Using AI For Good: Automating Transaction Coding For Your Team

Using AI For Good: Automating Transaction Coding For Your Team

April 1, 2024

The standard Lorem Ipsum passage

"Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum."

Section 1.10.32 of "de Finibus Bonorum et Malorum"

"Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur? Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum fugiat quo voluptas nulla pariatur?"

1914 translation by H. Rackham

"But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?"

Section 1.10.33 of "de Finibus Bonorum et Malorum"

"At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet ut et voluptates repudiandae sint et molestiae non recusandae. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat."

1914 translation by H. Rackham

"On the other hand, we denounce with righteous indignation and dislike men who are so beguiled and demoralized by the charms of pleasure of the moment, so blinded by desire, that they cannot foresee the pain and trouble that are bound to ensue; and equal blame belongs to those who fail in their duty through weakness of will, which is the same as saying through shrinking from toil and pain. These cases are perfectly simple and easy to distinguish. In a free hour, when our power of choice is untrammelled and when nothing prevents our being able to do what we like best, every pleasure is to be welcomed and every pain avoided. But in certain circumstances and owing to the claims of duty or the obligations of business it will frequently occur that pleasures have to be repudiated and annoyances accepted. The wise man therefore always holds in these matters to this principle of selection: he rejects pleasures to secure other greater pleasures, or else he endures pains to avoid worse pains."

In today's fast-paced world, accurate transaction coding is crucial for financial transparency, compliance, and strategic decision-making. However, manual coding processes can be prone to errors, inefficiencies, and inconsistencies. Enter AI-powered transaction coding – a game-changer for streamlining this essential task. In this article, we'll explore how AI can transform your transaction coding workflows and highlight the benefits of leveraging this innovative technology with our platform.

The challenge of manual transaction coding:

Manual transaction coding can be a time-consuming and error-prone process, especially as transaction volumes increase. Relying solely on human judgment leaves room for mistakes, inconsistencies, and delays in financial reporting. Moreover, interpreting transaction context accurately requires broad knowledge about your organization, which may not always be readily available for everyone on your team.

How AI-Powered coding works:

With our AI-powered transaction coding solution, you can say goodbye to manual errors and inefficiencies. By harnessing the power of artificial intelligence, we automate the coding process by analyzing transaction context comprehensively. Our AI algorithms consider multiple data points, including the cardholder, the merchant, merchant category codes, transaction history, and other relevant information to populate the most probable set of accounting data accurately.  Ten seconds after the transaction is created, the system will populate anything we have high confidence about as the recommended coding.  And of course at any time your cardholders or admins can override the AI-driven coding.

The benefits of AI-powered coding:

  • Increased Accuracy: AI algorithms leverage machine learning to continuously improve accuracy over time, reducing the risk of coding errors and discrepancies.
  • Time Savings: Automating transaction coding frees up valuable time for your team, allowing them to focus on higher-value tasks and strategic initiatives.
  • Consistency and Compliance: AI ensures consistent coding practices across transactions, enhancing compliance with accounting standards and internal policies.
  • Enhanced Insights: By capturing transaction context more comprehensively, AI-powered coding provides deeper insights into spending patterns, trends, and opportunities for optimization.
  • Scalability: As your organization grows and transaction volumes increase, AI-powered coding scales effortlessly to meet your evolving needs without compromising accuracy or efficiency.

Embrace the future of transaction coding with AI-powered technology. With our platform, you can empower your team to code transactions accurately and efficiently, without the worry of human error or inconsistency. Sign up today and revolutionize the way your team codes transactions!