Focus Universal Inc. (NASDAQ: FCUV) has introduced a groundbreaking fully automated SEC reporting solution that utilizes artificial intelligence to simplify the financial reporting process for public companies. This development is significant as it tackles the long-standing issues associated with SEC financial reporting, including its complexity, high costs, and the considerable time it demands.
The innovative software automates every step of the SEC reporting process. It retrieves financial data directly from accounting platforms such as Oracle and QuickBooks, generates consolidated financial statements, fills out SEC reports, and applies XBRL tags automatically. This comprehensive automation transforms a process that previously required weeks of manual effort into one that can be completed in minutes, providing a substantial edge over the semi-automated solutions that dominate the current market.
Desheng Wang, CEO of Focus Universal, emphasized the software's potential to revolutionize SEC financial reporting by removing the need for manual processes and enabling professionals to dedicate their time to more strategic activities. The software's user-friendly design ensures it can be used immediately, without the need for setup or extensive training.
The global financial reporting software market, which was valued at US $13.9 billion in 2022, is expected to expand to US $36.6 billion by 2030. This growth is fueled by the escalating complexity of financial data and the demand for more efficient reporting tools. Focus Universal's new solution is well-positioned to benefit from this trend, offering a scalable and intelligent tool that minimizes the labor-intensive aspects of SEC compliance.
This announcement highlights Focus Universal's dedication to innovation across the IoT, 5G, and financial reporting sectors, with its patented technologies focused on cost reduction and efficiency improvement in various industries.
