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Quantum BITS manages to have satisfied and loyal customers and to create innovative tools that contribute to the development of small and medium enterprises by providing high quality of services. One such example of innovative tool is the Quantum Financial Reporting System (QFRS). 

What is QFRS and what features does it provide? 

QFRS is an online personalized data analysis web app. QFRS provides the ability to automate financial reports. It also visualizes them by using interactive charts / infographics, based on the financial data displayed in the accounting records. In this way, even the smallest business can access an easy-to-use digital financial reporting and presentation tool as well as compare periods to draw useful conclusions. 

How does QFRS work? 

The accounting records of customers are uploaded on a monthly basis and according to predefined functions, the user has access to: 

• the course of the company’s revenue 
• the course of business expenses 
• the categorization of business expenses, depending on the account of the accounting plan used (e.g. staff fees, equipment purchases, etc.) 
• the net results of the business for the year (taxable profits and cash balance) 

What is the success story of QFRS? 

The QFRS, which has already won a gold prize at the Accounting Awards 2020, was presented as an example of successful application of automation and artificial intelligence by Small and Medium Enterprises in the European Union as part of the European Economic and Social Committee’s research on: “Boosting the use of Artificial Intelligence in Europe’s micro, small and medium-sized Enterprises”. 

‘’More specifically, the following special mention was made: 

QFRS: The awarded * MSMEs accounting tool for the future 

Greek MSME Quantum BITS combines IT and Accounting in-house and found the need to have timely access to valid financial information regarding their business, presented in a professional yet comprehensive way. Quantum Financial Reporting Service (QFRS) is a cloud-based data analysis web app developed by their in-house IT experts. It uses AI algorithms to automatically transform raw accounting data to financial reports accompanied by dynamic, graphical illustrations. The web app enhances MSMEs decision-making providing a reliable source of information as well as an improvement of their extroversion by producing professional and highly customizable infographics simply by the click of a button! ’ 

We are very proud that our efforts and contribution to the digital transition of small and medium-sized enterprises are recognized in a European level. 

 You can read the whole survey here: 

https://www.eesc.europa.eu/sites/default/files/files/qe-02-21-953-en-n.pdf