Winner: Validis

The equivalent of an electronic auditor, Validis, the winner of the Best use of Internet in Business Award, is a revolutionary new software package that uses artificial intelligence technology to pull out discrepancies and errors in small business accountants.

The technology gives non-financial experts the ability to work through their accounts and identify key financial problems. Supplied over the internet, using the software is as easy as buying a book online.

Small businesses, in particular, do not have to go through costly and complex implementation processes, but can simply log on with Validis on the internet, upload any accounts for analysis and receive an almost instantaneous response.

The product is available on the internet 24/7 and requires little, or no, training. Users only need to watch a two-minute demonstration video before they can start using the technology.

'This technology could change the way businesses operate. The use of the internet to deliver the product and the flexible approach is very inventive,' the judges said.

The product, although only launched recently, has already impressed customers.

'Personally, auditing our accounting activity on a frequent basis is neither practical, nor is it commercially viable... Then along came Validis. Validis delivers precisely that level of scrutiny,' said Stuart Haddow, a director at Xperian Recruitment.

Sri Rajaratnam, finance director at charity group Visiting Arts, said: 'The product is easy to install, simple to use, fast in producing results and relatively inexpensive. The results are easy to understand and you do not even have to be an accountant to interpret the results.'