Transformation of accounting data using Machine Learning

The Client

Our clients are based in the United States, Florida where they help proprietary veterinary practices to 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 within North America.

The Challenge

Client had expertise on 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 acquisition is completed.

Second challenge was that the client's knowledge in using Quickbooks desktop for programming was limited.

Third challenge was they wanted to ensure that the transformation of General Ledger happens automatically which reduces manual effort of the accountant to transform each entry manually. So they were looking for Machine learning which can auto suggest the most likely match of account (as per GAAP). Also the client did know very little about how programming works and were not aware of 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.

Later Satva started off the project by the design sprint where the whole web application was designed & approved with the help of Satva in-house UX designer team.

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

This web application is cloud based, scalable & serverless which will help the VetValue Inc & the accountants to use it from anywhere. The application helps valuation businesses to automate extractraction, transformation and reporting of live business data from accounting systems. It also automates 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.

Entire development of the Machine learning part was developed in collaboration with Columbia University [https: // www.columbia.edu/] (in NY 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 are able to secure $1 billion of value for their practice owners with less than 2% of fees cost.
The application is able to automatically do the extractraction, 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 drugary 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.