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The future of financial reporting is XBRL-based structured digital financial reporting. Technology is providing new approaches to meeting compliance requirements. Pesseract is a platform and framework for building digital financial reporting tools. Pesseract is the world's first expert system for creating financial reports. Pesseract augments the skills of a professional accountant much like a calculator helps professional accountants do math. Pesseract is artificial intelligence that you will understand.
If your are currious about the techniques we used to build this, please read Putting the Expertise into an XBRL-based Knowledge Based System for Creating Financial Reports. Or, download the application. Or, have a look at the videos on our YouTube.com channel. Or, have a look at these screen shots of Pesseract. Or, dig deep into Pesseract, experience modern accounting.
User Levels
Pesseract is one application with a number of user levels modes. Pick the user level that suites your price and functionallity needs.
Hiqh-quality Reports
Pesseract provides both an API and a GUI for enabling human and machine collaboration in the process of creating a financial report thus reducing costs and increasing report quality. Pesseract is similar to Intuit's TurboTax which uses rules-based logic to assist software users in the process of creating a tax return. But there are two significant and important differences between Pesseract and TurboTax. First, TurboTax does not expose or let users edit the underlying machine-readable rules that drives the application intelligence. Pesseract does expose these rules, allowing users to tune the rules for their own needs. Second, TurboTax is a system that is specifically for federal and state income taxes. Pesseract, on the other hand, is for general purpose and special purpose financial reporting and is tuned specifically for financial reporting schemes. As such, any general purpose financial report or special purpose financial report can be created leveraging the financial report model exposed by Pesseract and understood by its underlying rules engine.
Underlying Pesseract is a proprietary rules engine and proprietary metadata that is tuned specifically for the globally popular and standard XBRL syntax but provides a substantally more powerful set of reasoning capabilities that the XBRL global standard syntax. As such, accounting professionals can leverage powerful logical capabilities that allow human and machine collaboration in the process of creating high-resolution financial reports that are also of high-quality thus reducing the risk of noncompliance with statutory and regulatory reporting rules in literally any financial reporting scheme.
Pesseract is very likely between 3 and 5 years ahead of other competitors that will choose to leverage artificial intelligence capabilities in the process of creating regulatory and statutory general purpose or special purpose financial reports. Further, Pesseract has a very significant cost advantage currently and will focus on volume in competing in the market, making it extremely challenging for others to match our pricing.
Think of the notion of a 'zero defect financial report'. That is the goal of Pesseract. To the extent that machine-readable rules are provided and can be provided we can verify a report against those rules and prove that the financial report is properly functioning. Imagine your financial report as a number of discrete pieces that have logical, mechanical, structural, mathematical, and accounting relationships. In geometry, the tesseract is the four-dimensional analog of the cube; the tesseract is to the cube as the cube is to the square. Notice below how the tesseracts can be pivoted. Think dynamic, intelligent XBRL-based digital financial reports.
Pesseract helps professional accountants create rock-solid conformant digital financial reports. The key is machine-readable rules. These rules help the software augment your skills similar to how a calculator augments your math skills:
- Provably conformant XBRL technical syntax.
- Provably conformant to reporting system specific constraints.
- Provably correct report-specific mathematical relations.
- Provably correct and logical model structural relations.
- Provably correct type/subtype relations for reported facts.
- Provably correct continuity between reported facts.
- Provably correct disclosure logical, structural, mechanical, and mathematical relations.
- Provably conforming statutory and regulatory reporting requirements met.
Financial reports are high-fidelity, high-resolution information. As such, we use a heavy weight ontology to verify the quality of financial reports:
Platform
Pesseract is a platform. Pesseract leverages the ecosystem provided by the Open Source Framework for Implementing XBRL-based Digital Financial Reporting. Pesseract is an integrated problem-specific knowledge based system. Think of hundreds of different plug-ins that work toghether and add functionallity to the Pesseract applications that comprise the platform. Partners create that functionality and a revenue stream for themselves. Pesseract serves as a foundation or base upon which you can build additional functionality without having to re-invent the wheel. Pesseract is constructed using Microsoft.Net. You can build Pesseract plug-ins to extend application functionallity.
Pesseract provides leverage. Using the Pesseract software development kit can save you hundreds of hours and thousands of dollars. Why reinvent the wheel?
One key piece of Pesseract is the business rules engine.
- The business rules engine supports all funtionallity of a standard XBRL Formula processor, but then supplements that standard funtionallity.
- The business rules engine uses a forward chaining model-based problem solving method.
- The business rules engine is problem specific. It is specifically built to work with XBRL-based business reports.
- Because the business rules engine is problem specific, it is easier to use than a general-purpose business rules engine.
- Supplemental functionallity is also provided specifically for financial reporting.
Knowlege based system overview
High level technical architecture
High level technical architecture (better organized)
Conceptual Model
Pesseract leverages a conceptual model of a financial report to provide robust functionality to the professional accountants in a software application which they can effectively use and understand. Professional accountants can interact with Pesseract because Pesseract hides the complicated technical details that accountants will never understand and frankly don't care about; exposing to them the accounting and reporting tasks which they understand. To better grasp the conceptual model details see here.
Pesseract is a knowlege based system. Simply put, a knowledge based system is a system that draws upon the knowledge of human experts that has been represented in machine-readable form and stored in a fact database and knowledge base. The system applies problem solving logic using a problem solving method to solve problems that normally would require human effort and thought to solve. The knowledge based system supplies an explanation and justification mechanism to help system users to understand the line of reasoning used and support conclusions reached by the knowledge based system and presents that information to the user of the system.
The conceptual model of a financial report makes all this possible.
