Success story

Leverage automated cross-referencing to streamline Compilation and Review procedures with DataSnipper’s Intelligent Automation

Company
Sprowls & Co.
Employees
20
Industry
Audit & Assurance

Sprowls & Co., based in Arizona, is a trusted CPA firm with a dedicated teamof 20 professionals. They specialize in assurance, tax, and advisory services, catering to clients across sectors such as construction and real estate, with a focus on delivering personalized financial solutions. With over 25 years ofexperience, the firm emphasizes building strong client relationships and adapting to the evolving needs of businesses.

This success story is created in collaboration with the Assurance team at Sprowls and Co. with a focus on Compilation and Review engagements.

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Challenge

At Sprowls & Co., preparing, compiling, and reviewing financial statements was a time-intensive process that posed significant challenges. The team spent considerable time reconciling account balances with subsidiary ledgers or supporting documents such as loan agreements or bank statements to ensure accuracy and reliability. The tools they used involved dragging and dropping multiple files and creating links between various workpaper files. This setup required team members to manually open and close several documents during the preparation and review process to verify that trial balance figures aligned with supporting records. The process was not only slow and cumbersome but also hindered the overall review workflow. These inefficiencies underscored the need for a more streamlined and automated approach to financial preparation and review.

The significant improvement in quality more than pays for itself. DataSnipper reduces the need for rework or the risk of having to reissue, adding immense value to our review processes.

Tyler Bigler, Assurance Partner at Sprowls & Co.

Solution

Sprowls & Co. transformed their financial review and compilation processes by integrating DataSnipper. Combining client PDFs and Excel files into a seamless workflow, they streamlined trial balance reviews, significantly reducing manual effort. Instead of manually organizing files and adding tick marks, the team consolidates client support into a single PDF, imports it into DataSnipper, and cross-references directly to the trial balance. Reviewers access everything in one Excel file, eliminating the need to navigate between multiple documents. They can quickly tie out balances, spot reconciliation differences, and validate documents. The improved workflow has not only accelerated their processes but also improved quality control. With a well-structured format that includes trial balances, workpaper validation numbers, variances, and preparer notes, reviewers gain comprehensive insight into the trial balance and variances in just minutes. Despite an initial setup investment, the changes have led to substantial time savings and improved efficiency across their engagements.

Compilation and Review Use Case

DataSnipper implementation has primarily impacted Sprowls & Co.'s compilation and review processes. By linking client-provided documents directly to the trial balance, the team has reduced manual tasks and significantly increased efficiency. DataSnipper’s functionality ensures that reviewers can easily access and validate supporting documents, quickly identify variances, and understand how preparers addressed those variances.This streamlined approach has resulted in measurable time savings of 2-5 hours per engagement. With approximately 90 engagements annually, Sprowls & Co. estimates a total time saving of 245 hours each year. Beyond efficiency, the integration of DataSnipper has enhanced the accuracy and quality of their review processes, allowing reviewers to focus on high-value tasks while ensuring comprehensive coverage of the trial balance.

Sprowls & Co
Time saved

DataSnipper has streamlined processes, saving 2-5 hours per engagement and 245 hours annually.

Improved quality

DataSnipper improves quality control by standardizing reconciliations and variance validation, ensuring reliable results.

Centralize Processes

DataSnipper centralizes documents and validations in one Excel file, eliminating the need for multiple workpapers.

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