Machine Learning-Driven GAAP Compliance Automation with QuickBooks Integration

The Client

Our clients are based in the United States, Florida where they help proprietary veterinary practices sell their business (merger and acquisition) by converting their cash-based accounting system to GAAP ( Generally Accepted Accounting Principles ) Compliant which helps vet practices to generate accurate valuation reports based on standard charts of accounts. They have been doing this practice for many years in North America.

The Challenge

The client had expertise in M&A and they have been using Excel-based macros and formulas for valuation, the major part of their process was accurately transforming the entire general ledger. Which would take so much time also they will need this to be done automatically for many months until the acquisition is completed.

Limited Technical Knowledge: The client had limited knowledge of programming, specifically in using QuickBooks Desktop for technical tasks.

Need for Automation: They wanted to automate the transformation of the general ledger to reduce manual efforts. The goal was to implement a Machine Learning solution that could auto-suggest the most likely match of accounts as per GAAP standards. Additionally, they were unfamiliar with typical software development processes.

The Solution

Satva Solutions was mainly approached for the QuickBooks Technology Partners. But as the scope of work was revealed completely with the help of a few consultation meetings we were trusted with our vision to automate the manual process around Quickbooks desktop and online & selected as their web application development partners.

We proposed a comprehensive solution, including an architecture diagram and cloud infrastructure cost estimates. And educated the client on the agile software development process.

Satva team proposed a client solution with an architecture diagram and cloud infra bills estimates and made the client aware of the agile software development process.

This web application is cloud-based, scalable & serverless which will help VetValue Inc. & the accountants to use it from anywhere. The application helps valuation businesses automate the extraction, transformation, and reporting of live business data from accounting systems. It also automates the transformation of General Ledger by auto-suggesting the most relevant GAAP compliance account and keeping track of business data in real-time until acquisition deals are completed.

The entire development of the Machine learning part was developed in collaboration with Columbia University [https: // www.columbia.edu/] (in New City) where the team of students worked under the guidance of their lead professor

Architecture Diagram

Key Benefits

• With the help of business valuation apps, the Vet M&A companies can secure $1 billion of value for their practice owners with less than 2% of fees cost.
• The application can automatically do the extraction, transformation, and reporting of live business data from accounting systems.
• Has the ability to automatically transform the General Ledger by auto-suggesting the most relevant GAAP compliance account with the help of Machine Learning
• It also fetches the Non-QuickBooks online data with the help of forms.
• It helps to reduce the drudgery of manual spreadsheet-based processes. And keep track of business data in real-time until acquisition deals are completed
• The application is easy-to-use, scalable & embedded with Cloud Infrastructure.

Platform/Technology

• Microsoft .net core, Azure SQL, Cosmos DB, AWS
• Front-end in ReactJS
• Programming language: C#
• QuickBooks Desktop Integration