Digital Financial Reporting

Autoreview is a sign of things to come.  Autoreview was created by Chirag Gurbani. This video provides an overview of Autoreview (three and a half minutes).  You can fiddle with an online demonstration and try Autoreview yourself.

The interface is well designed, I would say even beautiful.

Autoreview currently seems to work on top of QuickBooks accounting system data. 

Imagine an integrated accounting, reporting, auditing, and analysis system with a similarly easy to use interface.  That is what is on the way.  Once you recognize that accounting is a mathematical model, you understand how to organize the logical artifiacts within that model, you have the software to process the data stored in that model using those logical artifacts, and you have the rules necessary to control the entire process; improving the entire process (i.e. accounting, reporting, auditing, analysis) is trivial.  That is the point of my method, to organize all that stuff.

Complex? No doubt.  But the complexity can, and will, be hidden behind the scenes.  Modern approaches to accounting are on their way; enabled by software applications like Autoreview, Blackline's smart close, Mindbridge's AI Auditor, Botkeeper's bookkeeping automation, Engine B's Common Data Model and Audit Common Data Model, Audapio's audit automation tools, Lodgeit's reporting tools, and other such software.

Most of these software applications currently work in their own individual silos.  But software vendors will wake up and recognize that they are not the center of the universe.  That will change using standards such as XBRL and as professional accountants understand the possibilities.

Maybe the future of accounting is not here yet; but when you look in your rear view mirror remember that objects may be closer than they seem!  Unstructured, unorganized, human dependent and therefore time consuming and error prone processes will be significantly improved.