Advances in ML will enable businesses to meet reporting requirements with less manual work and greater accuracy than they are currently able. In particular, we’ve spent time investigating the eXtensible Business Reporting Language (XBRL). XBRL is the open international standard for digital business reporting. Due to changes in reporting requirements, XBRL adoption has skyrocketed on a global scale over the past decade. Tagging data and converting a financial report to XBRL requires technical expertise. Even with software, the workflow is manual and tedious. Due to the complexity, finance teams often outsource XBRL conversion to professional services arms of reporting and audit software companies – signaling to us an opportunity to innovate.
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