Accountancy and financial information is based on a key principle – double entry. Every accounting entry must balance, having an equal and opposite financial impact across one or more other balances.
Inflo Focus & Assure uses this concept, analysing specific business processes to assess 100% of accounting entries, automatically mapping them against expect account combinations. This instantly analyses thousands or millions or transactions to both demonstrate the level of conformity to expected process flows and highlight the higher risk, anomalous transaction combinations.
These process mining techniques offer accountants a completely new perspective across financial information. Assurance can be obtained in new ways – replacing the need to sample test. Diligence procedures can analyse revenue streams and the strength of cash conversion. Insights over sales tax, controls compliance or finance team effectiveness are commonly identified from this granular analysis, offering fresh perspectives to clients.
As a transformational approach to financial analysis, these techniques deliver a new level of service capability, providing clients with the granular and sophisticated analysis that demonstrates the true power of accountants applying advanced data analytics.