Technology: Hype or Reality
New technology has been glamorous, and dare I say sexy, for as long as most people can remember. Talk to anyone in their latter years of life, and you’ll hear numerous stories of notable technology successes and failures. From the groundbreaking introduction of the television set, to the failure of the futuristic “flying car”, innovators were always pushing the envelope. But given the marketing hype behind each innovation, one would have concluded each “breakthrough” should have been a guaranteed success. History however would have it’s say in the matter, proving that hype can be far removed from reality.
Tax & Accounting Technology- Phase 1
Now granted tax and accounting technology may not sound like the hottest subject matter when speaking of technology breakthroughs. However, for those that witnessed advancements in the industry, much has been witnessed in the past 20 years. Integrated research components, or scan and populate data extraction capabilities brought the first chapter of exciting tax and accounting advancements. For audit teams, in particular, these advancements proved as massive time savers. In the case of scan and fill data transfer technology, audit managers could save hours of time. Think about it. For the price of a competent office employee and a high quality scanner, audit managers could eliminate hours of data input time and virtually all cases of human error. What a productivity win! What more could you ask for as a technology advancement?
Audit Technology Advancement- Phase 2
The problem with those living in the present, is that they have a limited ability to imagine things getting better than they already are. For auditors fortunate to be working in the discipline over the last few years, two additional advancements have occurred. Enter the advancements of automated data organizing and grouping, as well as actual data analysis for purposes of audit jobs. Not only do auditors now have the power to move data from paper to digital format, but now, thanks to new technology, they have the ability to move data from multiple formats to one common workable format. They also have the added ability to thoroughly analyze and measure risks over a literal mountain of data. But what does this really look like in the day to day operation of a firm?
Reality trumps hype every time
To feel the full impact of how new technology has impacted today’s audit practice, one need go any further than the practice of Muhammad Hussain, Senior Audit Manager at EOS Accountants LLP. EOS struggled with the challenge of clients providing audit data in a mix match of inconsistent formats. It was not until the firm implemented some of the newest technology via CCH® Audit Accelerator did they have a silver bullet to address this problem.
179 hours saved?…..Really?
When implementing a new technology, it’s not unusual to brace yourself to be underwhelmed. After all, in the world of hype vs. reality, hype does normally carry the day in most cases. However, for EOS Accountants LLP, reality proved a savory success. Muhammad Hussain explains, “When it comes to audit preparation, with regard to receiving client data, it has always been difficult and time consuming to gather it all and get it into a format ready for testing. Adding the CCH Audit Accelerator and TeamMate® Analytics solutions to our audit workflow has changed our world though.” He continues, “What used to take as much as 180 hours in years past now takes as little as one hour. That is an amazing amount of time save.”
Hours saved, client value added
Yes, time savings is important. However, Hussain describes what the time savings really means. “With it, our auditors can now deliver deeper insights to the client, thus enhancing the client’s experience. We’re looking to move toward continuous auditing throughout the entire year.” With deep client value being the end result, it’s easy to see why EOS Accountants LLP is succeeding in the audit space.
Experience a technology reality
So are you ready to experience a true technology reality, as opposed to the endless hype that exists in the industry? If so read the full story from our latest report “Technology Hype or Reality”. You can also learn more about the latest audit technology, by visiting our CCH® Audit Accelerator and TeamMate® Analytics web pages.