“Human brains are wired to process visual information faster than text. Automated data visualization makes it easy to comprehend complex financial information in a fraction of the time taken manually.” — Benjamin Chou, Founder of Personable Inc.
They say that a picture is worth a thousand words. Financial fraud investigations require the preparation and analysis of complex financial data from numerous sources. To convert this data into an understandable format, you must be spending hours and a great deal of effort. On the other hand, data visualization depicts enormous and scattered financial data simply and insightfully.
In this day and age of Artificial Intelligence and fast-paced technology, it is possible to automate your data preparation, analysis, and visualization. Therefore, instead of manually preparing financial data visualizations, focus your energies on the investigation. Choose a data visualization software that extracts the pertinent facts and provides a granular analysis in charts, graphs, and other financial models like ‘follow the money’. Some of the features to look for in data visualization software:
- Processes any kind of financial documents, including handwritten checks
- Automatic creation of insightful reports and dashboards
- Accuracy in processing data into Excel or visual representations
- Quickly analyzes data trends
- Seamless integration with existing applications
- Easy to use interface and secure sharing of data
Now here are seven financial data visualization software for financial fraud investigation to consider:
- Chorus Financial
- Comprehensive Financial Investigative Solution (CFIS)
ScanWriter by Personable Inc. is a certified partner of Microsoft’s Power BI (Business Intelligence). It provides a single solution approach to data analytics and deeper business intelligence by leveraging the power of automated data capture and data visualization. ScanWriter’s data entry automation feature can convert any paper document or digital file into structured and normalized data on Excel and data visualization – like financial models. It also provides an analytic summary within minutes.
- Streamlines data entry for bank statements, bills, invoices, receipts, check images, phone records, insurance forms, and other such documents into Excel or data visualization
- Creates reports and provides access to the dashboard without any hassle
- Reads your financial documents quickly & efficiently
- Instantly cuts hourly labor costs by 90%
- Links Excel cells to data sources and highlights the data origin location
- In-house security and privacy amongst financial documentation
- Reduces the need for multiple checkpoints to account for human error
- Manages high volume & batch processing
- User-friendly editing and review screens
- Automated account coding & entity name recognition
- Provides continuous support to ensure smooth functioning of the software