Customer story
MarksNelson
Learn how MarksNelson leveraged DataSnipper’s automation to perform over 1,900 document matches for a critical consultancy project
MarksNelson is a professional services firm dedicated to driving growth and success for its clients. The firm offers a comprehensive range of services, including accounting, tax, advisory, and technology solutions, tailored to meet the unique needs of businesses across various industries. With a commitment to excellence, MarksNelson focuses onunderstanding each client’s specific goals and challenges, providing strategic guidance and innovative solutions to help them achieve their objectives. The firm prides itself on fostering long-term relationships with its clients, built on trust, expertise, and a deep understanding of their business environments. MarksNelson's team of experienced professionals is dedicated to delivering impactful results and empowering clients to navigate complex financial landscapes confidently.
MarksNelson, like many professional service firms, faced a significant challenge in managing urgent, short-notice, lucrative consulting work due to existing schedule demands that were planned out months in advance. When one such situation arose, it required a different approach compared to their typical leveraging model. Two main factors drove this need for change: the rigor of the analysis required and the limited availability ofresources at short notice. Most of the available time was at the manager level, necessitating a strategy to utilize this time efficiently.
The consultancy project’s goal was to restate the client’s financials for multiple years using a reliable system.They needed to restate the audited financials from 2019 through 2021, as well as the internally prepared financials for 2022 and 2023, in preparation for their audits.
This task was significant due to inconsistencies in how items were applied in the general ledger, which prevented a straightforward cleanup. Instead, MarksNelson utilized DataSnipper to efficiently verify the cash position by matching cash disbursements and receipts to bank statements. This process would have been incredibly time-consuming if done manually, but with DataSnipper, it was managed more effectively.
I don’t think there’s another product on the market that functions in the same realm. During our implementation phase, we tracked savings closely and saw significant reductions. For example, detail testing that previously took 20 hours was completed in just 3 hours, leading to substantial cost savings across multiple projects.
To address these challenges and maintain profitability, MarksNelson leveraged DataSnipper to streamline manual data extraction tasks. The Platform helped free up valuable manager hours, allowing them to focus on more meaningful and rigorous analysis and preparation. DataSnipper also reduced the need for time-consuming preparation typically done by staff associates.
As stated earlier, the use of DataSnipper was especially valuable in this case, as the client was already a year behind on their audit and facing bonding issues. Efficiently completing the restatement was a high priority. DataSnipper allowed MarksNelson to streamline the process, requiring only a few people to work on that portion of the project, rather than multiple associates working full-time for several weeks. This efficiency enabled managers to focus on high-level analysis and interpretation of the accounting implications.
The project involved 992 hours, and DataSnipper allowed the team to concentrate on intentional analysis while delegating tasks through automation to eliminate manual work.
For this particular project, MarksNelson utilized a specific leveraging model to manage resources effectively. In a two-month window, the team conducted approximately 1,955 Document Matches, all of which can be traced to this project. The team traced all cash collections for insurance commissions receivables to bank statements via Document Matching for 51 months to verify cash. Additionally, DataSnipper was used to trace 100% of fiduciary payments related to three insurance carrier customers over three years.
DataSnipper also enhanced the efficacy of the restatement performed by the team. The audit firm engaged by the client, which also uses DataSnipper, received deliverables linked with DataSnipper to back up assumptions made and data presented, easing the audit burden of the restatement.
During the implementation of DataSnipper at MarksNelson, there was little resistance from management or users, and the firm quickly demonstrated savings and efficiency improvements through testing and compliance checks.
In the implementation phase, the team observed substantial savings, with certain Tests of Details that previously took 20 hours now only taking 3 hours. The improved reliability of audit documentation was another significant benefit, as DataSnipper allows reviewers to easily trace the full audit path taken by the preparer, which increased management's confidence in the work. Additionally, investing in cutting-edge technology like DataSnipper positively impacted employee morale.
MarksNelson initially worked with strategic partners overseas. However, after being introduced to DataSnipper about a year previously, they found it reduced their costs even further and were impressed by its impact. In the first year of adoption, staff and senior team members became proficient in using DataSnipper, and the current focus is on having industry-specific leaders guide the testing and optimization of the platform's usage. MarksNelson has generally been receptive to adopting new technologies, with DataSnipper being one of several new products implemented inrecent years. Although there are always early and late adopters, the firm has shown general buy-in for technology adoption.
To address possible challenges and to ease implementation moving forward, MarksNelson plans to establish champions in each industry niche who will be experts in both the industry content and DataSnipper usage. This strategy aims to ensure more strategic use of the platform across different sectors. The use of DataSnipper has been mandated within the audit department, with the expectation of full adoption across the board in the upcoming periods.
The enhanced reliability of audit documentation significantly benefitted MarksNelson. DataSnipper allows reviewers to trace the complete audit path taken by the preparer, boosting management's confidence in the work.
Tests of Details that previously took 20 hours now only takes 3 hours with DataSnipper. This in turn frees up time forthe team to focus on intentional analysis to add to client value instead of manual data extraction tasks.
With 992 hours involved in the consultancyproject, DataSnipper enabled the team to focus on analysis. MarksNelson used aleveraging model for resource management, conducting about 1,955 Document Matches in two months, all linked to this project.
