Law Firms

Financial Statement Appendices prepared automatically

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Whether you work for a company that prepares its financial statements in-house, or you’re a lawyer or accountant doing this for clients, or you’re an auditor who audits manually prepared accounts, you will be painfully familiar with the burden it is to prepare the financial statements and their appendices manually. 

 

That’s why we were hired to automate this process! 

The problem

“Every year we prepare the financial statements for hundreds of client portfolio companies. This means hundreds of appendices that we prepare manually by going back and forth between our Excel worksheets, the trial balances, and other supporting documents, to make sure we capture all information correctly into the appendices. Unsurprisingly, this is taking us weeks to complete and review and the risk of manual error is just so huge that every year we dread this period because it’s always so stressful for the whole team .”

The Solution

A robot asks for the entity’s prior year appendices, current year trial, and all other supporting documents. Using a pre-configured Excel template, it completes all tabs within the template by populating each field with the correct amount, entity name(s), or date. This is performed using a pre-configured mapping which determines which FS line corresponds to which TB codes. It also performs all necessary calculations. 

How it works? ... in 4 Simple Steps

1. Robot asks you to provide all required files

To start the process all you need to do is provide the robot with the files that contain all the information that is needed to complete the appendices. This includes prior year appendices, current year trial balance, interest of ISL, and others.

 

2. Robot extracts all required information

The robot picks up all the required information from the different documents. This is pre-configured in the robot’s logic so it knows exactly what details to extract every time it runs. 

 

3. Robot completes the template & updates all dates

After the data is extracted, the robot populates the template. This includes all amounts corresponding to the various financial statement lines in order to complete all appendices. 

 

It also updates all dates within the template, updates for FX rates where necessary, and completes all entity name(s), including relevant subsidiary names (using prior year appendix information).

 

4. Robot generates the completed Appendix file

To complete the process, the robot pushes a Dialog window where you click to see the newly prepared Appendix file for entity XXX. All you have to do is sense check. 

 

The robot completes this in 1 minute per entity. It now saves our client 1 full month of work since they had hundreds of entities to prepare financial statement appendices for. Pretty great, no?!

 

Why bother automate your Financial Statement Appendices?

Save time

A robot is able to prepare an entity's appendices in 60 seconds and provide you with a summary of any information it couldn't find, meaning all you have to do is investigate the exceptions (if any).

Reduce error

Focusing on a manual task for hours is tiring and boring so the scope for error is huge. A robot doesn't get tired and works with 100% accuracy to prepare all appendices in a few seconds or minutes.

Smarter Operations

The robot works in the background so you can easily continue doing other value-adding work whilst the robot does the rest. That way you do the valuable job whilst the robot handles the admin.

Ready to automate your Financial Statement Appendices

Let's talk about the preparation of your appendices and see how we can automate them best 🙂

Talk to us

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Prepare Corporate Tax Return Appendices automatically

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If you’re working in compliance, then you’ll be quite familiar with the idea of Appendices and the painful process of preparing them. Companies of all sizes are still copying and pasting information into Appendix templates to produce these data summaries, often spending days and weeks to ensure every digit is correct. It’s time we stop this madness … 

The problem

“We have dozens of clients with hundreds of entities each that we prepare tax returns for. This means we’ve got an enormous number of appendices we need to prepare for each annual compliance process and the task is simply exhausting. We have put in place numerous levels of review to make sure all information is reported correctly. Unfortunately, this “peace of mind” takes us weeks to finalise.”

The Solution

A robot that takes your appendices templates and completes them with all information from the prior year’s Appendix and the current year’s trial balance as well as any other relevant data. It also reconciles the final Appendix with the Annual Accounts to ensure a correct disclosure.

How it works? ... in 6 Simple Steps

1. Robot asks you to provide the files containing all required data

To start the process all you need to do is provide the robot with the files that contain all data that needs to be transferred into the Appendix. This could be in any format and it could include, but is not limited to, prior year Appendix, current year trial balance, a working file with any adjustments put through in the year, a mapping file, final Annual Accounts, etc.

 

2. Robot extracts the required information

The robot picks up all required information from the various documents and stores the data, ready to be imported into the Appendix template in the next step of the process. 

 

3. Robot takes the Appendix template and imports the data

The robot imports all the information extracted from the various files and inserts it into the correct placeholders within the template, using a pre-configured logic. 

 

4. Robot updates the dates within the template

The robot uses the timestamp function to update all dates within the template. The reason for this is that in 2022, the return in preparation is 2021, and so on, so by using the timestamp the robot makes sure it captures the correct period.

 

5. Robot performs a reconciliation to the Annual Accounts

To complete the process the robot performs a health check to highlight any differences between the finalised Appendix and the Annual accounts, ready for you to investigate. 

6. Ready to save your Appendix

Finally, the robot pushes a message that informs you that its work is now done and gives you the option to save the Appendix to your preferred location. Job done!!


Why automate the preparation of your Appendices?

Reduce error

Focusing on a manual task for hours is tiring and boring so the scope for error is huge. A robot doesn't get tired and works with 100% accuracy to prepare all Appendices quickly & diligently.

Increase efficiency

A robot works without a break and it doesn't mind the work it needs to do so you can fully focus on the value-adding tasks whilst it handles all the admin.

Save time

A robot is able to prepare all Appendices in a fraction of the time and provides reconciliation with the Annual Accounts, so all you have to do is investigate the odds.

Ready to automate the way you prepare your Appendices?

Let's talk about the way you generate your Appendices and see how we can automate the process 🙂

Talk to us

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Data enrichment on auto-mode

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Whatever business you are in, it’s inevitable that you have some form of data exchange with third-party companies. This can often result in manual processes taking place to make sure the data shared by or to third parties is complete and enriched with unique IDs, names, or other details. This manual data enrichment is often time-consuming, prone to error, and highly monotonous for the employees tasked with the job. This is where a robot becomes extremely helpful.  

The problem

“We have reports coming from a key client that we need to enrich to include not only our client unique Product IDs but also our internal unique Product IDs. The reason for this is that our internal system can update with the latest information per the report only based on internal IDs, not client IDs. This process used to be done fully manually by members of our team who had to spend a lot of time and focus going between databases and copying and pasting IDs to enrich the reports.”

The Solution

A robot that takes the XML reports shared by the third party, locates an internal database that contains all Product IDs (both internal and external), enriches the reports with the internal Product IDs that correspond to the external Product IDs, and automatically imports the updated report into your internal system! 

How it works? ... in 5 Simple Steps

1. The XML report is added to a folder within your environment

The robot waits until the report it needs to work on is found within a pre-defined folder within your environment. This could be a simple Google Drive, an internal database that our robot is given access to, or any of your systems. In the instance we have worked on, this was added to an FTP server.

 

2. Robot picks up the file from the folder

The robot will pick up the XML from the folder and perform the following steps:

 

3. Robot picks up an Excel table that contains the list of all Product IDs

In order to identify which internal Product ID corresponds to which third-party Product ID, the robot picks up an Excel table, stored and updated directly in the inernal system, that contains all ID pairs, i.e. what internal ID corresponds to what third-party ID. 

 

4. Robot updates the XML to add all corresponding internal IDs

The robot goes through the third-party Product IDs in the XML file and on each row it adds the internal Product ID that corresponds to the respective third-party Product ID, based on the ID pairs information per the Excel table.

 

5. The robot drops the updated XML into the initial folder

Once an internal ID match is found for each third-party ID, the robot drops the updated file back into the folder. Now the internal system automatically picks the file, processes it based on internal IDs, and updates the records with the latest information contained within the XML file.  

 

Job done!!

Why bother with automated Data Enrichment?

Save time

A robot is able to perform all data enrichment requirements, by navigating to databases, extracting data, copying, and pasting it in seconds. With stellar speed and accuracy!

Strengthen Partnerships

When data flows fast, completely, and correctly, and staff on both sides are not burdened with admin, relationships build and get happier and stronger.

Reduce error

Focusing on a manual task for hours is tiring and boring so the scope for error is huge. A robot doesn't get tired and works with 100% accuracy to enrich all required data round the clock.

Ready to automate your data enrichment?

Let's talk about your data enrichment and see how we can automate it best 🙂

Talk to us

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Transfer of Assets Excel Automation

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We all love Excel and rely on it heavily. However, it quickly gets messy and time-consuming when the tabs become many and the data becomes abundant and involving of a lot of computations.

The problem

“We used to invest over 400 hours each month filtering Excel data, doing many computations, and copying and pasting information from dynamic and static sources into templates to prepare all transfer assets documents for our clients. It was a highly time-consuming and tedious process, often coming with errors. We needed a change.”

The Solution

A robot that performs all data transformation and data extraction in Excel, collects all static information from online databases, and prepares all transfer assets documents automatically (using preapproved templates) … with speed and 100% accuracy! 

How it works? ... in 6 Simple Steps

1. Robot requests the Transfer Asset Excel file

The robot asks you to provide the file containing all Transfer details for all client entities (.xlsx format). This will start the automated process. No other inputs are required from you. At this point, you are able to continue your activities on your laptop whilst the robot is doing all the required work on the server.

 

2. Extract data from the Transfer Asset Excel file

Next, the robot extracts and collects all the data from the Transfer Asset file. This is also when the robot performs all computations. This ensures that no computations have to be managed further in the process. This operation enables the robot to detect any errors in the dynamic data early in the process.

 

3. Extract the static information for related entities

The robot then collects the remaining static information that is required to complete the transfer assets documents. This data is stored within an online database and contains all required information for each client and its entities.

 

4. Create Word documents for each entity

The robot populates all empty information holders within each document template with the static information (entity name, entity address, etc.) and does the same for all dynamic information from the Transfer Assets Excel file. 

 

5. Email the documents for each entity

The output of the process is a series of Word documents for each entity’s transfer assets. The risk is to have a confusing output from the robot with dozens of files. To mitigate this risk, a separate email is sent with the documents for each entity. Other solutions are also possible for ease of use (i.e. zip).

 

Job done!!

 

Why bother with Excel automation?

Save time

A robot is able to perform all your Excel computations, filtering, data extraction, copying, and pasting in seconds. With complete consistency!

Reduce error

Focusing on a manual task for hours is tiring and boring so the scope for error is huge. A robot doesn't get tired and works with 100% accuracy.

Improve service

With increased efficiency, reduced errors, and more engaged staff, the quality of service and the loyalty of clients go up exponentially.

Ready to start with Excel automation?

Let's talk about your current process and see how we can automate it best 🙂

Talk to us

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Generate Documents Automatically

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You probably have company templates to prepare legal documents, approval of accounts, supplier and customer contracts, and various types of onboarding documents. Still, it takes hours to prepare all required documents manually? This robot does it all automatically. 

The problem

“We used to spend over 200 hours a month manually preparing all of our client documents.  We had to find a better way to manage this process because it was clearly inefficient and frustrating for our staff.”

The Solution

A robot that prepares all company documents automatically for you and your team … in seconds, not minutes! 

How it works? ... in 4 Simple Steps

1. Robot asks you what document you need to prepare

The robot prompts you with a question to select from a dropdown of templates which one you want it to find and use. It uses a preconfigured list of company templates to select the correct template for the type of document with want to create. Your answer here determines the next question.

 

2. Select who to prepare the document for

To prepare the document with the correct information, the robot then asks you whose information to use to prepare the document: employee name (if an HR doc), client name (if a client-related doc), supplier name, etc.

 

3. Robot finds the pre-configured database with all required information

To populate the template, the robot navigates to the database where the required information is stored. This could be an internal database, a good old Excel spreadsheet, your CRM, your ERP, your HR system, or in some cases, even a third-party website. 

 

4. Robot prepares the new document & sends it to you. Job done!

Using the information from the relevant database for the selected template, the robot automatically extracts and inserts all data into the correct information holders within the template and completes the document. 

 

Once complete, the robot saves the new draft for your final review. 

 

The robot can also send you the draft directly via email or it can upload it to your CRM, ERP, or HR system. It can even send you a notification to review and approve it. Quite easy & efficient!

 

Why bother automating your documents generation

Save time

It probably takes you 20-30 min to prepare a single document (with all reviews). A robot is able to perform the same task in just 30 seconds

Engage staff

Focusing on a manual task for hours is tiring and boring so your people will happily cheer if you bring in a robot to take over the tedious process.

Increase efficiency

A robot works without rest which means you can finally supercharge the speed of doing business and even reduce the scope for error.

Ready to start generating your docs automatically?

Let's talk about your doc generation process and see how we can automate it best 🙂

Talk to us

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