Effective Automation of Record to Report Process (Iteration #4) is my fourth iteration of a prototype of automation of the record to report process. This example is deliberately crafted to help you understand the process and see where improvements can be made. (Here are iterations 1, 2, and 3)
The significant benefit of this iteration include:
- I am using the Microsoft Dynamics accounting system database as the accounting system that is populated with The World Online (TWO) sample company data.
- Engine B Common Data Model (CDM) is used.
- Substantially improved version of my XBRL instance creator is being used.
- The documentation is substantially better.
- Everything you need to duplicate what I have created is provided.
To get a quick idea about what the prototype explains, flip through these slides.
Why is this useful information? This information is useful because it help you understand modern approaches to accounting. This can likewise work for streamlining personal finance. I essentially provide a complete implementation of accounting transactions flowing from the general ledger all the way to the financial report. Ultimately, more of these processes and tasks will be automated:
You actually don't need to use XBRL as I did. But, using XBRL rather than some proprietary approach does have it's benefits. Really any problem solving paradigm can be used.
############################
Altova End-to-End XBRL Solution
COSO Model for Internal Controls
SAP R2R Series #5: Hard Close, Soft Close, Fast Close, Continuous Accounting