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KNIME For Finance

FinanceKNIME for FinanceAccountingFP&ABudget Monitoring
+5

The “KNIME For Finance” collection is a set of ready-to-use solutions that are designed to speed up analytics transformations within finance departments. These highly customizable solutions will help modernize financial processes within an organization through the use of self-service analytics. Leverage the “KNIME For Finance” collection today to jumpstart your financial transformation projects!

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Accounting

With KNIME, accounting professionals can automate processes such as account reconciliation, journal entry, and month-end closing. KNIME connects to different accounting systems, frees up time for meaningful tasks, and enables better transparency through process documentation of visual workflows. Below are some workflow examples for recording, summarizing, analyzing, and reporting financial transactions in an organization.
Bank Reconciliation
Workflow
Bank Reconciliation
FinanceAccountingReconciliation
+2
Compares internal cash book transactions with external bank statements for account reconciliation.
KNIME for FinanceAccountingBank ReconciliationBank Reconciliation
5
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Dunning Process Management
Workflow
Dunning Process Management
FinanceAccountingInvoice
+5
Automates dunning process, tracks payments, sends reminders, centralizes data.
KNIME for FinanceAccountingDunning Management Process
1
knime
Timesheet Aggregation
Workflow
Timesheet Aggregation
ETLFinanceKNIME for Finance
+5
Aggregates and analyzes employees timesheets data for project profitability and financial insights.
KNIME for FinanceAccountingTimesheets Aggregation & Analysis
1
knime
Components for Accounting

Financial Planning & Analysis (FP&A)

With KNIME, financial planning professionals can make more accurate forecasts and budgets, automate repetitive tasks, reduce human error, and expedite reporting. This enables them to focus on analysis that matters eg. understanding revenue, spotting cost reduction opportunities, and identifying profitability drivers. Below are some workflow examples for planning, forecasting, scenario modeling, budgeting, and performance reporting.
Budget Monitoring
Workflow
Budget Monitoring
KNIME for FinanceBudget MonitoringSpreadsheets
+1
Generates budget overview with assigned, used, and remaining money for projects across years.
KNIME for FinanceFP&ABudget Monitoring Data App
0
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Financial Metrics
Workflow
Financial Metrics - IRR, MIRR & XIRR
InvestmentPortfolioReturn Rate
+6
Calculates IRR, MIRR and XIRR for investment projects to measure profitability.
KNIME for FinanceFP&AFinancial Metrics - IRR, MIRR & XIRR
1
knime
Workflow
Financial Metrics - NPV & XNPV
KNIME for FinanceInvestmentPortfolio
+4
Calculates return rate and NPV for investment projects, providing overview and ranking of best opportunities for the firm.
KNIME for FinanceFP&AFinancial Metrics - NPV & XNPV
0
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Monthly and YTD Aggregations
Workflow
Monthly and YTD Aggregations
Google SheetExcel SheetYTD
+3
Generates comparison of monthly and YTD revenues for 2022 and 2023 from restaurant transactions.
KNIME for FinanceFP&AMonthly and YTD Revenues
2
knime
Components for FP&A

Tax

With KNIME, tax professionals can ensure compliance with effective tax data management, analytics, and visualization. KNIME allows tax professionals to be confident of data integrity and gain better understanding of anomalies. In addition, KNIME reduces time spent gathering data from multiple sources (eg. ERP and billing systems), cleaning data, and reporting. Below are some workflow examples for tax apportionment, calculations, validations, and reporting.
Sales Tax Reporting
Workflow
Sales Tax Apportionment
UnknownsalesApportionmentKNIME for Finance
+2
Automates sales tax report calculation for subscription data with dynamic 12-month period selection.
KNIME for FinanceTaxSales Tax ReportingSales ApportionmentSales Apportionment - Data App
0
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Transfer Pricing Recharge
Workflow
Transfer Pricing Recharge
Transfer pricingCostsMarkup
+2
Distributes costs from HQ to entities with markup based on transfer pricing.
KNIME for FinanceTaxTransfer Pricing RechargeTransfer Pricing Recharge - Data App
0
knime

Audit & Compliance

With KNIME, audit and compliance professionals can perform end-to-end process testing and control validations. These professionals can significantly lower audit costs by automating tasks such as data collection, preparation, and analysis. In addition, they can identify irregular patterns and anomalies earlier in the process. Below are some workflow examples for reviewing financial data, identifying areas of concern, and ensuring compliance with regulations, policies, and procedures.
Fraud Detection
Workflow
Fraud Detection - Training (Random Forest)
Practicing Data ScienceCybersecurityFraud Detection
+4
Trains and evaluates a Random Forest model for classifying transactions as fraudulent or not fraudulent.
KNIME for FinanceAudit & ComplianceFraud DetectionRandom Forest01_Training Random Forest for Fraud Detection
1
knime
Workflow
Fraud Detection - Deployment (Random Forest)
Practicing Data ScienceCybersecurityFraud Detection
+5
Applies a trained Random Forest model to new transactions for fraud detection.
KNIME for FinanceAudit & ComplianceFraud DetectionRandom Forest02_Deployment Random Forest for Fraud Detection
1
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Key Performance Indicators (KPIs)

With KNIME, financial analysts can report and visualize key performance indicators (KPIs). These KPIs provide a holistic view, align the entire organization, and inform strategic business decisions. Below are some workflow examples for some key performance indicators (KPIs) that the finance team might need to report and visualize on a regular basis.
Customer Churn KPI
Workflow
Customer Churn KPI
KPIKNIME for FinanceCustomer Churn
Calculates customer churn KPI to monitor the health of the relationship between the company and its customers.
KNIME for FinanceKPICustomer ChurnCustomer Churn KPI Monthly
1
knime
Employee Turnover KPI
Workflow
Employee Turnover KPI
KPIKNIME for FinanceEmployee Turnover
Calculates Employee Turnover KPI monthly and visualizes data in a Data App.
KNIME for FinanceKPIEmployee TurnoverEmployee Turnover KPI Monthly
0
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Revenue Growth KPI
Workflow
Revenue Growth KPI
KPIRevenue GrowthKNIME for Finance
Calculates Revenue Growth KPI monthly based on journal entries and exchange rates, visualizing revenues and growth rate.
KNIME for FinanceKPIRevenue GrowthRevenue Growth KPI Monthly
0
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