SAN FRANCISCO, May 10, 2023 (GLOBE NEWSWIRE) -- Klarity, which offers the first GenAI document-centric workflow automation platform for finance, announced today significant upgrades to extend their platform capabilities. With GenAI, users will save time with seamless automations like creating an accounting memo with one-click or intelligent reconciliation of disjointed data records. Accounting teams use Klarity today to automate order management, order form / PO matching, and ASC 606 assurance.
Every year, poor data quality costs organizations an average of $12.9 million. Klarity's platform delivers seamless automation across every workflow involving documents, such as Order Forms and POs, to complete compliance checklists, reconcile data mismatches across documents and systems and other data operations. Klarity enables accounting teams to achieve faster and more precise financial statements, even when operating with fewer resources.
Enterprises with a high volume of incoming documents often have trouble making sure data is reconciled among different systems. Klarity provides an automated means to do that, improving efficiency, record-keeping accuracy, and compliance. “Poor data quality has significant downstream impact on a company – including productivity hits, higher expenses, and regulatory problems,” said Andrew Antos, co-founder and CEO of Klarity. “Klarity can do in minutes what it takes a human analyst days to perform.”
Klaritys’s GenAI-based platform examines documents and completes checklists with data fields like identifying termination for convenience, renewal pricing guarantee and SLA credit clauses. Klarity automates workflows, extracting data from documents, connecting to existing systems, matching data and checking calculations. By completing checklists and leveraging GenAI, Klarity can help reduce labor time involved in document-centric workflows by 75 percent, automating most of the process and flagging anomalies for analysts to review.
New features in Klarity 2.0 are intended to help enterprises more easily create checklists and automate new workflows - giving teams even more time back. They include:
- Configuration Checklist Interface (CCI) – Use plain-spoken language to create automatic extractions of any data field across multiple documents and document types, making it easy to create checklists.
- Document Chat – Perform operations faster, simply use AI chat to “Write up an accounting memo referencing the ASC 606 Guidance” or “Add up all net amounts and see if it matches the total fee” individual document such as, “What are the payment terms in this contract?”
- Semantic Search – Uncover what traditional document search finders miss. Identify meaning, not just keywords alone.
- Intelligent Match – Enhances data integrity across the organization with AI-powered match to identify “near exact” data fields and validate the right source record to live by going forward.
Klarity leverages Gen AI models as the underpinning of its platform, giving customers much more flexibility as they automate labor intensive document workflows.
“Accurate data – especially revenue data – is critical, and Klarity helps automate financial data tracking to ensure compliance,” said Antos. “Klarity’s new GenAI-based platform exponentially eased the process of creating extractions – finance teams can now create them on their own, without help from IT – and that means they can automate more data flow to save time and ensure record-keeping accuracy.”
Klarity uses cases include:
- Order Management: Increase data accuracy, save time and money by automating Order Management workflows.
- Invoice Data Validation: Lower your invoice rejection rates by only sending out invoices without mistakes.
- RevRec Assurance & Audit: 100 percent accurate financial statements and automated ASC 606 and SOX 404 controls and audit.
To learn more about Klarity 2.0, join our launch livestream on May 10th at 11:00 PST here or visit tryklarity.com.
About Klarity
Klarity offers the first GenAI document-centric workflow automation platform for finance, helping teams increase data accuracy and save time completing compliance checklists and reconciling data across documents and systems. Klarity’s platform can read any document or image and extract key data – use cases include order management, invoice data validation and revenue recognition compliance. Klarity automates processes that have traditionally been performed manually by large teams of analysts. Some of the world’s most innovative companies, including DoorDash, Coupa and UiPath, rely on Klarity to improve efficiency, record-keeping accuracy and compliance. Learn more at tryklarity.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/89d2bf6f-9cfb-4cb1-9a16-7726edde37dd
