Financial data sharing and standardization technology company adds Quality Score feature to signature software
Validis, a pioneer of financial data sharing and standardization technology, has added an impressive new feature, Quality Score, to its software. Quality Score provides an at-a-glance measure of the accuracy and consistency of book-keeping and accounting data processed by Validis, enabling real-time insight for lenders, accountants and insurers.
Validis connects to over 80 percent of the most popular accounting packages, where it extracts the data, analyzes, standardizes and delivers it to lenders and accountants via online portal or integrates with their own systems using an API. The data is processed into a series of automated standard reports, such as a detailed income statement, balance sheet or cashflow statement.
The addition of Quality Score provides an easy way to quickly assess the reliability of the data. The results are displayed visually in an easy-to-understand color-coded table, immediately identifying areas to explore further in a client’s financial management methods.
“The Quality Score provides unique insight into the diligence of the client’s accounting function which greatly helps to reduce risk,” said Ed Fenech, Technical Product Consultant at Validis. “The score consists of 12 individual tests that check whether the receivables and payables ledgers agree to the general ledger, checking for posting and balance anomalies, measuring whether month end procedures are being performed regularly and assessing whether the accounting records are being updated regularly.”
Validis users can request the Quality Score feature by contacting their account manager.