Everything you need to know about Inflo and its modules
We are very passionate about educating accounting firms on what technologies are available and how they can really change their approach to audits, increasing efficiency and adding value.
What is Inflo?
Inflo makes class-leading technology solutions accessible to the global accounting profession. Inflo offers a flexible, modular, digital accounting platform as a software service, incorporating the knowledge and expertise required for firms to wield technology as a strategic advantage.
Inflo Modules 101
Our module structure really focuses on digital collaboration, getting information from the client and then performing and providing analytics so that you can interpret, use that in your work or even play that back as tangible outputs to your clients.
Client Collaboration – Inflo Collaborate
Inflo Collaborate gives you the ability to exchange documents back and forth with your clients, all in one secure local place with complete transparency for not only the engagement team, but also the client as the client logs in and has access to Inflo as well.
Data Acquisition – Inflo Ingest
For data acquisition you would use our Inflo Ingest module. Inflo Ingest is a key module because it involves the process of getting the trial balances and the general ledger detail from your client. We created Inflo Ingest to change the behaviour of getting the data from the client. Rather than the engagement team wrangling the client’s data, Inflo suggests that the client take ownership of uploading the data and Inflo provides the guidance and step by step process to facilitate this. Then getting this data organised and manipulated into a way that you can even begin to use it, and this usually takes a lot of time and a lot of unnecessary pains. By developing a wizard that obtains data perfectly from a variety of accounting systems, Inflo have a way of getting that data out and really challenges your clients to drive that process.
Foundational Analytics – Inflo Flux, Inflo Explore and Inflo Select
Once you’ve ingested that data, it then flows into what we effectively call foundational analytics. We have a couple of modules Inflo Flux and Inflo Explore that provide a way to navigate and interrogate information, visualise characteristics, and identify relationships amongst all transactions, and facilitates the direct inquiry with the client. Inflo Select is a natural extension from inquiry with your client and provides the ability to request underlying support for general ledger and subledger details by executing sampling in a consistent and routine approach.
Progressive Analytics – Inflo Detect and Inflo Revenue Cascade
On the progressive side, we’ve got our Inflo Detect and Inflo Revenue Cascade modules. Inflo Detect focuses on journal entry testing, looking for characteristics in a non-traditional way with Inflo Cascade looking at revenue transactions and using process mining to really dive into finding what’s the riskiest of the revenue population.
Reporting – Inflo Metrics and Inflo Reports
You must be asking – how do you glean this information and turn this from just work to tangible outputs, not only for your file and to inform your engagement team, but also to provide to your client?
This is where our Inflo Reports and Inflo Metrics modules come in – Inflo Metrics being the visualization of KPIs, and overlaying benchmarking to interrogate ratios, to identify volumes of transactions and types of transactions. Inflo Reports is the tangible output from the Inflo Detect module, going through and taking out those visualisations so that you can automate and provide them to your client as a meaningful output. Creating a client expectation on the outputs of Inflo is further supported by the additional reports/outputs directly from the individual modules.
Inflo in Action
Diving in a little deeper into Inflo Collaborate
As you explore the modules further, you will see how they all play together and the synergies that you can achieve, not simply using different modules in isolation.
Logging into the Inflo platform, what you’re going to see first and foremost is that this is also a project management tool with immediate visibility into all the engagements that you are associated with. From a digital collaboration perspective, you can send a full list of requests to the client by category and then they can go in and upload those documents against each of those requests whilst seeing a status update of each request.
Being able to filter and have complete transparency is extremely powerful – you can drill down to see specifically what requests, who’s requested it, who it’s being requested of and the timeline. And remember, your client also has access to the Inflo platform so gone are the days of going back and forth with Prepared By Client (PBC) documents that have version control.
Looking at the screenshot below, you can see for example all of the items that you would expect to request from the client and where they are in their various stages of their lifecycle.
Data ingestion – Inflo Ingest
The next step in digital collaboration is the Inflo Ingest module where not only can the engagement team drive this process, but we really challenge and try to change the behaviour of engagement. You can invite your client to drive the first part of the data ingestion process, requiring them to go through the process of selecting a system and then being able to upload their data seamlessly.
Inflo Flux is the initial analytical module that uses the trial balance data from a client system to show how a business is performing. It gives you the ability to analytically compare the client’s financial data and highlight unusual movements, set expectations on the data and examine trends from year to year. With the click of one button, you can share with your client to obtain their management commentary and capture and memorialise the engagement team’s documentation and impact to the audit.
Facilitating an interactive dialogue with the client, Inflo Flux allows you to capture insights into a client’s business, while allowing teams to conduct thorough risk assessment analysis, which is all is auto generated into documentation that is ready for any audit file.
Inflo Explore is able to interrogate characteristics, attributes and transactions at that individual transaction level detail if needed, because again, this is driven by the data that is imported in the data ingestion process. Not only being able to import that information and then ingest the data very quickly but using that transactional detail to really understand the client. All of this data can be edited, showing you how many transactions and their rank based on the volume of transactions they’re booking to these accounts.
The heat map shows you the difference between high dollar amounts that are happening low frequency (effectively a minimal amount of time), up to smaller dollar amounts that are happening very frequently. Lastly, we have the tree map which is really another lens of visualising what users are really posting and based on what source of post, whether it’s a manual journal entry or whether its system driven.
Inflo Detect drives the journal entry testing process. We’ve taken the approach of rather than it being a siloed method, traditionally looking for large round dollar amounts, we’ve infused Inflo Hybrid Intelligence (InfloHI). InfloHI goes through and uses machine learning and user behaviours to run algorithms to effectively score and highlight the risks.
Based on the slider (as shown in the screenshot below), it is going to aggregate/give a composite score with multi-dimensional risk scoring, effectively rising the cream to the top.
Inflo Revenue Cascade
Inflo Cascade focuses on all of the transactions that are occurring in the revenue cycle. It uses something called process mining or process mapping to identify accounts and the relationships within those accounts to other accounts. Effectively what this is doing is if we can say we expect revenue transactions to have accounts that fall in the categories, which are the coloured boxes on the right side of the screen, you can use that process mining and mapping to very quickly to identify transactions that appear to be revenue and fall within all of those categories.
Inflo Select is end-to-end automation of the audit sampling and test documentation process and drives consistency in testing transactions. The sampling types can be tailored by each individual firm to ensure that Inflo Select easily creates a compliant sample selection. Looking at the screenshot below, you can see the general ledger data that’s already been ingested via the Inflo Ingest module, but we also allow for other subledger details to be uploaded. Inflo contains numerous standard sample selections (e.g. transaction cut-off, thresholds to compare repairs and maintenance to capital asset additions, etc.), and also allows for the creation of custom samples.
Inflo Metrics drives the KPI benchmarking aspect of an engagement and effectively provide two tranches of ratios. We’ve got financial ratios, which you would typically perform maybe in a risk or concluding standpoint or maybe additional analytical procedures to support your substantive work, but this is powerful in the sense of it’s going to provide to you what the ratios are for your client, what they were in the previous year, how they match up to other data sets with an Inflo.
This module is as well as most of the others you can actually share with your client. So being able to play this back and provide a dashboard to them is extremely powerful.
Inflo Reports generates value-adding and visual client reports and PowerPoint presentations and is driven off the individual transaction testing within the Inflo Detect module – it is extremely powerful in the sense of it allows you to capture some of that imagery that was in the Inflo Detect module.
When you go through and look at the relationships on each one of those routines, you can drill down and see a step further and really kind of explore other certain characteristics that help you identify where the risk lies.
A lot of that is extremely helpful and is effectively information about the client’s system or about their users or about their transactions that is really hard for them to visualise or see.
Fast forward to the complete Digital Audit
We’re expanding the Inflo platform with a new module – Inflo Workpapers – to cover the entire audit process, from planning and documentation, through risk assessment and testing, to client reporting.
Our Digital Audit solution offers a one-stop shop for accountancy firms. It incorporates intuitive data analytics, a progressive audit methodology developed by our team of audit experts, and an audit platform powered by emerging tech.
It’s not just bolting on another module to our suite of legacy modules. It’s rather a way in the workflow concept to intuitively drive the use of technology and really help connect the dots for users, whether it be incorporating technology like machine learning and user behaviours, process mining and fundamentally those core data analytics that really should be infused into the audit.
If you would like more information about our modules or how Inflo could be used for your firm, please get in touch with us today. Alternatively, sign up for Inflo for free today to get started on your Inflo journey.