Conduct 10Q and 10K reviews more than 80% faster with intelligent automation

Challenge

Squire saw scope for improving efficiencies in their forensic accounting work due to the nature of processing financial data presented only in PDF format. In a billable industry, the manual task of copy-pasting and editing data from PDFs was both time-consuming and costly. Traditional PDF readers required labor-intensive efforts to convert the data into a usable format, leading to substantial delays and increased expenses.

Additionally, Squire often dealt with hundreds or even thousands of PDFs for specific cases, underscoring the sheer scale of the challenge. This cumbersome process highlighted the urgent need for a more seamless and automated solution.

"DataSnipper's interface is incredibly intuitive. It's the tool we didn't know we needed, but now we can't live without! We have members from other teams reaching out to us to get in on the action."

Mitch Bolen

Advisory Manager

Solution

Leveraging DataSnipper in Audit Readiness Services

Squire’s advisory team, which provides advisory and audit readiness services for small-cap companies that are public filers, found a solution in DataSnipper. Their clients are companies that often lack the resources to handle SEC filings independently, so the advisory team assists in drafting, cleaning up, and ensuring the financials are ready for audit.

Previously, verifying the footings and cross-footings during financial preparation was a manual and tedious task. The team would print out the financials, use a red pencil for checking, and rely on a calculator to ensure internal consistency, which was not only time-consuming but also prone to rounding errors that even Excel couldn’t catch.

Upon discovering DataSnipper, the team was able to streamline this process significantly. The Financial Statement Suite in DataSnipper enabled them to perform final checks on the financials with remarkable efficiency. What used to take 3-4 hours for a quarterly filing and 6hours for an annual filing now only takes 10-20% of that time. This reduction in time, from hours to mere fractions, has made a substantial impact on their workflow, allowing for faster and more accurate preparation of client financials.

Promoting DataSnipper adoption in outsourced Bookkeeping services

Squire also discovered a valuable use case for DataSnipper in bookkeeping, especially for their outsourced bookkeeping services. Traditionally, bookkeepers would manually transfer data from PDFs into QuickBooks or other accounting software, which was time-consuming and prone to errors. With DataSnipper, they can now extract data directly from PDFs, streamlining the entire process.

Most clients have bank feeds set up, reducing the need for manual verification. However, DataSnipper is especially useful in unique cases. One bookkeeper works with charitable entities that provide regular financial assistance to individuals, such as a native indigenous tribe distributing monthly checks. Many recipients do not have bank accounts and must cash their checks at places like Walmart, leading to delays in check processing.

Manually reconciling these checks was complex due to delayed bulk cashing. Bank feeds lacked the detail to identify specific checks.DataSnipper extracted detailed info from bank statements, identifying check numbers and amounts cashed each month, simplifying reconciliation and ensuring accuracy.

Fostering Innovation

At Squire, the core value of "thoughtful innovation" drives the use of platforms like DataSnipper to deliver superior services to clients. This alignment with their values has enhanced the company's service offerings through innovative solutions.

By implementing a DataSnipper time code, they can accurately track and record time saved, reflecting these efficiencies in the biller notes. This approach allows them to share the benefits with clients while also improving their operational effectiveness.

They elaborate on their balanced approach to innovation, striving to find a fair middle ground in documenting production hours. This ensures that clients benefit from increased efficiency, and staff can maintain high production levels. This strategy has been well-received, with no complaints from clients, reinforcing the positive impact of thoughtful innovation on both client satisfaction and staff productivity.

Squire reported the following time savings: