Among the hallmarks of financial reporting are the reliance on manual effort and data that is organized into accessible rows and columns to demonstrate compliance with regulations and communicate financial performance to stakeholders.
Yet new requirements, especially those that concern revenue recognition, often require finance teams to manually search through a hodgepodge of documents and contracts to keep track of their companies' compliance and performance obligations. By relying on information hidden in contracts that are inherently unstructured to recognize and report on revenue linked to performance obligations, finance teams expose their companies to unnecessary expense and significant material risks, including penalties for noncompliance.
But by applying advances in artificial intelligence (AI), finance leaders enable their companies to automate and accelerate compliance with rules for recognizing revenue. During this webinar, you will learn:
- Why compliance with revenue recognition rules is a persistent challenge for finance teams
- What finance leaders need to know about the role of AI in automating discovery and analysis with regard to contracts
- How finance leaders can collaborate effectively with colleagues outside finance to establish a culture of transparency when determining, reviewing, and reporting on the performance of contractual obligations
- How contract analytics enabled with AI, machine learning, and natural language understanding fuels contract visibility, review, and risk management