Learn how Isler CPA streamlined financial statement procedures and saved over 550 hours

Challenge

Over the past few years, Isler CPA has identified the need to adopt new technologies in their auditing and finance procedures to enhance their competitive advantage and deliver their services to clients more efficiently and cost-effectively. Previously, they were used to more traditional auditing approaches characterized by repetitive manual tasks, which were time-consuming and inefficient.

To overcome these challenges, innovation was the answer. DataSnipper emerged as the preferred choice to bring their auditing procedures to the next level. Their goal was to eliminate manual and repetitive tasks and increase efficiency through automation. By streamlining processes such as testing and matching transactions, checking the accuracy of financial statements, and reviewing lease agreements, they aimed to achieve significant time savings, ultimately providing even more efficient and high-quality services to their clients.

"I've really enjoyed working with DataSnipper. It's a great product that has helped us enhance the efficiency and reliability of our work. With the Financial Statement Suite, we achieved up to 70% time savings, ultimately providing even more efficient and high-quality services to our clients, enhancing our competitive advantage."

Gatlin Hawkins

Lead Audit & Assurance Partner

Solution

Implementation Process and Ongoing Support

Impact

Isler CPA issues over 60 financial statements annually, and leveraging DataSnipper’s automation features has allowed for tremendous time savings. Financial Statement Suite (FSS) has been a game-changer. Leveraging FSS decreased the time needed for reviewing financial statements by up to 70%. The ability to place tickmarks made it significantly easier to view any changes made and check for inconsistencies in the financial statements.

Whereas a manual proofing process for testing the mathematical accuracy of an average government’s financial statement would have taken Isler CPA from 6-12 hours, it now only takes 2-3 hours. In total, they saved more than 550 hours per year in proofing financial statements using FSS. The above time savings helped Isler CPA enhance their competitive advantage, as they can now offer their services to clients more efficiently and at a lower cost.

Moreover, by streamlining their financial statement procedures, Isler CPA has been able to allocate resources to more value-added activities, such as analyzing client data, investigating more high-risk areas, and providing strategic advice to clients. This shift towards higher-value services not only enhances client satisfaction but also positions Isler CPA as a trusted advisor in their industry, driving growth and fostering long-term client relationships.

Impact on Team Roles and Workflow

Analyzing Isler CPA’s staff daily operations uncovers another key advantage of using DataSnipper, especially regarding the team's varied roles.

For preparers, the integration of DataSnipper revolutionized their tasks, elevating their productivity and accuracy levels significantly. Through the advanced automation capabilities of DataSnipper, preparers have eliminated the need for time-consuming manual processes like searching for errors using calculators. Using FSS, preparers can easily identify math errors during self-review, reducing the number of versions needed to produce the final financial statements.

Moreover, reviewers and senior team members experience enhanced efficiency in their review processes, by looking at the tickmarks and cross-referenced data in DataSnipper. They also gain greater confidence in the preparer’s work, as DataSnipper minimizes human error, ensuring a higher level of accuracy throughout the review process. DataSnipper has also enabled reviewers to provide comments and suggestions in a concise format, automatically linking to the exact location in the source document. Version Comparison allows reviewers to easily see all changes made in updated documents.

This positive impact on team roles and workflows highlights how technology integration and innovation can empower every member of the firm to perform their tasks with greater efficiency and confidence, fostering long-term success.

Isler CPA reported the following time savings: