- 3.1 MB
NEW FEATURES: ____________________________________________________ Auditmetrics software has the ability to plugin data from QuickBooks® standard reports. ____________________________________________________ New Release: Professional Auditmetrics-AI 6.3 includes forensic accounting using Benford's formula
Analytics – is any data-driven process that provides insight. It encompasses historical data in conjunction with the production of predictive information. Ultimately, the goal is to transform data into information that aids the bottom line.
Auditmetrics AI software is specifically designed for small business to compete in an evolving technology driven business environment that favors analytics. Our economy is on a high-tech commercial revolution where huge business entities marshal vast sophisticated programming to correct past deficiencies and search for potential opportunities. Auditmetrics helps the smaller enterprise survive by providing a level analytical playing field. In the United States, the Small Business Administration establishes small business size standards on an industry-by-industry basis but generally specifies a small business as having fewer than 500 employees for manufacturing businesses and less than $7.5 million in annual receipts for most non-manufacturing businesses.
That creates a large range for analytic activity. Auditmetrics AI Professional version can handle accounts involving millions of records.
Included with this version is an e-book (.pdf) “Forecasting Revenue and Expenses, Using Statistical Analytics” by Eleanor Winslow. This book/software combination is designed as a complete resource for business analytics and technology. Auditmetrics V6.5 sets the stage for sampling accounts to:
Conduct statistical audits assuring account data integrity.
Convert the statistical datasets for forecasting revenue and expense.
A main role for the statistical audit is assessment of the integrity of information for management decision-making. An internal audit should be the first step in setting up effective and timely financial projections. Only quality data should be used to drive management decision making.
Ensuring data integrity is a complex activity that requires coordination from different aspects of the organization. Auditmetrics AI integrates the interplay between:
People – proper training regarding collection, input, handling, understanding, interpretation, and reporting of results
Processes – ensuring input, processing, and output maintain data’s reliability, consistency, availability, and accuracy.
Technology – Software with AI techniques to maintain the integrity between data and analytics to turn account data into useful information for forecasting and market research
The use of statistical analytics in forecasting cashflow can involve complex procedures that may be beyond the experience of many small business managers. With the software’s use of AI assistance, the manager needs only to decide on a few key targeted statistical inputs and the software and book guide the user from initial plan to completed project.
Included with the software are additional education resources such as PowerPoint slides and case studies with a focus on profit and loss. Auditmetrics AI was originally developed for auditors to quickly get up to speed with Computer Assisted Audit Techniques (CAATs) systems that are being pushed by government agencies and large corporations. Auditmetrics algorithms conform to both AICPA and IRS statistical standards.
Auditmetrics has recently expanded data input potential by adding an ability to input data from standard reports that many accounting management systems such as QuickBooks offer. It then can provide a complete analytical framework from auditing cashflow to forecasting revenue and expenses.
All of this is done in a user-friendly environment such that one can traverse the complexity of the statistical audit by using a simple three step process. Each step has a series of computer guided analytic checkpoints. An auditor can let the software establish sample specifications but there is ample opportunity for the auditor to fine tune the final design. Once a design is accepted, a random sample of the account is generated. The AI system also generates Excel templates that can be used to document and record audit results.
DOCUMENT TO HELP GET STARTED WITH AUDITMETRICS V6.5:
The included book guides the business manager through the process from original statistical sample to developing datasets for statistical forecasting techniques using such powerful tools as regression and correlation. There is no need for any additional statistical software. All analytic techniques are available with MS Excel’s Analysis ToolPak, an add-in program that provides data analysis tools for financial and statistical data analysis.
“FORECASTING REVENUE AND EXPENSES, USING STATISTICAL ANALYTICS”:
By Eleanor Winslow
ISBN – 9780578797250
(c) 2020 Auditmetrics
For Businesses that order software for multiple locations, we will send paperbound print versions of the book;
PART I – The Statistical Method
In this section is covered the statistical principles of analyzing empirically derived account data that is the underpinning of economic analysis. The fundamental idea covered is the uncertainty and variation of data used to help explore and understand the dynamics of the business fiscal environment.
PART II – Forecasting Revenue and Expenses using Multivariate Techniques
This Section is the discussion of two powerful tools for forecasting future economic activity, linear regression and correlation.
The building and interpretation of regression model outputs is accomplished by using MS Excel built-in functions
AUDITMETRICS IS IDEALLY SUITED FOR:
1. Teachers of accounting & business administration who want students to get quickly up to speed with statistical analytics with the use of AI assistance
2. Small businesses that operate out of desktops & laptops who want to keep up with the growing trend in using analytics without investing in less focused analytical tools.
3. CFOs & fiscal managers of larger businesses who want to quickly audit revenue streams, accounts payable and receivable and forecast future trends.
4. CPAs who want to use the AI assisted umbrella to monitor client cashflow and then follow-up with forecasting and market research
• Assemble Account for Audit Sample
• Design Sample Stratification Boundaries
• Determine Detail (100%) Stratum Cutoff
• Calculate Strata Sample Size Using Neyman Allocation
• Generate Stratified Random Sample
• Generate Excel Template documenting Sample Specifications
• Generate Excel Template to Record Sample Results
• Statistical Audit Standards that Meet AICPA & IRS Specifications
• Conduct Forensic Accounting using Bedford’s Formula
• Deriving Input Data from Various Sources including Excel, Ms Access and QuickBooks Desktop