for the insurance industry, Applied Systems pioneers automation and continues to innovate. They serve a diverse range of clients across the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating various aspects of the insurance lifecycle, Applied empowers millions of individuals globally, ensuring that they can protect what matters most through enhanced management systems.
Frequently Asked Questions
What is Automated Statements?
Automated Statements is a new AI-powered application by Applied Systems designed for the automated recording and reconciliation of accounting statements.
When is Automated Statements expected to launch?
The solution is set to launch in the fall season, offering organizations a chance to enhance their financial workflows.
How does AI improve reconciliation processes?
AI in Automated Statements extracts crucial data from various statement formats, simplifying the matching and reconciliation process for users.
What benefits does this solution offer to agencies?
It centralizes accounting workflows, enhances accuracy, reduces time spent on manual entries, and ultimately improves financial efficiency.
Who can benefit from using Applied Systems' solutions?
Insurance agencies, brokerage firms, and finance teams looking to automate and streamline their accounting processes will greatly benefit from these innovative solutions.
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