Cash Management Tech: Natural Language Processing

Cash Management Tech: Natural Language Processing

Written by 
Trovata
November 18, 2020

What are the Benefits of Natural Language Processing in Cash Management?

  • Increased Visibility & Accessibility
  • Easily Pool and Monitor Data with Tags

Cash Visibility and Accessibility

Built off of Trovata’s Natural Language Processing capabilities, our Analysis function allows business professionals to instantly create and analyze reports for specific transactions. Simply open the Analysis tab, search for the transactions you would like to analyze, set your search parameters, and hit enter. You will instantly see a report like the one below.

Cash Management, Natural Language Processing

Looking to see this set of transactions over a specific period of time or in a specific layout? The Analysis module gives users the ability to set duration, cadence, chart style, and more to create the perfect historical cash flow model. You can export batches of 10,000 transactions at a time in a .CSV format.

Create Custom Data Pools with Tags

Trovata’s automated Tag feature allows you to save searches in folders or “Tags”. This means that you do not have to create a new search every time that you want to analyze data. If you have a search that you would like to group for analysis or tracking, just save it as a Tag. Once the Tag is created you can use that data to create custom cash flow reports or tailor an existing cash flow forecast.

Tags can be configured to update automatically as new data comes in, or pause after a specified date. Should any historical data be added to Trovata, all transactions that match an existing Tag will be automatically added in.

How Finance Professionals are using Natural Language Processing

“Cash flow forecasting is fluid, dynamic and complex… Especially in the present economy, it is imperative to put all the necessary data in one place and figure out the correct financial position of your client’s company. Daily or weekly analyses are best.” -Forbes

Cash flow can fluctuate rapidly, which is why Financial Analysts take top-level daily scans of cash flow. Trovata makes it easy to check your data and to ensure that your models and forecasts are up to date and that they accurately represent the business’s financial position. Our Analysis scatter plot chart makes it easy for Finance professionals to visually identify cash flow anomalies like spikes in spending, or movement in stagnant accounts. 

How Accounting Professionals are using Natural Language Processing

Bank reconciliation is crucial to maintaining fiscal health, but the traditional process is tedious, manual, and rife with opportunities for error. With Natural Language Processing Accountants can now find transactions in one place by searching for bank name, account number, type, or date. Trovata is drastically reducing time spent on reconciliations by automating the collection of transactions and providing search capabilities for Accountants to easily sort through data. If you perform reconciliation in a third-party system, you can use the export function to pull your transactions from Trovata Platform to upload into an external application. Natural language search capabilities save Accountants time and the headache of data collection.

How Treasurers are using Natural Language Processing

“Understanding future cash flows allows the company to use internal funds more efficiently, reducing the reliance on external borrowing in many organisations.” -Treasurers.org

To ensure efficient use of capital and fine-tune forecast models, Treasurers must regularly look through cash flow data and identify patterns. Trovata’s natural language search and analysis capabilities provide Treasurers with a quick way to view cash flow reports for cash flow analysis. Treasurers can set their own parameters and have updated reports emailed straight to their inbox at an interval of their choice.

What is Natural Language Processing?

According to SAS.com, “Natural Language Processing (NLP) is a branch of artificial intelligence that helps computers understand, interpret and manipulate human language... to fill the gap between human communication and computer understanding.”

But how does it work?

At its core, machine learning technology is a set of algorithms that are programmed to quickly work through repetitive tasks. In the case of Natural Language Processing, machine learning algorithms search through large batches of information and match that data with the words in a search query. The ultimate goal is to provide the user with a better, more efficient experience by quickly delivering requested information.

Emergence of Natural Language Processing in Cash Management

Trovata is pioneering the use of AI and open banking API pipelines. By leveraging APIs to collect transactions directly from banks, we can provide our users with detailed cash data much faster than traditional BAI files. 

As transactions enter Trovata Platform, they are automatically normalized, sorted, and stored. Users can then find and analyze their historical data using Trovata’s natural language search capabilities.

About Trovata

Trovata Platform makes it easy for businesses to automate cash workflows like cash reporting, analysis, and cash forecasting. By bridging the gap between banks and accounting systems, Trovata is helping companies gain powerful insights into their cash flows that drive better and quicker business decisions. With our direct API connections to most major banks, new clients can get set up in just a few hours. 

Ready to take advantage of AI advances like Natural Language Processing in your cash management processes?

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