In the third of our 5-blog series about data analytics, our focus is on tools that help address disruptions in the industry.
Age of Disruption
Accounting firms are operating in an era called the ‘Age of Disruption’. Continuous advancements in technology:
- Are changing the way we connect with clients
- Allow for the automation of data entry and routine tasks
- Provide us tools to prepare deeper analysis of our client’s data
To add, these disruptions challenge firms to keep pace with the changes. Further, they also provide vast opportunities to increase our value to clients by providing more timely and powerful insights. However:
- What about clients that do not make investments in their own technology that enable firms to leverage these new resources?
- Will those firms be unable to offer their clients the same level of service?
Fortunately, that does not have to be the case because these disruptions are also providing firms with tools to serve all clients. TeamMate Analytics is an example.
The TeamMate Analytics solution provides tools that import source data, and assist with formatting that data after import. First, the solution’s Import Wizard function allows a quick and easy import, into Microsoft Excel, of a variety of file types including Adobe PDF files. Second, this import works by setting a series of ‘markers’ and ‘fields’.
- Markers indicate which rows contain data to import.
- Fields capture the individual pieces of data.
Third, the data is contained in records, headers, or footers and remains accessible during the import process. Fourth, once the data is imported, TeamMate Analytics’ Manipulate Field and Sheet Checker functions include a number of additional tools. Those additional tools enable auditors to manipulate the data and speed up data cleansing prior to performing detailed analysis.
CCH Audit Accelerator
Additionally, going beyond importing data, CCH Audit Accelerator automatically extracts data by connecting directly to your client’s source accounting package. This secure process minimizes errors and ensures data integrity. In addition to extracting the data, CCH Audit Accelerator automatically generates over 80% of the audit’s working papers. These workpapers are preformatted to work seamlessly with TeamMate Analytics, providing further analysis.
In closing, while it may not seem like your clients are keeping up with disruptions in the industry, you should be concerned whether your firm is falling behind. Tools such as TeamMate Analytics and CCH Audit Accelerator will help keep you up-to-speed. By easily extracting or importing information, these solutions allow you to provide powerful analysis and deep insights into your clients’ businesses – making you a trusted business advisor.
To learn more about TeamMate Analytics and CCH Audit Accelerator, visit our webpages. Also, be sure to check our Tax & Accounting Blog next week for the fourth post in this 5-blog data analytics series.
The TeamMate Analytics solution is part of Wolters Kluwer’s Integrated Audit Approach. This approach seamlessly unites CCH Audit Accelerator, CCH ProSystem fx Engagement, TeamMate Analytics, CCH ProSystem fx Knowledge Coach, and CCH Accounting Research Manager. Additionally, it also leverages our School of Audit. This combination of solutions helps firms maximize realizations and increase audit quality to ensure peer review readiness. If you have not checked out these solutions and this approach, it is worth your time to do so. Consider attending a complimentary demo at a time that fits your schedule.
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5-blog series about data analytics
Series #1: Audit Data Analytics – Visualization
Series #2: Audit Data Analytics – Where to Start