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US 12,217,317 B2Granted
Methods and systems for efficient delivery of accounting and corporate planning services
AssigneeFin Box Technologies, Inc.
InventorsWalter Drangmeister, R. Blake Ridgeway
Life of this patent
Estimating the term…
Abstract
Methods and systems for providing accounting services and corporate strategic planning services that comprise processing and aggregating financial transaction data and a plurality of input variables for maintaining a subscriber's general ledger, outputting audit ready financial reports, providing strategic planning inputs and by using at least one of semi-automated and machine learning algorithms are disclosed.
Claims26
A method for providing accounting services by an accounting service provider to a subscriber, the method comprising:
- providing a first accounting application software having a business model identification engine and configured to communicate with a first database for storing subscriber specific onboarding data and transactional data wherein the business model identification engine is configured to assign one or more business models selected from a set of standard business models to the subscriber;
- providing a second accounting application software configured to communicate and synchronize with a second database for storing subscriber specific transactional data and wherein the first and second databases communicate and synchronize with each other through an API provided by the first software;
- assigning one or more business models to the subscriber by processing subscriber specific onboarding data using the business model identification engine wherein each business model is associated with a model specific chart of accounts and a model specific accounting transaction guidance;
- inputting subscriber specific transactional data to at least one of the model specific chart of accounts using the first accounting software, and the second accounting software;
- processing subscriber specific transactional data using the first accounting application software wherein the processing step comprises routing transactional data through at least one of an accounting playbook module customized to the one or more assigned business models, an AI/ML learning module, an accountant review module, and a supervisory review module;
- assigning an accounting code for each subscriber specific transaction and flagging each transaction for further oversight review using at least one of the accountant module and the supervisory review module based on at least one of materiality factor and statistical error associated with the coding assignment;
- and,
- outputting audit-ready financial reports comprising at least one of P&L statement, balance sheet, cash flow statements, A/P summary, and A/R summary.
5 more elements
A system for providing accounting service by an accounting service provider to a subscriber, the system comprising:
- an electronic device configured to run a first accounting software having a business model identification engine and configured to receive subscriber specific transactional data wherein the first software processes subscriber specific transactional data using at least one an accounting playbook module, an AI/ML learning module, an accountant review module, and a supervisory review module and wherein the business model identification engine is configured to assign one or more business models selected from a set of standard business models to the subscriber;
- a first database for storing subscriber specific onboarding data and transactional data and configured to communicate with the first accounting software;
- and,
- a second database for storing subscriber specific transactional data and configured to communicate with a second accounting software wherein the first and second databases communicate with each other through an API provided by the first software wherein:
- the first and second databases are synchronized at predetermined intervals using the API;
- subscriber specific transactional data is inputted to at least one of the model specific chart of accounts using the first accounting software, and the second accounting software;
- at least one of the accountant module and the supervisory oversight review module is used to review transactions flagged for review based on at least one of materiality factor and statistical error associated with the coding of a transaction;
- and,
- the first accounting software is configured to output audit-ready financial reports comprising at least one of P&L statement, balance sheet, cash flow statement, A/P summary, and A/R summary.
6 more elements
Dependencies are inferred from the claim text.