Why?
The Audit Industry's Growing Challenge
The audit and advisory sector faces a critical problem:
manual workflows and swelling
personnel costs.
-17.5%
CPAs
2019-2023
Lowest
CPA exam candidates
since 2006
+21%
Starting CPA salaries
in 2023
This talent crunch is forcing firms to maintain large back-offices for manual data processing, driving up costs and reducing efficiency.
Work faster
AI Software to Augment Human Personnel
Our audit and advisory AI software helps audit and advisory firms save time, increase margins, and improve client satisfaction.
- Intelligent data extraction.
- Automatically extract relevant data from various documents, minimizing manual input and speeding up analysis.
- Tick-and-tie tool suite.
- Ensure accuracy and consistency in financial data through automated tick-and-tie processes that identify discrepancies.
- Dynamic report generation.
- Create comprehensive reports from multimodal inputs, including text, images, and spreadsheets, tailored to your specific needs.
- Semantic document search.
- Quickly locate and retrieve critical documents using advanced search capabilities that understand context and meaning.
- Automated Excel model creation.
- Streamline financial modeling with AI-generated Excel models that adapt to your parameters and improve forecasting accuracy.
- Custom AI agents.
- Develop specialized AI agents that cater to unique operational requirements, enhancing productivity across various back-office functions.
Case Studies
Audit and Advisory Services
Enhancing audit efficiency and coverage with Basic Notions
Challenge
The firm needed to expand its audit capacity and coverage without significantly increasing its human workforce, aiming to audit every invoice—an impossible task without material expansion of existing human personnel.
Solution
Basic Notions implemented advanced automation technologies, including tick-and-tie, data extraction, and report generation capabilities. These tools allowed the firm to process and analyze invoices more efficiently and comprehensively than manual methods.
Results
The partnership with Basic Notions resulted in approximately 30% cost savings compared to scaling the human team. More importantly, it enabled the firm to audit every invoice, a feat previously unattainable without substantial expansion of their workforce.