Tellen’s mission is to help accounting firms transform themselves through AI, and today, we are excited to share a new, free tool called FootNoteDB, which will help auditors research hundreds of thousands of 10-K footnotes.
Unlike traditional searchable databases that rely on basic keyword matching,
FootNoteDB leverages the power of generative AI to understand the nuances of human language and the complexities of financial reporting.
This means you can ask sophisticated questions in a conversational way, such as "Show me examples of SaaS companies that bill customers based on their usage of the service, but also have a minimum fee that customers must pay each month, even if they don't use the service much. I want to see how they are handling this under ASC 606, specifically how they are allocating revenue between the usage component and the minimum commitment."
You will receive accurate, synthesized examples of footnotes that closely resemble your queries with answers drawn directly from the 10-K disclosures. FootNoteDB unlocks a new level of efficiency and insight, making it easier than ever to research the world of financial disclosures.
We are releasing FootNoteDB as a free tool because we want auditors to experience the power of generative AI in their daily routines. We encourage anyone conducting financial disclosure research to use FootNoteDB to reduce time by quickly finding those unique footnotes.
FootNoteDB is part of our larger workflow tool, which is under construction, called FootNoteAI, which will help auditors generate new footnotes in a fraction of the time that it has traditionally taken.
Here is how FootNoteDB differs from a traditional searchable 10-K database:
Traditional Searchable Database:
Tellen’s Generative AI-powered Searchable 10-K Database:
These features mean you spend less time hunting for information and more time analyzing and applying it.
To show you how FootNoteDB can help, we want to share the story of Abby, an experienced audit director at a mid-sized accounting firm who recently tackled a tough challenge.
Abby has on-boarded a new client, a middle-market insurance company, which recently acquired an insurance broker to expand its services and customer base.
This middle-market private company has sophisticated accounting needs but has struggled to hire enough accounting staff to keep up with its evolving needs. As a result, this company has asked Abby to conduct an audit and produce its financial statements. This client has accepted Abby’s offer to complete the audit and financial statement preparation for a fixed cost.
Abby knows that financial statement preparation will typically take 10-25% of her firm’s audit time for a new client, with 80%+ dedicated to new footnote disclosure production. Abby realizes that if she can use an AI-powered footnote generation tool, then any savings in time will drop to their bottom line.
Abby knows that this is a complex footnote, and she will need to research both ASC 805 and ASC 944 disclosures (for insurance company acquisitions). She must articulate the acquisition’s impact on reserves/unearned premiums, integration of the acquired book of business & reinsurance changes, and how they value intangible assets. Abby decides to turn to FootNoteDB to learn how others have structured similar footnotes.
With FootNoteDB by her side, Abby was able to quickly research and discover footnotes with similar profiles. Since she knew exactly what she was looking for, it was easy for her to type in a query just like she would say it.
She typed:
In seconds, FootNoteDB gave her a tailored list of relevant disclosures from companies that had made similar acquisitions. Each result showed:
Abby saved several hours of research and delivered a thorough, accurate document that impressed her client and firm leadership. She realized that an AI-powered searchable database of her firm's footnotes, would be a game changer. Such a resource could:
Abby's experience highlighted the huge benefits of having her firm's collective knowledge in a centralized, searchable place.
Abby’s story shows a typical user journey. She had the chance to experience generative AI search and she was hooked, because it was so easy and helped become much more accurate and productive.
Tellen can offer the 10-K database for free, because we really want to build your FootNoteDB Private Repository Feature, which enables firms to upload and manage their own collection of footnotes and disclosures.
With this feature, you can:
By adding your firm's own footnotes to FootNoteDB, you can make your disclosure preparation process even more efficient and effective.
If you're an auditor, accountant, or finance pro involved in preparing disclosures, FootNoteDB is here to make your research easier. See how FootNoteDB can change the way you approach financial disclosures, making the research phase quicker and more effective.
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