What’s in the Celonis Finance Solution Suite?
As the name Finance Solution Suite suggests, there’s an extensive range of finance-focused functionality ready to use and easy to adopt when you open the box. Let’s take a look.
Process connectors to finance systems
First you’ve got to consolidate your data. Celonis is system-agnostic, which means getting data and insights from your critical finance systems into the PI platform couldn’t be easier.
The Finance Solution Suite offers more than 35 out-of-the-box connectors to leading financial systems including SAP, Oracle, Salesforce, Coupa, and more. At the same time, the Suite provides pre-built data objects and events from existing ERPs systems to create a common language and ensure easily shared insights between platforms.
Process data and business context
The heart of the Celonis platform (and therefore the Finance Solution Suite) is the Process Intelligence Graph. The PI Graph connects every piece of process data from across the tech stack and enriches it with critical business context – including Days Sales Outstanding, Days Payable Outstanding, or Days Inventory Outstanding – to create a digital twin of how finance processes actually operate.
As a single, silo-busting source of finance function truth, this digital twin consolidates tasks, processes, and events across purchase requisitions, purchase orders, contracts, goods receipts, invoices, and payments into one end-to-end view. This not only provides the perfect platform for uncovering value hidden in finance processes, but also for providing the ideal data diet for maximizing the impact of AI systems.
To help with ease of set-up and accelerate speed to value, the Finance Solution Suite also comes with pre-defined business rules and process models targeted to finance goals. Even newcomers to the Celonis Platform can be generating actionable insights in weeks not months.
Production-ready apps and solutions
Finance has long been a core focus for Celonis and its customers. As a result, there’s an extensive selection of pre-built apps with dedicated dashboards designed to enhance analysis and optimization initiatives across key finance workflows.
Accounts Payable Apps
- Payment Term Checker App: Highlights any discrepancies between accounting documents, POs, and vendor master data to optimize payment term usage (preventing early payments and enhancing cash flow).
- Duplicate Invoice Checker App: Prevent overpayments and duplicate payments by detecting and managing duplicate invoices using AI-driven intelligent matching and real-time ERP integration.
- Open Credit Memo App: Improve net cash flow by optimizing open credit memo management, monitoring and intelligently prioritizing open memos based on value, aging, and risk of write-offs.
- Parked & Blocked Invoices App: Optimize on-time payment and cash discount realization by consolidating parked and blocked invoices into a unified view. This enables faster resolution, root cause analysis, and streamlined processes.
- Currency Checker App: Dynamically detect, prioritize, and correct currency mismatches across POs and invoices to prevent payment delays.
- Baseline Date Optimization App: Improve your working capital and optimize Days Payable Outstanding (DPO) by identifying and addressing discrepancies between the baseline date and key invoice dates in scenarios such as a late invoice or goods receipt.
Accounts Receivable Apps
- Unearned Cash Discounts App: Use process insights to protect margins and recover lost revenue by systematically identifying and addressing incorrectly applied early payment discounts.
- Payment Terms Optimization App: Ensure customer payment terms align with contracts, standardize them across the organization, and streamline collections to drive working capital improvements.
- Deductions Leakage App: Reduce revenue leakage from invalid deductions by comparing recoveries and historical write-off decisions against industry benchmarks. The app provides monitoring and root cause analysis of these write-offs and invalid deductions.
- Sailfin Collections & Dispute Management App: Intelligently prioritize and automate collection workflows and dispute resolution processes. The app consolidates invoice details, communications, tasks, and disputes to provide end-to-end visibility.
- Sailfin Credit Management App: Use AI-powered credit insights to monitor customer credit exposure, proactively mitigate, and establish more efficient and more rigorous credit processes.
- Sailfin Cash Applications App: Accelerate cash applications through automated remittance processing and intelligent payment matching, while unlocking opportunities with guided analysis and AI-powered recommendations.
- Missing Invoices: Protect your cash flow by identifying and acting on missing, failed or unsent invoices to prevent delays, disputes, and write-offs – while quantifying the P&L impact.
- Intelligent Payment Reminders: De-silo and unify invoice data, and intelligently predict overdue payments, while ensuring accelerated collections with proactive, data-driven reminders.
Procurement Apps
- Open PR Processing App: Eliminate process requisition pinch points by identifying and addressing stuck or incomplete PRs, while detecting contract leakage in real time to prevent unnecessary spend.
- Payment Term Harmonizer App: Discover insights from combined transactional and master data to enhance negotiation strategies for payment terms with suppliers.
Record-to-Report, Internal Controls & Cross-Industry Apps and Solutions
- GR/IR Reconciliation App: Use insights from PO, goods receipt and invoice receipt data to identify and resolve GR/IR discrepancies and mismatches.
- Internal Controls Monitoring Framework App: With end-to-end visibility across business units, continuously monitor and enforce financial controls – detecting and addressing control violations – to support audit-readiness.
- Tax Ray powered by KMLZ: Overcome the challenges of complex cross-border tax compliance by automating VAT error detection, resolution, and reporting.
Many of these solutions also can also be customized to meet your specific needs more closely – such as building your own dashboards or integrating KPIs in different views.
