ATLANTA, April 8, 2004 (PRIMEZONE) -- iLumen Financial Monitoring, Inc., a subsidiary of iLumen, Inc., today announced a new suite of tax management and data analysis capabilities within the iLumen Business Client Portfolio Monitoring Service for CPAs, powered by iMonitor(r) technology. The Tax Monitoring Dashboard enables CPAs to automatically monitor and highlight tax related changes across their portfolio of business clients throughout the year.
"The Tax Monitoring Dashboard is a powerful, up-to-date information digest of the tax status of a private company," said Robert H. Woosley, co-founder and chief executive officer of iLumen. "Without an effective system to frequently capture and analyze interim financial data across a CPA firm's business client base, the tax planning process is reactionary and often too late to make meaningful adjustments. This new tax monitoring feature enables accountants to transform and automate the tax planning process from a "one-time" undertaking to a continuous interaction based on updated client information during the course of a year."
The Tax Monitoring Dashboard incorporates automated tax status calculations that model tax liability based on key factors including: an analysis of annual, quarterly or monthly taxable income, estimated tax liability and accumulated tax payments.
The iLumen Business Client Portfolio Monitoring Service for CPAs is powered by iMonitor technology, an electronic financial information platform that gathers, standardizes and analyzes reporting data to enable financial oversight. iMonitor uses a proprietary (patent pending) account mapping and data warehousing engine along with standardization technology to simplify the submission of interim accounting data through secure iMonitor-powered portals within customer-branded web sites. CPA firms use this service to allow large numbers of private-company business clients to upload financials, which are analyzed and the results are delivered directly to the desktop of the CPA.
About iLumen
iLumen Inc. is a financial information and technology firm that develops web-based systems to streamline the transmission of private company financial data, and to produce real-time analysis and benchmarking. The Company's flagship product, iMonitor(r), is an electronic financial information platform that enables oversight for banking, accounting and corporate operations.
iLumen Financial Monitoring, Inc. integrates, manages and licenses iLumen's iMonitor technology and related services to banking, accounting and large corporations. iMonitor is the first commercially viable technology that automates and standardizes the process of gathering, mapping, analyzing, and reporting customer financial data.
For more information visit: (www.ilumen.com) or call 888-663-8003. iLumen(tm) and iMonitor(r) are trademarks of iLumen Inc., all rights reserved.