Digital Financial Reporting

In an article, Surety Data Standards: Is Manual Data Entry Dead?, NASBP says "We’re hammering the final nail in the coffin of manual data entry... more to come."

NASBP says, "The gruesome (and grueling) days of painful re-keying of data may be coming to an end. Could data standards be the magic bullet?"

The article says:

"In 2017, The Hartford successfully brought standardized WIP reports into their internal financial management system, reducing WIP report processing from 20 minutes to 3 seconds. And earlier this year, two more software providers enabled their applications to prepare XBRL-formatted WIPs. Crowe LLP introduced a unique application to automatically build XBRL-formatted WIP reports along with other financials."

XBRLogic says it can automatically generate a normalized financial report in 2 minutes.

Are you toiling in the salt mines of data entry? Not me.  I am brainstorming how to build the modern finance platform.  There are already commercially available tools for accounting process automation, continuous accounting, smart close, and finance transformation. Managing the workflow of those tasks can also be managed with things like close process management.  Personally, I have better things to do with my time that toil in salt mines.

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Here is an example surety report.

Here is a press release.