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Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

Guest Post | Jul 29, 2021

Trullion home - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting ProcessSticking to manual lease accounting processes and compliance with relevant standards can be a huge nightmare.

The solution?

Use Trullion, a dependable software that uses AI to automate and simplify your lease accounting workflows and compliance processes.

In this review, we’ll look into how Trullion can help you establish seamless lease accounting processes and make complying with the required standards more efficient.

What is Trullion?

Trullion is an Artificial Intelligence or AI-powered Software as a Service (SaaS) platform that automates lease accounting workflows for auditors, Chief Financial Officers (CFOs), and accountants.

The platform combines the structured and unstructured aspects of accounting by reading Excel and PDF files and turning them into financial workflows,   revenue recognition and lease accounting.

Trullion is designed to provide a solution to accounting process silos most Enterprise Resource Planning (ERP) and accounting firms often fail to address.

See:  Top 12 AI Use Cases: Artificial Intelligence in FinTech

It can give you a 360° real-time view of your financial data, extract information from source documents and connect them to your audit trail, and speed up your ASC 842, IFRS 16, GASB 87 compliance process.

Main features and functionalities

Essentially, Trullion automates your tedious and repetitive financial and lease accounting workflows and tasks through AI technology.

Below are the lease accounting 2.0 solution’s critical features that help you streamline your lease accounting processes.

AI-powered contract extraction

Uploading your contracts into the Trullion software is a pretty straightforward process.

On the software’s interface, click the blue button, the browse option, or drag and drop your contracts or lease agreements (PDF, XLSX, or DOC file formats).

Trullion AI powered contract data extraction - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

Click Import to upload your document.

Trullion uses Machine Learning (ML) and Optical Character Recognition (OCR) to analyze your contract and find relevant information for you.

The contract data displays on the right side of the interface and you’ll see the ASC 842, IFRS 16, and GASB 87 data inputs on the left side.

You'll see the software’s relevant recommended data points. Click each one, and the software will instantly highlight them within the agreement, allowing you to go over and approve them quickly.

Trullion Contract tagging - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

These features simplify and automate extracting key data points from your contracts, allowing you to generate necessary reports efficiently.

Visual modifications

After reviewing a lease agreement, you can lock it to make it a read-only record.

To update the record due to, let’s say, a renewal, you can unlock it and process the modifications.

Add a description, the modification date, and select the type of modification, such as a term or payment change.

Trullion Contract tagging2 - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

Click Modify, and this should open the workflow. You can add new documents or details and adjust the agreement accordingly.

Trullion’s visual modification feature will create a timeline that shows the before (historical data) and after (current data).

Trullion Contract tagging3 - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

With this, you’ll see the active record on your Reporting page and the historical view of records, allowing you to get quick before and after views of the agreement details. This helps streamline your lease accounting process.

Bulk upload and modifications

Manually uploading data and applying modifications are often long and painful tasks, especially if you have a large asset portfolio or implement modern audit processes.

Trullion provides a solution through its bulk upload and modifications feature.

Using the upload tool, drag and drag your worksheet containing your records. The software will detect the column headers within your data automatically. You can then match the column headers with your desired data fields.

Trullion process review - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

You can preview the data to check if you’ve got everything sorted out properly, then click Import. This should import all your data at once, allowing you to upload your data in bulk seamlessly.

Once imported, you can click on any of the lease records and view and process them within Trullion’s system.

What if your source data (Excel worksheet) gets updated or if you add new data?

Trullion allows you to update or modify your lease agreement information within the software easily.

See:  Top 5 In-demand Jobs Post COVID-19?

Let’s say you modified the lease agreement information, such as extending the date of the contract in your Excel worksheet.

To update the records within Trullion, navigate to the software’s uploading tool and drag and drop the worksheet with the updated lease agreement data.

Once uploaded, select the same template you used for the records you want to update, and the software will remember the existing data fields. It will show you the modified records.

Under the Changed category, click on each record to show the changes. You can also view the old and the new values by clicking the Show Changes option.

Trullion process review 2 - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

The software will also detect data removed from your records, such as assets that are no longer in the worksheet.

You can choose to terminate, ignore, or modify them.

Trullion process review 3 - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

The last category shows you the unchanged records for your reference. Click Update Contracts, and you should be good to go.

The process is quick and easy, saving you tons of time and effort by reducing manual data uploading and updating, leading to efficient lease accounting workflows and processes.

360° audit reporting

Trullion offers reporting features that help you go through the steps of ASC 842, IFRS 16, and GASB 87 and generate all your Right-of-Use (ROU) assets, liability, and other entries.

After bringing in all your PDFs and Excel-based documents, you can create your reports efficiently.

Select the journal entries from any given period, view relevant contracts, and see disclosure and other details. When you’re done, you can export the data into Excel for review.

Trullion process review 4 - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

Click on any cell containing your exported data, and you’ll see the formula used within the software. This gives you and your auditor a 360-degree view of the audit trail.

Trullion process review 5 - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

You can also go to the sheet containing your contracts and click the links within the journal entries and disclosures. This will take you directly back to the original agreement on Trullion.

Wrapping up our Trullion platform review

Trullion provides the features you need to ensure confidence and transparency in handling your financial data and managing your lease accounting processes with ease.

With the software’s AI-based technology, you’ll get a single source of truth and have real-time visibility into your company’s financial data and processes.

In a nutshell, Trullion’s solution can automate critical aspects of your lease accounting processes, help you implement modifications easily, and ensure compliance with all the required standards.

 


NCFA Jan 2018 resize - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Designing a Central Bank Digital Currency with Support for Cash-Like Privacy

SSRN | Jonas Gross et al | Jul 22, 2021

retail CBDC with cash like privacy - Designing a Central Bank Digital Currency with Support for Cash-Like Privacy

Most central banks in advanced economies consider issuing central bank digital currencies (CBDCs) to address the declining use of cash and to position themselves against increased competition from Big Tech companies, cryptocurrencies, and stablecoins.

One crucial design dimension of a CBDC system is the degree of transaction privacy. Existing solutions are either prone to security concerns or do not provide full (cash-like) privacy.

Moreover, it is often argued that a fully private payment system and, in particular, anonymous transactions cannot comply with anti-money laundering (AML) and countering the financing of terrorism (CFT) regulation.

See:  BIS Research: CBDCs beyond borders: results from a survey of central banks

In this paper, we follow a design science research approach (DSR) to develop and evaluate a holistic software-based CBDC system that supports fully private transactions and addresses regulatory constraints.

To this end, we employ zero-knowledge proofs (ZKP) to impose limits on fully private payments. Thereby, we are able to address regulatory constraints without disclosing any transaction details to third parties.

We evaluate our artifact in interviews with leading economic, legal, and technical experts and find that a regulatorily compliant CBDC system that supports full (cash-like) privacy is feasible.

Continue to the full article and download the 44 page PDF --> here


NCFA Jan 2018 resize - Designing a Central Bank Digital Currency with Support for Cash-Like Privacy The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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What is the best secure messaging app?

NordVPN | Emily Green | May 25, 2021

most popular chat apps by country - What is the best secure messaging app?

The world's most popular messaging apps

While encryption and privacy play a vital role in selecting which messaging app to use, its also nessesary to use the messaging apps that our friends use. According to Statista (2019) WhatsApp, Facebook Messenger, and WeChat, remain the world's most popular messaging apps despite Facebook's questionable privacy practices.

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  • WhatsApp is used by almost 90% of people in most countries. In fact, there are only 25 out of 195 countries where WhatsApp isn't the most used messaging app.
  • 88% of the US use Facebook Messenger, whereas over half of Latin Americans opt for WhatsApp.
  • Most of the world is using a messaging app owned by Facebook. In fact, there are only 10 countries in the world where Facebook-owned messaging apps, are not the market leader.
  • WeChat is used by the majority of people in China, since apps like WhatsApp and Facebook Messenger are banned. While Telegram, known for its tight privacy controls, has struggled to find the same mass appeal – with most of its users being based in the middle east.
  • Security and privacy within messaging apps is becoming more important, with secure chat-apps like Wire, Threema, and Silence, being the latest additions to the market. If security is your first point of call over popularity, then read on.

message app comparision chart - What is the best secure messaging app?

Continue to the full article --> here


NCFA Jan 2018 resize - What is the best secure messaging app? The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Report: Consolidation and the Changing Fintech Landscape

Shearman & Sterling, Rise by Barclays and S&P Global Markets Intelligence | Jul 21, 2021

Snapshot of MA themes and trends in fintech - Report:  Consolidation and the Changing Fintech LandscapeThe FinTech sector is going through a period of rapid consolidation that will shift the landscape for financial services in the US and around the world. We are excited to share with you a new report on M&A activity in the US FinTech sector that our FinTech Foundry team produced in partnership with Rise, created by Barclays and S&P Global Markets Intelligence. The purpose of this report is to provide an overview of FinTech deal activity, discuss its drivers and offer insights into how financial institutions, FinTechs and investors can prepare for transactions in the remainder of 2021 and 2022.

Fintech MA consolidation - Report:  Consolidation and the Changing Fintech Landscape

Some of the report highlights include:

Continue to the full article --> here

Download the 41 page PDF report --> here


NCFA Jan 2018 resize - Report:  Consolidation and the Changing Fintech Landscape The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Influential economist Daron Acemoglu: Forward Thinking on technology and political economy

McKinsey Global Institute | Michael Chui and Anna Bernasek  | Jul 14, 2021

Daron Acemoglu - Influential economist Daron Acemoglu:  Forward Thinking on technology and political economy

The influential economist connects the dots between artificial intelligence, productivity, wages, and inequality, and how to counterbalance the impacts of automation.

In this episode of the McKinsey Global Institute’s Forward Thinking podcast, hosts Michael Chui and Anna Bernasek speak with Daron Acemoglu. Daron is a professor of economics at the Massachusetts Institute of Technology (MIT), a coauthor (with James A. Robinson) of Why Nations Fail: The Origins of Power, Prosperity, and Poverty, and the author of many influential academic papers. His research covers a range of topics, including political economy, economic development, economic growth, technological change, inequality, labor economics, and economics of networks.

Michael Chui: Can you state simply what was wrong about the way that economists thought about technology?

Daron Acemoglu: There are three interrelated things about it. One is actually its descriptive realism. And a good, rich model has to have close connection with the data. And if you look at the way that economists think about technology, it’s this latent variable that makes you just more productive. But very few technologies actually do that. Electricity didn’t make workers more productive. It made some functions in factories more feasible, and some few items more productive. A hammer doesn’t make you more productive in everything. It makes you just more productive in one single, simple task—hammering a nail.

See:  Getting tangible about intangibles: The future of growth and productivity?

But the second is that it may well be that computers augment educated workers more than high school dropouts, so inequality can increase. But at the end you shouldn’t see the high school dropouts lose out. Their real wages shouldn’t decline. And the real wages of workers shouldn’t decline.  But, in fact, one of the striking but very robust features of the last 40 years of economic development in the US and the UK has been that many groups, especially low-education or middle-education men, have actually seen their earnings fall, some groups by as much as 25 percent, in real terms, since 1980. Phenomenal. This isn’t the American dream.  You can have productivity improvements—capital benefits, firms benefit, but workers, especially some types of workers, all workers overall can lose out in real terms.

And then third, it’s not just whether we’re going to increase the productivity of skilled workers versus unskilled workers, both of which benefit all of them since they are complementary. It’s more like, are we going to completely give up on unskilled workers? Are we going to try to replace them? Are we going to try to replace humans? Are we going to create new tasks for humans? How are you going to use the AI platform? All of these questions about the direction of technology become much more alive, and then also the productivity implications become much more interesting.

Michael Chui:  It comes in different forms, but in 20 years, 60 percent of the jobs that will exist will be ones you’ve never heard of. And we’ve tried to uncover that, and it seems that that rate of change in occupations, and even tasks and activities, is quite a bit slower than that. What is your research saying?

Daron Acemoglu: That’s exactly what I’m talking about. We haven’t done enough of that. We don’t have the same detailed data, but at a more ocular, statistics level, at high level in the 1920s and ’30s, it’s much faster. We do have many new tasks. It’s not like we don’t have any, but they are not enough, exactly. That is the imbalance that I’m talking about.

See:  AI Will Transform 500 Million White-Collar Jobs In 5 Years; Silicon Valley Must Help

Michael Chui: Are we just not inventive enough to come up with new tasks? Or do we need universal basic income, because we’ve come up to such a pace?

Daron Acemoglu: That brings me to my second explanation. It’s not that we have this imbalance because we have suddenly found much better ways of doing automation, doing machines, doing algorithms. Perhaps it is that we are inefficiently biasing our direction of technology. You can think that perhaps the possibilities offered to us haven’t changed, but because of who’s making the decisions, incentives, institutions, aspirations, we have gone more and more in an inefficient direction of doing too much automation and not enough of the other things.

Let me give you one example. I don’t think it’s the most important example, but let me give you one example to explain what I mean. Our tax system, if you look at today, if a company buys a machine to displace workers, it will pay about a 5 percent tax on the spending on that machine. If instead you hire the workers, you’ll pay something like 25 percent to 30 percent tax.

The US tax system provides an enormous subsidy to firms to buy the machines and replace the workers. Did this subsidy exist before? Yes. But much, much smaller. In the 1990s, the difference was 25 percent to 15 percent to 20 percent. So we are increasingly subsidizing firms to automate. If you have many incentives like this—and we can talk about what the other ones are, which are softer perhaps, but are no less important in my opinion—then you’re going to go more in the direction of automation. You’re going to leave lots of low-hanging fruit. And those low-hanging fruit might have been very important for that productivity improvement.

Continue to the full article --> here


NCFA Jan 2018 resize - Influential economist Daron Acemoglu:  Forward Thinking on technology and political economy The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Worldwide gender gap has increased by a generation from 99.5 to 135.6 years

WEF | Natalie Marchant | Jul 14, 2021

women and STEM by the numbers - Worldwide gender gap has increased by a generation from 99.5 to 135.6 yearsBy the numbers: Women in STEM

Women made up a third (33%) of researchers in 2018 and have achieved parity when it comes to numbers in life sciences in many countries, the report says.

But women make up just 28% of graduates in engineering and 40% of those in computer sciences – skills vital for the jobs of the future, it added.

Female workers also account for just 22% of people working in artificial intelligence (AI) worldwide, although there are regional differences, according to UNESCO.

Countries such as Singapore, Italy and South Africa were leading the way with each having women make up about 28% of professionals with AI skills, compared to just 14% in Brazil, 15% in Mexico, and 16% in both Germany and Poland.

Gender gap at top tech companies

Women are also under-represented at the top of multinational tech companies, despite efforts to close the gender gap in technical and leadership roles, the UNESCO report warns.

Facebook leads the way with women accounting for 23% of technical roles, and 33% of leadership positions.

See:  Women In Fintech Will Play A Crucial Part In The Covid-19 Recovery Plan

Apple has been implementing measures to hire more women and under-represented minorities since 2014, but women still only make up 23% of technical roles and 29% of leadership ones.

Meanwhile, Amazon has been working to correct the gender imbalance since 2018, when it realised that its AI system was not ranking women candidates for software developer and other technical roles.

The online retail giant has since committed $50m to supporting science, technology, engineering and mathematics (STEM) programmes for under-represented communities, but still only 27% of its managers around the world are women.

Women less likely to access funding

Women in science and tech are also less likely than men to access funding.

Start-ups led by women received just 2.3% of venture capital in 2020, according to a report from Harvard Business Review, citing data from Crunchbase.

women founder only funding - Worldwide gender gap has increased by a generation from 99.5 to 135.6 years

Women in academia were also found to receive less grant funding despite being twice as productive.

And though women account for four in 10 academics globally, they often face an impenetrable glass ceiling, says UNESCO.

Women ‘must not be left behind’ with jobs for the future

In a digitally driven future, advances in technologies such as AI will blur the boundaries between male and female that form the basis of the gender gap, says UNESCO.

See:  Why venture capital firms need more women partners and entrepreneurs

COVID-19 prompted changes in work-life balance and these need to be translated into policies that ensure women do not spend a disproportionate amount of time as unpaid carers, educators and home-makers, it adds.

Women must be given equal access to education and information that will enable them to compete equally with men for the jobs of the future, says UNESCO.

The time it will take to close the worldwide gender gap has increased by a generation from 99.5 to 135.6 years.

Continue to the full article --> here


NCFA Jan 2018 resize - Worldwide gender gap has increased by a generation from 99.5 to 135.6 years The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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ISED: Cyber Security and Policy Statements

Government of Canada ISED | Jul 12, 2021

cyber security resources - ISED:  Cyber Security and Policy Statements

COVID-19 has had a profound impact on our country and the world. This uncertain environment is ripe for exploitation by threat actors seeking to advance their own interests. Canada's security and intelligence organizations, the Communications Security Establishment (CSE) and its Canadian Centre for Cyber Security (the Cyber Centre), and the Canadian Security Intelligence Service (CSIS), recognize these unique conditions and have developed a complementary approach to mitigate these threats.

In fall 2020, Innovation, Science and Economic Development Canada (ISED) released a policy statement highlighting the importance that the Government of Canada places on safeguarding Canadian research. This is especially relevant given the increased targeting of COVID-19 related research during the pandemic. The policy statement – that can be found here – was accompanied by letters sent to the granting councils and the Canada Foundation for Innovation (CFI) emphasizing the shared responsibility to protect Canada’s research.

See:  FFCON21 On-demand video: Fireside: Building blocks of a security program cloud applications

In spring 2021, ISED followed this COVID-19 policy statement with a similar statement, reaffirming the roles that researchers, research organizations and government all have to play in safeguarding Canada’s research ecosysem. The statement – which can be found here – also asked members of the Government of Canada-Universities Working Group to develop specific risk guidelines to integrate national security considerations into the research partnerships process. These guidelines can be found here, and will better position Canadian researchers, research institutions, and government funders to undertakes due diligence to protect against research security threats.

CSIS and CSE are working in line with their respective mandates to ensure that Canadian businesses, research entities, and different levels of government are aware of the threat environment and that they have the tools and information they need to protect themselves. Read their joint statement here.

Cyber security resources

Protecting intellectual property from foreign interference and espionage

CSIS has observed an increased risk of foreign interference and espionage due to the extraordinary effort of our businesses and research centres. As a result, CSIS is working with these organizations to ensure that their work and proprietary information remains safely in their control. Its focus is on protecting Canadian intellectual property from these threats - and jobs and economic interests with it.  See National security guidelines for research partnerships.

Continue to the full article --> here


NCFA Jan 2018 resize - ISED:  Cyber Security and Policy Statements The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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