We understand how tough it is for startups or companies to survive in competitive markets, and sticking to the old ways of getting work done won’t do you any good. That’s why startups like ALMAQABI offers smart solutions to banks and companies to help eliminate manual audit processes that result in a significant reduction in cost and time thereby enabling banks and companies to shift the focus on bigger things that matter.
ALMAQABI explores solutions to help shift the audit industry from an industrial age to information age by moving towards real-time financial statement audits through the use of blockchain, machine learning, AI, automation and Internet of Things (IoT).
Adopting technologies such as AI in audit, will not only reduce time and costs significantly for banks & companies but also improve quality of life for people involved in auditing. “We see a world where we don’t have to wait till year end (31 December) to start auditing; we see a world where audit happens in real-time”, said Ahmed AlMaqabi, CEO of ALMAQABI.
You may or may not know how auditing works, but to sum it up, it’s basically a routine kind of task, done manually, quite repetitive with a bunch of rules & principles to follow and those old procedures can cost a lot of precious time and money. But Ahmed believes that this is a perfect recipe for disruption.
“We believe with current technology we could eliminate all manual audit procedures to reach a level where an auditor focuses only on judgmental areas of audit.” Added Ahmed.
According to Ahmed, ALMAQABI is currently in talks with top universities in Bahrain to help bring awareness to business students about disruption caused by blockchain in general and audit specifically since future accountants/auditors would also require blockchain skills in order to secure future jobs and not be disrupted.
If you’re a FinTech fanatic, then you don’t want to miss out on the reasons why Bahraini-based FinTech companies travelled all the way to Amsterdam for the Money 20/20 event.