How we’re helping financial reporting teams leverage AI

Key Challenges in the Financial Statement Review Process

For managers of financial reporting teams, the following are common obstacles that increase the costs of financial statement review and impact the quality of delivery.

• Lack of Consistency: Financial statement sections are interlinked, e.g. classification errors in the balance sheet may require changes in the notes, which is often overlooked by preparers of financial statements.

• Manual Error Commentary in PDFs: Error correction requires clear explanations from reviewers to avoid misinterpretations by preparers, who must amend, and understand the errors to prevent future mistakes.

• Multiple Drafts and Review Sessions: Changes in accounting situations and audit adjustments necessitate updates and additional reviews, thus delaying the final delivery to clients or auditors.

• Lack of Expertise: Preparers lack sufficient expertise to update reports as per auditors' requirements.

• Manual Checks: Reviewers spend numerous hours verifying rounding errors, ensuring consistency between financial statements and their accompanying notes, and performing accuracy checks.

How do we help Reviewers of financial statements?

Nexly transforms the tedious process of financial statement review into a streamlined, error-free operation. Here’s a quick overview of how our software can increase the efficiency and quality of financial statement reviews:

Errors Auto Detection

Upon uploading a PDF report, Nexly immediately identifies arithmetic errors, discrepancies between statements and notes, and any missing disclosures. It automatically annotates each identified error with an explanatory comment directly in the PDF document.

Financial Statements Notes Library

Are you struggling with missing disclosures in notes to financial statements? Uncertain about the correct wording? Nexly provides access to an extensive library of notes suitable for various types of entities, including investment funds and commercial companies under LUX GAAP, IFRS, and US GAAP.

AI Financial Reporting Advisor

Built-in AI advisor is equipped with knowledge of financial reporting standards knowledge, and the legal requirements for various jurisdictions (LUX GAAP, IFRS, US GAAP, Applicable laws). Whether you have questions about specific regulations or need guidance on compliance, our AI is ready to assist.

See Nexly in Action

Discover how Nexly can streamline your financial reporting process. Schedule a demo today and see the benefits firsthand.