In recent research the professional body for accountants in Belgium the “Koninklijke Vereniging voor Accountants en Boekhouders van België” (KVABB) said new legislation for private companies in 2020 has accountants worried about the time and work it’s going to take to implement it for their clients. Good news - Silverfin, and our partner Fintrax, have made complying with the new legislation easier.
Now you can use the historical data held in Silverfin with new tools from Fintrax to complete specially designed benefit testing. This helps accountants meet the new compliance requirements and provides a significant time saving to the hundreds of firms on our platform. The tool translates the new legislation into various financial assumptions so that a financial projection can then be drawn up for the coming 12 to 36 months. By making use of historical data, financial forecasts, and various digital templates, the manual work is kept to a minimum.
The tools were developed on the Silverfin platform by Fintrax, and are available on our marketplace now.
These new tools illustrate the power of Silverfin to simplify the life of accountants. It also shows the value that can be seen from adopting Connected Accounting - connecting real-time and historical data with automated compliance and reporting workflows and templates like this as well as digital collaboration tools for working efficiently with clients and the authorities.
Fintrax is a developer of financial tools for finance professionals and accountants and was founded in 2019. Through the combination of financial expertise and software, Fintrax provides financial insight to its users so that they can work more efficiently and there is more room for advice. The profession of Accountants will undergo a transformation in the coming ten years and Fintrax will offer the necessary support for this. The main tools are based on compliance, business valuation, and data analysis.
Liquidity and balance test