Customer story
HLB AG
Discover how HLB AG use Snips to automate manual procedures with DataSnipper and achieve efficiencies during peak audit and tax season
HLB AG is an integrated member of HLB International, alongside Antonio Ghaleb and Partner CPA. The firm specializes in a wide range of services, including auditing, accounting, Transfer Pricing, AML/CFT, and Business Advisory Services. These services cover tax due diligence, agreed-upon procedures (AUP), tax consultancy, corporate governance, and more. With extensive professional experience, the firm's experts are well-equipped to handle all types of corporate structures, providing comprehensive financial planning solutions.
This success story is created in collaboration with Dr. Antonio Ghaleb and his team in Doha, Qatar.
Auditors at HLB AG faced inefficiencies in their workbook creation and file review processes although they were already using an Audit Software when they performed audits. Previously, they had to manually select samples, create folders, and check each file individually—a labor-intensive and time-consuming approach. This process was particularly challenging when dealing with larger companies, as manually entering and validating financial statement line items became increasingly cumbersome. Without a more efficient solution, the team struggled to keep up with the demands of their workload, resulting in a bottleneck that hindered productivity.
DataSnipper is your reliable partner in accurately capturing and validating data against client-provided schedules. By automating tasks that traditionally require manual entry, recalculation, and accuracy checks, DataSnipper ensures that figures and computations are correct, significantly reducing the potential for errors. This tool speeds up the verification process and enhances overall efficiency, making our work smoother and more reliable, especially during the peak audit and tax season.
Auditors at HLB AG significantly enhanced their efficiency by leveraging DataSnipper for common procedures like vouching. Instead of manually typing out details such as supplier names, customer names, and invoice values, they utilized Search and Snip and Text Snip to automate this process. By using DataSnipper to import all supporting samples into an Excel file, they could easily copy text, sample sizes, descriptions, and other relevant details. This streamlined approach also allowed reviewers to later quickly navigate through the files, simply clicking on amounts or descriptions to cross-refer with sample documents, making the review process far more efficient and less time-consuming.
HLB AG, as one of the accredited ICV certifiers in Doha, Qatar, plays a crucial role in issuing ICV certificates for vendors, a requirement for doing business with clients in Doha and improving their ICV scores. DataSnipper has become an integral element in enhancing the efficiency of these audits, particularly in tasks like sample selection and meeting the 80% criteria set within these audits.
In the ICV audit process, the firm needs to verify that specific schedules from the client's financial statements are correctly classified under the appropriate financial statement line item categories. By importing the financial statements into Excel, they use DataSnipper's Snips feature in conjunction with Excel’s VLOOKUP functionality to match the client's schedules with the financial statement line items. This approach streamlines the import and organization of financial statement line items, a process that would otherwise require extensive manual entry and validation. DataSnipper not only ensures data accuracy but also reduces the need for manual computations and checks, significantly enhancing the efficiency of the ICV audit process.
HLB AG also uses DataSnipper to streamline the review of lengthy agreements. The Search nad Snip feature allows them to quickly extract specific information, such as payment terms, scope of services, and deliverables, without the need to manually review the entire document. By using DataSnipper, the firm can access the relevant details of an agreement efficiently, saving time and reducing the risk of missing critical information hidden within extensive legal documents.
The firm creatively leverages DataSnipper to efficiently extract key information like invoice numbers, client names, and descriptions from invoices to rename files at scale for transparent administrative needs. Given the large volume of invoices generated by the company, DataSnipper ensures that the titles of the invoices stored within folders can remain consistent effortlessly.
HLB AG significantly improved efficiency in their workbook creation and file review processes using DataSnipper. The platform automated sample selection and data validation, reducing manual entry especially for clients with large document volumes.
DataSnipper streamlines audit procedures by automating repetitive tasks and simplifying data extraction. This allows auditors to focus on more complex, high-value tasks, fostering an innovative work culture.
DataSnipper revolutionizes the review process by providing a comprehensive, easy-to-navigate audit trail. Reviewers can quickly verify sources, add comments, and validate work directly in Excel, significantly reducing review time and minimizing back-and-forth communication.
