Customer story
Moore Hong Kong
Learn how Moore Hong Kong's team now saves a full day on annual report reviews using the Financial Statement Suite
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Founded in 1959, BMF has been offering services across advisory, audit and accounting, financial outsourcing, international business solutions, and tax services. Their diverse clientele includes construction, real estate, family-owned businesses, financial institutions, manufacturing, nonprofit, private equity, public companies, retail, and technology.
This success story has been created in collaboration with the Audit and Assurance team at BMF in the United States.
Prior to the implementation of DataSnipper in January 2023, BMF faced common accounting industry challenges characterized by large volumes of data across numerous PDF files, which made it difficult for audit preparers to locate and extract information from necessary documents efficiently. This often resulted in a prolonged and inefficient process where both preparers and reviewers had to navigate through extensive data to find supporting evidence, verify it, and sometimes, engage in lengthy communication loops with clients to rectify issues.
We rolled out DataSnipper in our department, and everyone immediately saw its potential. The tool is so intuitive that minimal teaching was required. Our team quickly understood how it would save time on both preparation and review, making the implementation seamless.
DataSnipper’s capability to extract and cross-reference vast amounts of data seamlessly—allowing users to quickly search and locate specific information within extensive documents has markedly reduced the time spent on initial data processing. For instance, procedures that previously took 3 hours to prepare can now be accomplished in 15 minutes, significantly accelerating the audit processes.
Cross-referencing provides immediate access to relevant data points and supporting documents. With features like Text Snip and Find all Sums, preparers can easily extract information, and automatically check of numerical accuracy within the document. Auditors at BMF also utilize the Exception and Validation Snips extensively to flag discrepancies and validate data accuracy. This feature has enhanced the review process by providing clear, cross-referenced evidence, which simplifies the identification and resolution of issues. The platform has not only reduced the time required for various audit tasks but also improved the overall accuracy and quality of the audits. The ability to automate repetitive tasks and standardize documentation has allowed auditors to focus on higher-level analysis and decision-making across standard audit procedures.
DataSnipper's Document Matching feature has proven invaluable for Revenue Recognition Procedures due to its reconciliation capabilities. BMF's team can now quickly and accurately match invoices and other source documents to their respective entries in the ledger. This automation has transformed an 8-hour manual process into a just 1 hour, allowing staff to focus on more complex issues.
The overall invoice/support testing process has been significantly streamlined. By leveraging DataSnipper to automatically extract and verify data from purchase records and maintenance logs, BMF has reduced the time required for this task from hours to minutes. This efficiency speeds up the audit process, following which the auditors can exercise their professional judgement to conclude the procedure.
In check disbursement testing, DataSnipper’s Document Matching and Form Extraction features have facilitated BMF to process large volumes of transactions quickly. The procedure that normally took the team an eight-hour day is now compacted into just 10-minute prep of the work paper to get 80% of the data reconciled. What used to be a full day's work now takes just over an hour, freeing up staff to handle more value-added tasks.
For Agreement Reviews like Purchase or Debt agreements, DataSnipper has facilitated auditors to include entire documents within the workpapers. Using Text Snip and Validation Snip, large sections of text, or even multiple sections of text can be referenced to a single cell instantly, making the review process more efficient and thorough.
The implementation of DataSnipper at BMF was smooth and swift. Initially trialled by a small group of experts within the Audit and Assurance team, the platform quickly proved its value. Once the team saw the benefits, it was rolled out department-wide. The intuitive nature of DataSnipper meant that minimal training was required, and the firm’s professionals were able to start using it effectively almost immediately.
BMF has also integrated DataSnipper for new joiners via the DataSnipper Academy. The DataSnipper Academy provides new users with comprehensive training materials, reducing the time senior staff need to spend on instruction. This has streamlined the onboarding process and ensured that all team members are proficient in using the platform get-go.
Auditors at BMF are able to perform previously manually intensive support match testing within an hour, as compared to the 8-hour day process it used to be previously.
The 40-member Audit and Assurance team at BMF saved more than 1900 hours this busy season by leveraging Snips, Document Matching and Form Extraction to automate manual tasks.
Automating data extraction and cross-referencing has helped reduce workload for the team. This allows them to devote more time in complex areas where they can conduct more analytical work.
