AI Accounting Automation
Enables companies to automate key accounting processes such as data extraction, data entry, categorisation, and reconciliation. The solution integrates with popular accounting systems to ensure seamless data flow, and features self-learning capabilities that allow it to improve over time based on user input.
Please review all requirements. Your solution must meet all 🔴 mandatory requirements to qualify.
21.01🔴
Integration with Accounting Management Systems Can your solution facilitate seamless data flow by integrating with various accounting systems to minimise manual data entry? (e.g., The solution can connect with accounting systems, allowing automatic synchronisation of financial data and reducing the need for manual input.) Provide a list of accounting systems that can be integrated with.
21.02 🔴
Model Accuracy Can your solution maintain a high level of accuracy in accounting automation tasks to minimise manual intervention? (e.g., The solution achieves an accuracy rate of over 95% in invoice processing, determined by cross-referencing processed outputs with manually verified data.) Please state the expected accuracy level of your solution and how it is determined.
21.03🔴
Automated Data Extraction Can your solution automatically extract data and relevant information from a wide range of document types, including images, text-based files, or unstructured formats, without relying on predefined templates or requiring additional setup? (e.g., The solution extracts relevant information from receipts and invoices in various formats, automatically identifying key data points like dates, amounts, and vendor names.)
21.04🔴
Automated Data Entry Can your solution automatically enter extracted data into an accounting system while including error-checking mechanisms to ensure data integrity and accuracy when exporting data into the accounting system? (e.g., Extracted data from invoices is automatically populated into the accounting system, with built-in checks to validate data accuracy before final entry.)
21.05🔴
Reconciliation Can your solution automate the reconciliation of data extracted from various financial documents and flag any discrepancies found during the reconciliation process for prompt review and resolution? (e.g., The solution compares bank statements with internal records, highlighting mismatches for quick resolution, thus streamlining the reconciliation process.)
21.06🔴
Automated Categorisation Can your solution automatically classify various types of financial documents based on their content, and over time learn from user-defined preferences to improve categorisation accuracy without relying on pre-defined categories? (e.g., Financial documents like invoices and receipts are categorised based on content, with the system adapting to user-defined categories to enhance sorting precision.)
21.07
Mandatory to provide a response
Artificial Intelligence Does your solution incorporate artificial intelligence to generate output, identify items, or provide recommendations based on training models, providing benefits such as enhanced efficiency, improved accuracy, personalised recommendations, cost savings, and data-driven insights tailored for SMEs, with the ultimate goal of enhancing operational efficiency and / or decision-making?
21.08🔴
Post-deployment Self-learning and Training Can your solution allow users to give feedback or make manual corrections to its outputs, and then automatically learn from these user inputs to improve future accuracy and performance, without needing constant manual updates or vendor intervention? (e.g., When a user corrects a miscategorised transaction, the system updates its logic and applies similar changes to future entries automatically.)
21.09
Multi-language Support Can your solution detect and process information in multiple languages other than English, enhancing accessibility for diverse users? (e.g., The solution processes invoices in languages such as Mandarin, Bahasa Melayu, and Tamil, allowing users to work in their preferred language.) Provide a list of all languages that can be supported.
21.10🔴
Dashboards and Reports Can your solution provide dashboards and reporting capabilities to track key metrics, user interactions, operational performance, or other relevant data insights across your digital solution? Dashboard(s): Your digital solution shall have one or more dashboards that provide an at-a-glance overview of key metrics/indicators (recommend at least 4 charts/graphs), with cross-filtering feature*, to help users analyse data and generate insights to make informed decisions through data visualisation. Report(s): Users can have an overview of key financial metrics, analyse cash inflows and outflows, and generate reconciliation reports. *Examples of cross-filtering feature include (1) interactive charts/graphs that allow users to interact with one chart and apply that interaction as a filter to other charts on the dashboard, and vice versa and (2) at least three common filters/slicers applicable to ALL charts/graphs on the same dashboard.
21.11🔴
Compliance with Personal Data Protection Requirements Can your solution demonstrate compliance with the following Personal Data Protection requirements? Digital solutions that collect, use, disclose, process or dispose personal data should incorporate features that support the obligations under the Personal Data Protection Act (2020). Please complete the Compliance with the Personal Data Protection Requirements form at https://go.gov.sg/pdp
21.12
Mandatory to provide a response
Cybersecurity Has your company obtained at least the CSA Cyber Essentials mark? (For more information on Cyber Essentials mark, please refer to https://www.csa.gov.sg/cyber-essentials/) If yes, please specify i. The cybersecurity certification the organisation has met ii. The scope of certification within the organisation If no, this is a preferred requirement, please indicate your planned timeline to meet this requirement.
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