Financial statement preparation is a task that accounting firms undertake for each of their clients on an annual basis. This often leads to a sudden surge in workload as filing deadlines approach. Backbone’s financial statement generator, incorporating the rules and knowledge of disclosure requirements of accounting standards, automates the entire process.

The bot extracts data directly from partner accounting systems or the provided trial balance and general ledger summary. It is context-aware, meaning it understands the client’s accounts to generate a full set of financial statements tailored to both the client’s specific data and the relevant reporting requirements. The bot is also deterministic, ensuring consistent and predictable results, and explainable, providing transparency on how figures and disclosures were derived.

With this automation, what used to take hours or even days is now completed in seconds, reducing the burden on staff during peak periods and allowing firms to meet tight deadlines while maintaining accuracy and consistency across all clients’ financial reports.

large_FS.jpg

Financial Statements (FS) in seconds with Backbone

Written by Mike