Designed by CPAs for CPAs, Valid8 integrates evidence and client accounting entries into a single transaction database.
Professionals can't just rely on client accounting data. Your opinions have to be based on third party verified, independently sourced evidence. But every client has different data sources, which means up to 80% of engagement time is manual data work.
New solutions simplify access to almost any type of data, but professionals are left to integrate the output into a usable database. Designed by CPAs for CPAs, Valid8 integrates evidence and client accounting entries into a single transaction database. Think of it as a data sandbox for accounting professionals.
Bank statements are a common and valuable source of evidence. First, Valid8 extracts and reconciles all banking activity. Next, machine learning is used to recognize check images and extract payee payer data, which is associated back to a statement transaction. Beyond documents, real-time banking activity can be directly accessed via API from any financial institution. And no matter what source, algorithms test all evidence for accuracy and completeness.
Evidence collection is just the first step. Then it's used to verify client accounting entries. Valid8 uses best-in-breed accounting system extraction to standardize data across dozens of different systems. For any practice, Valid8 simplifies data-intensive procedures for professional accountants.
Auditors use evidence to verify and vouch data. Valid8's patent algorithms match banking activity to the cash journal, then trace through the subledger out to its originating entry, automating vouching and verification procedures. CPAs get 10 to 20 more times evidence coverage with 80% less time.
Forensic accountants and investigators use evidence to trace the flow of funds through complex networks of accounts. Valid8 identifies transfers to visualize the flow of funds in 80% less time compared to existing solutions.
Tax professionals use evidence to prove income sources. Valid8's machine learning identifies and extracts data from check images and deposit items, then associates it to banking activity to document sources of income.
M&A professionals use evidence to provide quality of earnings, proof of cash and revenue verification. Valid8 provides full population substantive testing to eliminate sample risk and improve transparency for buy-side diligence.
Transform your firm with Valid8 today, a single fully integrated data platform for accounting evidence that can be used by any practice to accelerate data prep and deliver higher quality engagements.