Save over 3,000 hours over just a 10-month period for accuracy checks and financial statement reviews using DataSnipper
Key highlights
- Time saved An estimated 3,000 hours were saved by the RSM Cayman team using DataSnipper and Financial Statement Suite for financial statement reviews across a 10-month period.
- Excellent ROI With a payback period of just 3 to 4 months, DataSnipper has yielded a significant return on investment where time savings translated into considerable cost savings.
- Increased efficiencies 60-70% faster financial statements review times mean that RSM Cayman has been able to achieve significant efficiencies across all of their portfolios of clients.
Challenge
Over the past years, RSM Cayman identified the need to modernize their audit support processes to manage rapid firm growth and to improve efficiencies of the existing talent, and to complement overall audit quality.
Before DataSnipper, RSM Cayman relied on manual and time-consuming audit approaches, characterized by extensive manual inputs and repetitive tasks. The need for more efficient methods led to exploring automation platforms, with DataSnipper emerging as a standout choice due to its capabilities and the positive feedback from industry peers.
"With DataSnipper, we’re experiencing substantial time savings and improved staff engagement. By investing in such innovation, we not only attract and retain staff but also boost their involvement by removing the burden of manual tasks. Moreover, DataSnipper significantly reduces the time required for audits and helps maintains the high quality of work our clients expect."
Adam Passmore
Senior Manager at RSM Cayman
Solution
After a comprehensive cost-benefit analysis, RSM Cayman implemented DataSnipper in February 2023. The implementation process included detailed training for the management team and the designation of specific champions for each audit team to facilitate integration and ensure a smooth adoption process. Regular catch-up calls with the DataSnipper Innovation Services (DIS) team also ensured ongoing support and optimization.
Financial Statement Suite (FSS) from DataSnipper has streamlined the Financial Statement Review processes at RSM Cayman, increasing confidence in the output developed by juniors and allowing for efficient reviews of work by senior members of audit teams, while maintaining the firm’s overall audit quality. The platform's ability to save time has been a critical factor in improving efficiency across the firm. RSM Cayman's investment in DataSnipper has yielded a significant return on investment where time savings have translated into considerable cost savings, with a payback period of just three to four months.
The adoption of DataSnipper has not only improved efficiency but also positively affected staff engagement and therefore audit quality. RSM Cayman signs off on over 1,000 financial statements per year, and the significant time savings achieved with DataSnipper have allowed for more client-centric and engaged approaches. The platform has become a factor for attracting and retaining new talent, also emphasizing the firm's commitment to innovation and quality.
Keys to Successful Implementation
Strong leadership support, mandating DataSnipper usage for standardization, and fully integrating DataSnipper into audit procedures is key to RSM Cayman’s immense success in the implementation and usage of the platform. Creating an audit checklist specific to DataSnipper ensures that it becomes a natural component of the audit process, standardizing procedures, and maximizing the platform’s benefits.
The mandatory implementation of DataSnipper for every audit has standardized the process, ensuring all team members benefit from the time savings equally.
Specific DataSnipper champions were internally identified and trained sothey could oversee their respective teams where DataSnipper was implemented.This created localized points of contact, and the users could turn to the champions who are more experienced in using DataSnipper.
The case of RSM Cayman showcases the transformative impact of DataSnipperon audit procedures, highlighting the importance of embracing technology to enhance efficiency, enhancing audit quality, improving staff engagement and complimenting the firm’s growth.
Measurable Impact
RSM Cayman is a financial services-oriented firm. As a result, Financial Statement Suite by DataSnipper has been particularly impactful for RSM Cayman, saving 60-70% of review time, significantly enhancing audit efficiency.
This suite has allowed RSM to handle the unique demands of a financial services concentrated jurisdiction more effectively, saving an estimated 3,000 hours over just a 10-month period using DataSnipper and Financial Statement Suite, specifically for accuracy checks and financial statement reviews.
