Zero-touch Accounting

What is zero-touch accounting?

Zero-touch accounting means accounting with minimal or no dependency on manual intervention. Today, zero-touch finance covers the gamut of smart contracts, accounts payables, accounts receivables, journal entries and reconciliations.

Why is zero-touch accounting important?

In today’s disruptive and uncertain world, finance functions are looking to modernize and digitize their processes. Zero-touch finance operations, or touchless accounting process can significantly improve efficiency through reduced manual effort.

With automated workflows for invoice processing, expense management, data entry and more, the zero-touch accounting process can ensure accuracy and free up finance professionals to focus on strategic work.

How does zero-touch accounting work?

In a zero-touch accounting model, transactions seamlessly move without human intervention in an end-to-end manner. To this end, data is made available and accessible through systems in a unified manner. Embedded controls work with efficiency, and are governed by policies, rules, context and learning.

What is the technology behind zero-touch or autonomous accounting?

The zero-touch accounting workflow is driven by three fundamental technology capabilities that work in collaboration. One is AI, which enables intelligent finance automation by sharp analysis of structured and unstructured data, making context-aware decisions with accuracy, and efficient detection of anomalies.

The second are APIs that swiftly move data with high understanding and security to achieve synchronization of systems. And the third is workflow intelligence enabled by advanced analytics.

What are some best practices in zero-touch accounting?

Key good practices in autonomous finance operations include:

• Identification of high-friction and high-impact workflows for automation. For example, touchless invoice processing, automated journal entries and automated reconciliations can deliver significant advantages and ROI
• Measuring baseline performance before moving in for automation. This will enable the right investment decisions.
• Leveraging of API-driven integration for swift and reliable movement of data between systems

What are the advantages of zero-touch accounting?

Organizations which adopt zero-touch accounting experience the advantages of higher confidence in the accuracy of financial reporting, reduced exposure to fraud, credible audit trails, and higher compliance.