Customer story
Revisors Gruppen Värnamo AB
Discover how Revisors Gruppen Värnamo AB replaced manual processes like ticking financial statements on paper with automation.
Bloomfield CFO is a fully remote boutiqueaccounting and consulting firm specializing in advisory, tax, accounting,bookkeeping, and other business services. With a dedicated team of professionals, the firm primarily servesclients in the dental and medical industries, which form the core of theirclient base.
This success story is in collaboration with Bloomfield CFO’s tax team.
The tax team at Bloomfield CFO faced significant inefficiencies in their financial review processes due to the manual handling of large PDF documents and K-1 forms when filing tax returns.The team relied on a labor-intensive method of creating hyperlinks to PDF files and manually inputting financial data, which was time-consuming and prone to errors. For reviewers, navigating lengthy PDF documents slowed down workflows.The process of importing K-1 forms (informational returns detailing the ownership and financial activities of a company invested in a partnership) was similarly cumbersome and required manual data entry. These challenges underscored the need for a more streamlined and automated approach to improve accuracy and efficiency in their financial review processes.
DataSnipper has significantly simplified our verification process. We can quickly identify and correct any errors, making the workflow much more efficient. Our overall accuracy and efficiency have improved dramatically.
Bloomfield CFO has automated parts of itspreparation and review processes which include pulling in data from K-1 forms and financial statements through the implementation of DataSnipper. The Platform, coupled with its Excel workpapers serves as a centralized space for managing financial statements (Profit and Loss Balance Sheet) streamlining access and verification. By automating repetitive tasks, the team can now easily cross-reference a multitude of datapoints and directly access data in K-1 forms without combing through lengthy PDFs. These improvements have enhanced both efficiency and accuracy, making DataSnipper an integral part of their workflow.
To maximize their efficiencies, BloomfieldCFO created a set of standardized Excel workpapers used across all processes. These workpapers seamlessly integrate the imported PDFs, validation notes, and cross-referenced data, ensuring consistency and reducing manual effort. While the initial setuprequired a time investment, the long-term benefits in productivity and standardization have proven invaluable.
DataSnipper has been particularly impactful in the preparation and review of tax returns. The team can leverage Form Extraction to detect and extract data from K-1 forms at scale, drastically reducing the need to manually enter or copy/paste information into Excel. This process has reduced the time required for preparation and review by 45 minutes to an hour per return. This efficiency gain is substantial, especially given Bloomfield CFO’s workload of approximately 600 tax returns during the last tax season, with additional amended returns.
The team’s standardized workpaper further enhances the tax return process. It enables efficient integration of supporting PDFs and validation notes while ensuring that all data is organized and accessible. The improved workflow allows the team to complete returns more quickly, accurately, and consistently, underscoring DataSnipper’s role in optimizing theiroperations.
While DataSnipper has been instrumental in the preparation and review of all types of tax returns, its applications at Bloomfield CFO extend far beyond tax filings. The team uses DataSnipper to automate processes like:
These broader implementations demonstrate DataSnipper’s versatility in addressing inefficiencies across multiple areas of tax, accounting, and consulting operations.
By saving 45 minutes to 1 hour per tax return, Bloomfield CFO has reclaimed over 450 hours annually, allowing the team to focus on higher-value advisory services and client engagements.
Leveraging Form Extraction automates tax data verification and financial data reconciliation for Bloomfield CFO, increasing their efficiencies by up to 20%.
Automation eliminates manual data entry errors while consolidating workpapers, financial statements, and validation notes into a centralized space, ensuring precise results and smoother reviews.
