Interviews: Questions for Chris Miller, Senior Vice President at Netgain Solutions
Chat with Chris Miller, SVP of Netgain: AI and Automation in Accounting
Hey there, we had a chat with Chris Miller, Senior VP of Netgain, a tech firm based in Colorado. They're all about AI and automation, streamlining accounting processes for businesses and large organizations. Here's what we found out!
What's Netgain's deal?
Netgain's mission: build tech applications for complex accounting functions such as lease accounting, financial close processes, lending, and financial forecasting. They help businesses automate manual tasks related to loan management and improve the Accounting daily grind. Their solutions cover both audit and operations needs for both accounting firms and their clients.
Netgain's automation strategy
Netgain starts by understanding accounting best practices, simplifying and standardizing existing workflows, and then strategically implementing automation to maximize effectiveness. For instance, they've tackled lease accounting extensively, offering consulting services for major companies adopting new accounting standards. They examine processes click by click to enhance the user experience, then carefully determine what to automate, focusing on where judgment is valuable and where automation offers the greatest benefit.
AI in action at Netgain
Netgain follows a three-pronged AI approach:- AI-enhanced development: leveraging AI tools like ChatGPT to expedite software development, making the developers more like AI coding supervisors.- AI-powered features: introducing AI-backed tools like variance analysis to explain account discrepancies.- AI for enhancing business ops: using AI for customer support and software implementation processes, combining AI insights with structured business rules for precision and consistency.
AI implementation challenges
Netgain faces a couple of challenges during AI implementation:1. Organizations must have clarity about their processes and goals to help AI meet its full potential.2. Managing expectations: many believe AI can solve problems on its own without understanding where AI and automation can be most beneficial. The focus should be on intentional and strategic implementation for the best outcomes.
What puts Netgain above the competition
Netgain's uniqueness comes down to a few factors:1. Expertise: with the founders' prior experience tackling a wide range of accounting challenges, empathy for customers, and a team of seasoned professionals, Netgain can provide informed guidance and targeted tech solutions.2. Taking on the tough stuff: while others focus on shiny features like accounts payable automation, Netgain flourishes in essential but complex tasks like lease accounting, asset management, and financial close processes.3. Focus on the backend: making routine backend processes as efficient as possible lets businesses concentrate on their customer-facing innovations.
Sources:1. Netgain events like the Accounting Summit emphasize real-world insights and actionable strategies for businesses.2. Netgain's solutions likely integrate with core accounting systems like NetSuite for a seamless transition to more automated processes.3. Specialized accounting solutions could offer unique value compared to broader AI and automation platforms.
- Netgain's AI-driven services extend beyond accounting, providing AI-enhanced development, AI-powered features, and AI for enhancing business operations.
- Chris Miller, SVP of Netgain, emphasizes their focus on simplifying and standardizing workflows before implementing automation, ensuring maximum effectiveness.
- North of Colorado, Netgain continues to innovate in the finance industry by offering technology solutions for areas like lease accounting, financial close processes, lending, and financial forecasting.
- When adopting new accounting standards, Netgain provides consulting services to major companies, examining and enhancing processes for user-friendly results.
- For businesses aiming to streamline operations, the integration of Netgain's technology with core accounting systems like NetSuite offers a seamless transition to more automated processes, facilitating their focus on industry-disrupting innovations.
