Validis, a maker of technologies for accounting data extraction and standardization, has announced a breakthrough in financial data sharing that promises to transform the audit industry. The launch of its innovative Upload functionality empowers auditors to access standardized financial data from any accounting system, dramatically reducing data collection time while enhancing the customer experience.
Solving the Million-Piece Puzzle of Financial Data
Audit data is notoriously complex, fragmented across countless systems with unique formats. Standardizing such a diverse range is like solving a million-piece puzzle – a challenge Validis has now conquered.
“Our new Upload functionality is changing the face of audit by getting more standardized data into auditors’ hands, faster than ever before, while dramatically improving the experience for both auditors and their clients,” said Michael Turner, CEO of Validis.
Expanding Data Access with a Customer-Centric Approach
While Validis already supports data extraction from 27 major accounting packages, thousands of other systems exist. The new Upload functionality now makes Validis accessible to all businesses, regardless of their accounting package.
“We’ve created a seamless, intuitive experience for both auditors and their clients,” explained Ronan O’Dea, Chief Product Officer at Validis. “For auditors, it means a single, consistent journey for all clients. For businesses sharing their data, it’s a quick, secure, and hassle-free experience.”
This approach is expected to drive significant increases in adoption rates. “By removing the barriers associated with different accounting systems, we’re making it easier for firms to implement Validis across their entire client base,” O’Dea added.
Smart Data Engine: Powering the Entire Audit Tech Stack
At the heart of the Upload functionality is Validis’ patented Smart Data Engine, which can ingest and standardize data from any accounting system, with an expected standardization rate of 85% to 95% of shared data.
“Our Smart Data Engine uses advanced technologies to automatically assess the structure and content of uploaded files for mapping. For new formats, we employ a ‘human-in-the-loop’ approach, ensuring accuracy and reliability,” O’Dea explained.
This technology doesn’t just provide data; it unlocks the potential for transformative insights and efficiency across the entire audit tech stack. Validis integrates with industry leaders such as Suralink, Trullion, DataSnipper, and Thomson Reuters to ensure seamless data flow throughout the audit journey.
Key Benefits and A New Era for Auditors and Clients
The new Upload functionality brings several significant benefits:
- One Journey, Better Adoption: A simple, uniform process for all users and clients.
- One Process, Better Governance: Improved consistency and compliance monitoring.
- One Output, Better Quality: Standardized data as a single source of truth.
For auditors, this means less time spent on data collection and more time for value-added analysis. For clients, it’s a streamlined process – connect your data in minutes and get back to running your business.
“We’re not just saving time; we’re improving audit quality, enabling auditors to provide deeper insights to their clients, and creating a better experience for everyone involved,” Turner concluded. “This is the future of audit, and it starts with getting the right data, right now, from every client.”
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Tags: Accounting, Auditing, Financial Reporting
