Sends email notifications to managers about overdue invoices that require action. Learn more
Collection
KNIME For Finance
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
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Compares internal cash book transactions with external bank statements for account reconciliation.
knime > KNIME for Finance > Accounting > Bank Reconciliation > Bank Reconciliation
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Dunning Process Management
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Automates dunning process, tracks payments, sends reminders, centralizes data.
knime > KNIME for Finance > Accounting > Dunning Management Process
1
Timesheet Aggregation
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Aggregates and analyzes employees timesheets data for project profitability and financial insights.
knime > KNIME for Finance > Accounting > Timesheets Aggregation & Analysis
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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
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Generates budget overview with assigned, used, and remaining money for projects across years.
knime > KNIME for Finance > FP&A > Budget Monitoring Data App
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Financial Metrics
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Calculates IRR, MIRR and XIRR for investment projects to measure profitability.
knime > KNIME for Finance > FP&A > Financial Metrics - IRR, MIRR & XIRR
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Calculates return rate and NPV for investment projects, providing overview and ranking of best opportunities for the firm.
knime > KNIME for Finance > FP&A > Financial Metrics - NPV & XNPV
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Monthly and YTD Aggregations
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Generates comparison of monthly and YTD revenues for 2022 and 2023 from restaurant transactions.
knime > KNIME for Finance > FP&A > Monthly and YTD Revenues
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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
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Automates sales tax report calculation for subscription data with dynamic 12-month period selection.
knime > KNIME for Finance > Tax > Sales Tax Reporting > Sales Apportionment > Sales Apportionment - Data App
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Transfer Pricing Recharge
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Distributes costs from HQ to entities with markup based on transfer pricing.
knime > KNIME for Finance > Tax > Transfer Pricing Recharge > Transfer Pricing Recharge - Data App
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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
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Workflow
Fraud Detection - Training (Random Forest)
Trains and evaluates a Random Forest model for classifying transactions as fraudulent or not fraudulent.
knime > KNIME for Finance > Audit & Compliance > Fraud Detection > Random Forest > 01_Training Random Forest for Fraud Detection
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Workflow
Fraud Detection - Deployment (Random Forest)
Applies a trained Random Forest model to new transactions for fraud detection.
knime > KNIME for Finance > Audit & Compliance > Fraud Detection > Random Forest > 02_Deployment Random Forest for Fraud Detection
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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
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Calculates customer churn KPI to monitor the health of the relationship between the company and its customers.
knime > KNIME for Finance > KPI > Customer Churn > Customer Churn KPI Monthly
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Employee Turnover KPI
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Calculates Employee Turnover KPI monthly and visualizes data in a Data App.
knime > KNIME for Finance > KPI > Employee Turnover > Employee Turnover KPI Monthly
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Revenue Growth KPI
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Calculates Revenue Growth KPI monthly based on journal entries and exchange rates, visualizing revenues and growth rate.
knime > KNIME for Finance > KPI > Revenue Growth > Revenue Growth KPI Monthly
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Other Helpers
Credit Scoring
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Trains a Random Forest model to approve or disapprove loan requests based on applicant information.
knime > KNIME for Finance > Financial Services > Approving Loan Requests > Credit Scoring > 01_Training Loan Request
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