This release is exciting for us because it includes a core feature that has been an ambition for Brevis since the beginning – automated tagging. As accountants know, tagging each line of the trial balance is one of the most labour intensive parts of producing financial statements. Laboriously going through each line and choosing a tag from 100s of options is never fun.
However, with our new automated tagging feature, uploading a trial balance to our servers will run it through machine learning models, which will offer a prediction for what each line of the trial balance should be tagged with. This will save an accountant time, money, and sanity, allowing them to concentrate their efforts on more critical work.
[Small geeky aside – we use Google’s Tensorflow framework for our prediction. If you haven’t had a play with it yet, and you’re that way inclined, give it a go, it’s very impressive. See also our previous blog post which outlines the case for including more machine learning in accountancy.]
As with all our exciting new features, we wanted to get it out as quickly as possible, so there is still improvement that can be made with the predictions. However, the beauty of machine learning is that the models can adapt and become better over time, so our focus for the next few months will be to refine and improve this tagging feature.
Other changes in this release are security related. At Brevis, we take security seriously, and are always updating and enhancing the various protections we have in place. We have made the app more secure by only allowing the latest versions of TLS when communicating with our servers. We have also introduced further mitigations for Cross-site Request Forgery (CSRF) meaning users can rest assured their data is safe.
We’ve also increased the maximum number of companies that can be added per user during this early access stage from 10 to 20.
We’ve got the following features coming up in future releases:
- Keyboard shortcuts making it much easier to navigate the Balances page.
- Improved look of the financial statements.
- iXBRL support.