Artificial Intelligence platform expands its unification across twenty-three nations within a two-year timeframe.
AI Account, a Singapore-based cloud accounting software company, has introduced a built-in consolidation feature, designed to streamline financial management for businesses with entities in multiple countries. This feature is now available in 23 countries, including all ASEAN markets and beyond, with plans to expand further.
The consolidation feature aims to help companies manage regional operations more efficiently and stay compliant with various regulations across multiple countries. By automating the multi-entity accounting process, AI Account provides real-time consolidated financial intelligence, reducing operational overhead and improving accuracy for businesses operating internationally.
Key benefits and features of the consolidation feature include:
- Automated Multi-Entity Consolidation: AI simplifies the aggregation of financial data across multiple subsidiaries or business units spread across different countries, reducing manual errors and speeding up the consolidation process.
- Real-Time Financial Reporting & Insights: The feature provides up-to-date consolidated financial views, enabling businesses to monitor overall financial health quickly and respond faster to market changes.
- Efficient Data Integration and Categorization: AI assists with categorizing transactions and consolidating data from varied sources such as bank accounts, credit cards, and payment systems across regions, improving data consistency and clarity for decision-making.
- Enhanced Compliance and Workflow Automation: By integrating approval workflows and automating complex accounting tasks such as currency conversion, eliminations, and intercompany reconciliation, AI accounts for diverse regulatory environments across countries, supporting compliance and reducing audit risks.
- Improved Prioritization and Risk Management: AI-driven summaries and predictive analytics help prioritize financial tasks, identify high-risk accounts/entities within the consolidated group, and optimize cash flow management across geographies.
- Scalability Across Global Regions: This feature is designed to work across many geographies, supporting business operations and regulatory compliance in multiple countries, which is critical for multinational corporations.
- User-Friendly AI Assistance: Sellers, financial analysts, and accountants gain from AI-generated summaries of consolidated data, actionable insights, and personalized recommendations, enabling smarter and faster business decisions without needing to manually sift through fragmented information.
Tommy Teo, Director of AI Account, stated that the consolidation feature was built to address a pain point for businesses. The consolidation feature is now live in an additional 24 countries, including Australia, Bermuda, Brunei, British Virgin Islands, Cambodia, Canada, Cayman Islands, Hong Kong, India, Indonesia, Lao PDR, Malaysia, Maldives, Myanmar, New Zealand, Pakistan, Philippines, Singapore, Thailand, United Arab Emirates, United Kingdom, United States, and Vietnam.
With the consolidation feature, businesses with entities in multiple countries can automatically generate consolidated financial reports using AI Account alone, eliminating the need for exporting data into spreadsheets or relying on external tools for consolidation. AI Account is designed to help SMEs and multi-entity companies reduce accounting complexity, improve reporting accuracy, and scale with confidence.
- The consolidation feature in AI Account aims to streamline financial management for businesses with entities in multiple countries, particularly by automating multi-entity accounting processes, thus providing real-time consolidated financial intelligence and promoting efficient data integration and categorization.
- By expanding into 24 additional countries, the consolidation feature now serves businesses in Australia, Canada, the United States, and numerous Asian markets, allowing these companies to generate consolidated financial reports using AI Account alone, reducing the need for external tools and simplifying accounting complexities.
