Customer story
NeonAudit
Learn how streamline and conduct higher quality audits with intelligent automation
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Founded in 1950, Weaver is a national accounting and consulting firm with comprehensive capabilities to serve any client. Weaver’s clients include commercial, government, and nonprofit organizations. The firm is particularly well-known in financial services, energy, manufacturing and distribution, construction, technology, real estate, health care and government.
This success story has been created in collaboration with the Audit - Investment Funds team from Weaver in the United States of America.
Weaver's investment fund audit team, focused on audits of Hedge Funds, Private Equity Funds, Fund-of-Funds and Venture Capital Funds, encountered inefficiencies and potential errors in their audit procedures caused by manual and repetitive tasks. The absence of cross-referencing between Excel data and source documents significantly slowed down the review process and increased the likelihood of errors. These challenges not only hindered the team's productivity but also increased the potential for inaccuracies in their investment fund audits, particularly during their busiest times of year.
DataSnipper has been a game-changer for our team. It's not just about saving time; it's about improving the quality of our work and giving us the confidence that we're delivering the best possible service to our clients.
To address these challenges, Weaver's investment fund audit group seamlessly integrated DataSnipper into their workflow, leveraging its automation features to optimize audit procedures effectively. By automating the extraction of data from source documents to Excel, DataSnipper significantly reduced manual effort, allowing team members to focus on more strategic audit tasks. Moreover, DataSnipper’s capability to seamlessly cross-reference extracted data to source documents not only improved accuracy but also accelerated the review process. Features such as Text Snip and Table Snip proved invaluable in extracting data into Excel with precision, eliminating errors and enhancing the review process, ultimately enabling the team to deliver high-quality audit services more efficiently.
The adoption of DataSnipper brought substantial time savings to Weaver's investment fund audit practice. From January 1 to April 1, the organization reported a savings of 4,788 hours of total time, equivalent to an average of nine hours per team member. This significant reduction in time spent on manual tasks allowed the team to allocate their resources more efficiently and focus on higher-value audit activities.
The investment fund audit team at Weaver has experienced significant time savings on Fund-of-Funds audits, which typically involve extensive data entry and tie-outs to confirmations and capital account statements. With DataSnipper, the preparation of investment workpapers now takes 25 to50 percent less time, and the review of these workpapers takes approximately 75 percent less time.
Previously, some workpapers had over 100 investments that required manual tie-outs to PDF files. Now, Weaver imports all relevant files into DataSnipper and links the amounts directly. This process eliminates the need to manually enter amounts from PDF files, reducing errors and saving time for the preparers. The most significant time savings are realized by the reviewers, who previously had to manually check 100+ tie-outs. Now, reviewers can quickly use arrow keys to verify tie-outs, streamlining the entire review process. DataSnipper’s intelligent automation increased productivity and accuracy, ultimately delivering more efficient and timely results for their clients.
Weaver's audit group experienced notable efficiency gains, saving a total of 4788 hours in three months, particularly beneficial during the busy season.
By eliminating manual data entry and referencing, DataSnipper minimizes the risk of human errors, ensuring the accuracy and integrity of audit procedures and findings.
DataSnipper enables Weaver's audit practice to effectively reduce the need for additional manpower and associated hiring costs, while maximizing efficiency.
