Companies using AI tools are reporting up to a 50% increase in operational efficiency. Credit: Gumbariya/Shutterstock.

Dubai-based fintech company Sol.online reports that AI is transforming United Arab Emirates (UAE) and GCC’s accounting by automating tasks, streamlining compliance, and providing real-time financial insights, according to a press release posted on Zawya.  

The company’s tools are automating repetitive tasks, ensuring compliance and providing real-time financial insights, leading to higher operational efficiency and accuracy for businesses across the region. 

Sol.online’s AI solutions are designed to handle routine and essential accounting tasks such as data entry, invoice processing, and reconciliation.  

This minimises human involvement and reduces the potential for errors.  

As a result, companies using these AI tools are reporting up to a 50% increase in operational efficiency and a marked decrease in accounting mistakes. 

Sol.online chief business development officer Suren Manukyan said: “Our AI solutions are designed with this in mind, seamlessly integrating compliance checks and real-time updates for regional regulations such as VAT and economic substance requirements.  

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“By automating these processes, we empower our clients to focus on their core business activities with the confidence that their financial data is accurate and fully compliant.” 

Additionally, Sol.online’s AI-driven predictive analytics equip businesses with advanced cash flow forecasting capabilities.  

By analysing historical data, market trends, and industry-specific factors, the platform can predict future financial scenarios with high accuracy, allowing companies to anticipate cash shortages or surpluses and optimise financial planning. 

Real-time cash flow forecasts provided by Sol.online are said to be valuable for businesses operating in the dynamic GCC economy, enabling them to respond swiftly and strategically to market changes.  

The tool’s design caters to the needs of the UAE and GCC markets, accommodating multi-currency transactions, cross-border accounting, and localisation in languages and regional accounting standards. 

Sol.online’s scalable AI solutions serve a wide range of businesses, from SMEs benefiting from affordable automation tools to large corporations requiring strong compliance management and advanced analytics.  

Furthermore, the AI-powered tools are programmed to automatically update in line with changes in local regulations, ensuring seamless compliance and uninterrupted business operations.