Imagine that you have a problem with the preparation of the cash flow statement. You ask someone who knows it to help you. This person sits down with you and explain, step by step, what figure to take, what to subtract, what to add, and you jointly come to the result, which is a ready statement of cash flows.

Or... imagine that you have a problem when calculating the deferred tax asset and liability. You grab a phone and call to a "friend" who is an expert. He tells you what the positions to take into calculation, and you, based on the guidelines received, calculate deferred tax yourself.

Now imagine that you?ve obtained a complex lease agreement and not really sure how to approach it and what to consider in order to properly classify in the balance sheet finance lease or operating under IAS. You're asking for help a friend that step by step analyzes with you the contract and come to the conclusion that it is a finance lease. Then there comes another obstacle. You do not know what you have to do to actually enter the lease to the books. You get an e-mail with a complicated excel spreadsheet that allows you to make the necessary calculations, but there are so many fields to fill in that you have nothing to do but to call your friend once again and ask for further help. He explains to you what different fields are for what. You enter the required data and the result comes out at the end.

One more example. You realize that you need to quickly perform a detailed test of impairment of fixed assets that you believe might be impaired.  You've never been skilled in the discounted cash flows, calculation of weighted average cost of capital (WACC), and so on. You call a friend - auditor, who sends you some examples of testing but you don?t understand how to implement them in practice. You agree to meet in order he could tell you, step by step, with real figures, how to perform the impairment test in accordance with IAS 36. He gives you a number of the excel spreadsheets to help you perform the complex calculation. It?s still difficult, but with enormous help of the friend you manage to calculate the impairment charge and allocate it appropriately between different single assets.
What if a colleague, friend expert, or the auditor could be replaced by the IT tool that imitates the process of thinking of the real person who knows the specialist topic very well, and the help he/she provides to you?

And what if this IT tool would be fully automated? What if it would ask the questions, suggest the answers, ask to input some financial/economic data, give examples to better understand the required action, interpret the results, or generate the necessary reports? Without the participation of any other real person besides you?

What if the use of such a tool would be possible during the day and night, every day of the week, throughout the year, in each part of the world, on different computers, and at a reasonable price?

That is the expert system 24iValue. It has been designed to imitate the real expert, replace frequent consultations on the phone, email, streamline your work and save valuable time.

Slawomir Ekman
24iValue

p.s. Watch the following example films to see how this system works
Cash flow
Difficult accounting areas

Main page Other posts