Other modules of 24iValue

"Online accounting services"

I'm an accountant in an accounting company and I work with customers of different sizes. I know areas that are always difficult irrespective of the type of customer. Although in our office I can always be assisted by my colleagues, sometimes I need to get additional assurance that I have made no mistake and that may take a lot of time.

With 24iValue I found assistance in accounting areas that in my opinion are difficult and time consuming. What I liked especially was the method to check deferred income tax (and at the same time of tax company has to pay) and cash flow statements. Additionally, I noticed that it is extremely helpful that the system is available round the clock through the year and that I can get assistance whenever I need it.

I was afraid that I would not be able to do the impairment test on my own, but with 24iValue I did manage and within just one hour. Obviously, to do the test you need to collect some information but it was easy afterwards. I input the data and the program calculated the useful value of fixed assets and even calculated the discount rate.

The great advantage of working with 24iValue was the possibility to export test results to pdf and excel. Such printout clearly shows the data I was verifying, the values calculated by the system and conclusions. Now I can demonstrate immediately to my managers and customers that there is no material error in my calculations and I am supported with a document from an independent system.

"24iValue Online expert system is dedicated for accountants but it is completely different thing to online billing, online bookkeeper or online accounting guide you have ever tried."


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"Online accounting services"

Verification of calculations of current income tax and cash flows are time consuming audit elements. The variety of customers I handle as auditor make it difficult to set a routine procedure suitable for all occasions. Unfortunately, income tax and cash flows are areas of financial statements with which customers most often have problems as they do not calculate them frequently. Hence, the inherent audit risk is increased in this case. So far I have not found a tool in the market that would support auditors in that respect.

I have used 24iValue, initially without being convinced that the area could be somehow managed and that a tool could be developed to make auditor's life easier. However, using real examples I soon found out I was wrong. I checked the system several times and I made sure that the results were compliant with what I had calculated earlier in the traditional way. Now I use the 24iValue service to verify cash flows and to verify tax calculations (using 24iValue tax generator). I see much support here. I have noticed that with a well prepared medium-sized customer, the verification of both areas takes about one hour.

I like the way of documenting the testing results. In practice, the documentation of the tax and cash flow calculations can be placed in the audit documentation file and does not require any major modification, it increases the quality of the audit test and reduces the time to prepare the required working papers. For cash flow preparation and documentation I do not need to use the traditional cash flow sheets.

An auditor's hand can be traced in almost each element of 24iValue. Focus is not on theory but on fast solving of problems encountered by auditors during their work; with 24iValue the efficiency of audits is improved without harm to quality. Now I have more time for other tasks and I can support my customers better.

This is a tool that indirectly improves the efficiency of audits, and when the customer also uses it, savings are doubled. If the customers verifies their data with 24iValue before submitting to audit, I spend less time correcting errors. It is a gain for everybody and the quality of financial statements can only be better.

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I am the chief accountant in a manufacturing company; the team I supervise is not large but there is a lot of work. Additionally there are reports to the foreign shareholders. If I cannot have consultants, I must keep learning all the time. However, it is very hard to find enough time for so many tasks.

With 24iValue I have been checking cash flows and deferred tax. I was doing it myself in the way my auditor did. The system provides support with frequent reports and fast closings; at any time I can check what I have prepared. I do not think that anybody could help me as fast as 24iValue did.

Now I am able to clarify lots doubts concerning estimates and recognition of certain transactions. It is an obvious cost saving for the company and more free time for me. With 24iValue I save minimum a few hours of work a month which gives me a full week of additional time over a year.

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Deferred Taxes
During my twelve years of working as an auditor, I have often been coming across the calculation of deferred tax. The key problem is the multitude of differences between the balance sheet and the corporation tax approach. It is easy to get lost when identifying and calculating temporary differences or timing differences on the basis of which it is calculated.
 
Incorrectly calculated amounts of deferred tax asset or deferred tax liabilities, distort the financial result. Often we find it difficult whether a difference is temporary or not. This is intensified with the risk of simple mistakes like an incorrect sign.

When in doubt, the time spent for a tax accountant deferred income tax calculation may be difficult and time consuming without support of external consultants. Consultants do not always devote as much time as required and we do not have the habit since most often we calculate it only once a year.

We have developed 24iValue for people who do not calculate deferred taxes every day. The deferred tax sub module is an intuitive deferred tax calculator. We have seen to it that not only standard temporary differences are incorporated, but also those that are encountered less frequently.

24iValue performs the entire deferred tax calculations process in generating deferred tax assets and deferred tax liabilities. With the process, we understand what kind of timing or temporary differences are to be looked for and how they should be identified. It helps us verify the logic and completeness of the input temporary differences. Only the information available in the books of account is required. The entire process is intuitive and does not require any additional training.

The automatic calculation process and lower risk of error ensured by 24iValue may save an entire working day at a time. Additionally, the corporation tax and deferred income tax module and other modules are available on request so we have access to our consultant 24 hours a day, including printout of the result and recommendations.

Corporation taxes
I am an auditor and a business owner. In addition, as I keep my accounting books myself, I am familiar with the practical problems related to corporation tax calculation and payment of the right amount of tax liability or total tax company has to pay for a given period. There are many differences between the balance sheet and the tax approach, which makes the risk of making errors high. That is why I think income tax is a very complex accounting area.

That is additionally troublesome with the frequency of making the calculation - even every month, while there are other accounting duties, aren't there? The problems of calculating taxable profit and the required precision impact the time required for the task; however, even then we are not sure that our corporate tax calculation is correct.

The fear if we have managed to calculate our corporation tax correctly keeps us awake at night. At the end of day? who is responsible for errors? To mitigate the risk, we have to hire external consultants, which is costly.

24iValue UK tax calculator has been designed primarily for those of us whose income tax calculation is not verified by anybody else and who are interested in mitigating the risk. Advanced knowledge is not required. Tips and questions that are displayed during the calculation of corporation tax with 24iValue lead users through the process with ease.

With 24iValue, you can verify on your own and independently what you have prepared. You will reduce the risk errors that can recur when we check calculation of corporation tax in a traditional way. As a matter of fact, we need no more information than we have in our books.

With 24iValue, you can save an entire day's work in a moment. That is a lot of time. The availability of the service 24 hours a day provides support around the clock and throughout the full year. When we have verified the corporation tax and printed the result and conclusion on its correctness from the 24iValue tax calculator, we can explicitly prove the due diligence exercised in income tax calculation.


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I have been auditing financial statements for years and I keep finding that preparing a statement of cash flow is a difficult task. The abundance of information to be incorporated and doubts related to classifying events to appropriate cash flow groups increase the risk of error in the cash flow statement.

We prepare a statement of cash flows once a year and that is why it is hard to make friends with it. It takes a lot of time and there is no assurance that it will be made correctly even though we use a cash flow template. Frequently, we have to consult specialists, which is expensive.

Even a small difference in cash flows may result from a very large difference in one direction at the time of another large difference in an opposite direction. Control must be maintained on each working calculation and the signs of the input amounts. There will always be a specific transaction that may come as a surprise to the earlier tested ways in measuring cash flows. It is easy to make a mistake when trying to prepare a cash flow statement, particularly when you do not know how to prepare a cash flow statement.

The cash flow statement indirect method tool incorporated within 24iValue has been developed for people who do not prepare cash flow statements every day. With the tips built in this web-based service, a statement of cash flows can be made even by persons who do not have much experience in accounting.

With 24iValue, you will not get lost when trying to calculate cash flows. At each stage of input, the consistency and logic of the input data is auto-verified. In practice, that excludes occurrence of a mistaken incompliance between the balance sheet change of cash and the net cash flows.

24iValue helps you recognise many types of infrequent events that are difficult to classify correctly without additional training or studying cash flow samples. Since the service is available round the clock, you can use the cash flow statement as an indirect method tool whenever you need it. Additionally, as the results of the calculation can be exported, you can import a finished cash flow statement to your financial report.

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Testing of impairment of fixed assets and other non-current assets are one of the most complicated tasks faced by accountants or auditors. The process requires advanced knowledge. We have to know how to calculate free cash flow forecasts, determine discount rates, market valuation. Perhaps this is the main reason why an assumption is often made that no impairment of assets has occurred and we do no nothing to confirm that ? we even fail to perform a relevant analysis of the impairment indicators; however, that may often result in material errors in the valuation of non-current assets.

Without support from specialists with advanced knowledge, correct performance of an entire impairment test seems unfeasible and without good knowledge of financial mathematics, it will most likely generate errors. What happens if an impairment test becomes necessary? Anyway, at a minimum of at least once a year we have to perform an analysis of impairment indicators.

If an impairment risk of fixed assets occurs, it takes a lot of time to identify the appropriate discounting rate and additional time is required to calculate projected free cash flows. Another challenge is to split the impairment charge into various groups of fixed assets or intangibles. In practice, an error may happen in each stage.

We have developed 24iValue for persons who have no idea how to perform an impairment test. With our services, even persons who for the first time tries to make a non-current asset impairment test will perform it in accordance with the requirements.

With 24iValue, in order to perform an impairment test for intangible or tangible assets you do not have to study the intricacies of financial mathematics and management accounting or market valuation. You will be provided with sufficient support, clarification and tips that will be displayed when the impairment test is performed in the module.

We do not need any advanced financial calculator, numerous spreadsheets or lots of computing. Now we have everything in one place. With 24iValue, you can do an impairment test on your own.

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Recognition of financial lase contracts in the books is not an easy task. A decision if the leasing is financial or operational one is a piece of cake when compared to what has to be done afterwards. This requires knowledge about the internal rate of return (IRR) and discounting of leasing instalments. If the rules are unknown, errors may occur in the recognition of leasing.

It is very difficult to determine the initial value of the leased assets and of the liability unless we use advanced spread sheets.  The question is if we understand how the spread sheets work and when all of that comes from??  There is much information that we have to take into account like e.g. the repayment schedule of the leasing instalments. This is very difficult and time consuming.

We have developed 24EasyAudit also for such persons who do not have enough time to make calculations related to financial leasing. With our service, even people who have never performed such calculations, will perform then in a short time and accurately. 24EasyAudit does not work like a spread sheet for financial leasing we have seen before. What is required now is input of a few pieces of information in a special online form. We know what to insert and where to get the information from as there are prompts which are displayed when the calculations are performed.

Finally, we get a specification of the present value of the lease liabilities, the book value of the leased assets, depreciation amount, amounts of interest and leasing instalments.  The final specification of such amounts can be used for posting a financial lease to the general ledger.


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A reliable assessment of liability provisions is a difficult task often facing accountants. It requires much experience, taking into account the specific nature of the company and the events that take place in the company. Often advanced estimation methods need to be applied as well as probability theory or cash flow discounting.

When making estimates, often you may find yourself at a dead end. Thinking up complex ways to determine the amount of provisions for liabilities may take lots of time.

Often, the desired effect can be achieved with much simpler methods - tested in practice by others.

If we do not account for the specific features of the company and events that take place, the liability provision will be inadequate to future developments. Skipping the aspect of probability may result in material errors.

The 24iValue provision module is an answer to all those who are looking for a simple and fast method to make a reliable provision estimate, e.g. to check or calculate holiday accrual or see the amount of warranty provision.

24iValue has led us by the hand, prompting available solutions. As a result, estimation of provisions becomes very easy and not too time consuming.

On the basis of very little information, 24iValue helps estimate provisions that are adequate to what is going in the company. Instead of looking for advanced estimation and extrapolation methods, you can use the intuitive and fast methods to estimate selected provisions that are embedded in the system. 24iValue will save time of you and also of other people in the company who are involved in the process of collecting information necessary to estimate liability provisions.

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The determination of rules to recognise the provisions for doubtful debts or inventory provisions so that they reflect the reality and specific features of a company is a major challenge.

How can we determine the appropriate percentages of a provision for bad and doubtful debts or of a provision for slow moving inventory and how can we verify the applied accounting policies?

Incorrect policies of recognising a provision for slow moving inventory or doubtful debtors may distort the financial result. If we do not tailor the accounting policies to the company and actual events that take place, the provisions and allowances will likely be inadequate to future developments.

If we have no idea how to verify, if, the approved policies of recognising provision for doubtful debts or inventory provision are adequate, we often do not challenge the accuracy of the policies at all, which however, is a major error. On the other hand, we may look for various ways to verify the provisions; however, that may cost lots of time and would not guarantee that the assessment of the applied policy is correct.

The desired effect can be achieved by using easier methods, tested practically by others. With 24easyaudit, everybody can learn how to check the computation of allowance for doubtful accounts or calculation of a provision for a slow moving inventory applying methods used by auditors. The testing of provisions for debtors and slow moving inventory provisions becomes affordable and easy. 24easyaudit supports those persons who have no idea how to reliably assess these provisions.

We save lots of time. We do not need advanced methods to assess the provisions. Finally, we do not have to guess what the reasonable amount should be.

With 24easyaudit, time is saved not only by the person who assesses the provisions but also by the staff who prepare the information that is required for the calculation of an inventory provision or the computation of an allowance for doubtful accounts. The savings are made possible with little information required by 24easyaudit to determine reasonable charges. Finally, there is a tool supporting independent verification of the bad debts and an inventory provisioning policy applied in your company. The provisions are not unrealistic, as the 24easyaudit tool combines verification with past events in the company.

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The determination of rules to recognise the provisions for doubtful debts or inventory provisions so that they reflect the reality and specific features of a company is a major challenge.

How can we determine the appropriate percentages of a provision for bad and doubtful debts or of a provision for slow moving inventory and how can we verify the applied accounting policies?

Incorrect policies of recognising a provision for slow moving inventory or doubtful debtors may distort the financial result. If we do not tailor the accounting policies to the company and actual events that take place, the provisions and allowances will likely be inadequate to future developments.

If we have no idea how to verify, if, the approved policies of recognising provision for doubtful debts or inventory provision are adequate, we often do not challenge the accuracy of the policies at all, which however, is a major error. On the other hand, we may look for various ways to verify the provisions; however, that may cost lots of time and would not guarantee that the assessment of the applied policy is correct.

The desired effect can be achieved by using easier methods, tested practically by others. With 24iValue, everybody can learn how to check the computation of allowance for doubtful accounts or calculation of a provision for a slow moving inventory applying methods used by auditors. The testing of provisions for debtors and slow moving inventory provisions becomes affordable and easy. 24iValue supports those persons who have no idea how to reliably assess these provisions.

We save lots of time. We do not need advanced methods to assess the provisions. Finally, we do not have to guess what the reasonable amount should be.

With 24iValue, time is saved not only by the person who assesses the provisions but also by the staff who prepare the information that is required for the calculation of an inventory provision or the computation of an allowance for doubtful accounts. The savings are made possible with little information required by 24iValue to determine reasonable charges. Finally, there is a tool supporting independent verification of the bad debts and an inventory provisioning policy applied in your company. The provisions are not unrealistic, as the 24iValue tool combines verification with past events in the company.

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