Solutions
Accounting Enters the Modern Age
Traditional methods of following the money can require weeks of low-level activities before you get to analysis. Even when using OCR software to extract transaction data from bank statements, the manual data cleanup often burdens multiple staff with tedious, low level work, making it difficult to recruit and retain talent. Valid8 generates Verified Financial Intelligence (VFI) and improves the quality and speed of your firm’s practice areas, including:
Forensic Accounting
Transaction Advisory
Tax Disputes
Audit
Erik Asgeirsson
Accounting Audits, Diligence, and Investigations Face Common Challenges
Preparing Financial Evidence
Using manual procedures like bank and invoice confirmations or traditional OCR software to extract bank statements can take weeks or months before you get to the analysis. Instead of focusing on developing professional opinions and strategy, you’re spending most of your time preparing financial evidence.
Sample Risk and Verification
Limiting verification procedures to only a sample of accounting transactions injects risk and latency into the engagement. Not only does it take longer to establish confidence for relying on client data, you may also miss critical issues and expose your firm to unnecessary risk.
Difficulty Recruiting
Recent graduates are digital natives, typically well versed in machine learning and maximizing efficiencies through technology. Asking them to spend the bulk of their time managing legacy procedures like confirmations and manual tracing can feel like a waste of their advanced degrees.
Use Valid8’s VFI Platform to Elevate Accounting
Compress Time to Opinion
Upload client accounting transactions, bank statements, check images, and deposit slips to Valid8 and achieve full population verification within hours. Quickly identifying the specific transactions that have not been verified, enables teams to spend more time on high-value analysis activities.
Deliver Higher Audit Quality
Eliminate sample risk and verify 100% of client accounting transactions. Verified Financial Intelligence identifies any accounting transaction that’s not verified by evidence so you can focus audit procedures to reduce overall risk and improve audit quality.
Elevate Engagement
Valid8’s platform has been proven to improve the quality and speed of audits, disputes, and investigations. Elevating teams out of low level activities and into analysis sooner serves as a key differentiator in recruitment and retention.
Resources to Help Accountants
Bruce Flournoy
Prepare evidence in hours, not weeks.
