captcha

Case studies

Doyle Kelly Doyle Kelly and Company is an accounting practice established in 1999, based in Drogheda, Co. Louth.

We are a firm of Auditors, Accountants and Insolvency advisors and members of both the Institute of Certified Public Accountants in Ireland and the Irish Society of Insolvency Practitioners. We are a team of 2 partners, 5 accountants and 5 support staff providing our services to a broad spectrum of clients working in all areas of business both in Ireland and abroad.

We purchased the AutoRec Platinum licence in July 2012 and have three bookkeepers in the practice using the software.

Business Challenge

The challenge for us was to improve both the productivity and profitability on smaller shoe box clients who were extremely sensitive to fee increases. The time taken by staff to complete bank reconciliations has always been a concern. Over the years we have tried many in house solutions without success. The "human error" factor is so big particularly with larger bank reconciliations that the problem seemed destined to be something that we would have to live with.

Typically it would take a bookkeeper one day inputting approximately 30 pages of bank statements into a spreadsheet. During our busy periods such as tax deadlines our teams were working overtime to complete the accounts for these shoebox clients.

The process of completing bank reconciliations and carrying out accounts preparation for these types of clients is time consuming, frustrating and costly. Bookkeepers could spend two days on a bank reconciliation that when passed to an Accountant would take 4 hours to complete the accounts. It has always been very clear to us where the problem lay.

Solution

As AutoRec has the ability to recognise all the major bank statements in Ireland we were able to use it across a wide variety of clients. We have also been able to use it for reconciling Visa Accounts.

AutoRec takes the stress, hassle and pressure out of dealing with shoebox clients at a bookkeeping level. We tested the software during a trial period using one of our largest "bank rec" clients. For instance a bank reconciliation that took 5 to 7 working days depending on the number of "human" errors could now be completed in 2 days. The consistency of the finished reconciliations has been welcomed by our Accountants.

Key Benefits

We have three bookkeepers in our practice utilising this software on an almost daily basis. Not only does it save time and money but the accuracy is excellent thereby reducing the dreaded search for missing "hundreds" in a manual bank reconciliation. Staff training is included in the annual licence subscription and any support issues have been quickly dealt with by the AutoRec technical team.

We have been able to redeploy our bookkeepers in other areas of the practice due to the extra time they now have. They are the software's greatest fans. It has made their jobs a lot easier having removed the daily frustration of trying to balance bank reconciliations. AutoRec has a broad range of accounting functions including identifying and reconciling outstanding cheques, importing cheque journals, calculating net and VAT for all transactions and providing detailed reports which ultimately allows actions and providing detailed reports which ultimateour bookkeepers to complete bank reconciliations in minutes.

AutoRec has provided us with an OCR solution that has empowered our practice to improve profit margins and increase turnaround time with these customers. Shoebox clients can now be priced very competitively given the current market. We would have no hesitation in recommending this software. It is so simple and straightforward to use. You don't need to be an IT or software expert to use AutoRec as it has been developed with the end user in mind.

Connolly_Accountants Connolly Accountants is a young and progressive firm of Chartered Accountants and Business Advisers with offices in Stony Stratford in Milton Keynes and Brackley in Northamptonshire.

We are a very respected and successful accountancy practice offering a level of service that surpasses the usual routine accountancy tax and financial work. We offer a complete range of outsourcing opportunities, enabling our clients to concentrate on the more important aspects of running their business. These are tailored to suit each client, from ad-hoc business advisory services to providing a fully outsourced book-keeping and payroll function.

We have two accounting practices with 22 accountants using AutoRec. We purchased our AutoRec Platinum licence in August 2012

Business Challenge

Shoebox clients or smaller companies are more inclined to simply send their bank statements and used cheque books to their accounting practice for the accountant to carry out the bank reconciliation along with payment and receipt analysis, VAT liability analysis etc. For this reason, our accountants may carry out hundreds of these annually causing us to spend valuable time and staff resources completing this type of work.

One of the challenges for our practice was to meet the growing local demand of your typical Shoebox client. We also needed to increase the profitability and effectiveness of this kind of accountancy work. Typically, our highly trained accountants were spending hours or even days entering transactions from dozens of bank statement pages into an accounting package. This consumed valuable employee time, making it difficult to improve the proficiency of our practice.

The main challenge for us was the vast amount of time our accountants spent processing this type of client. Not only was the data entry tedious and monotonous, the manual method was prone to a lot of errors. Rectifying these inaccuracies would further add to the time spent on these clients. We found dealing with Shoebox clients was by and large a fruitless and unprofitable exercise.

Solution

For Connolly Accountants AutoRec has removed the manual data entry requirement and also provided us automation in the reconciliation and analysis of the data. On average, bank reconciliation with payments and receipts analysis covering thirty pages of bank statements takes approximately four hours to complete manually, compared to AutoRec that would take no more than 25 minutes.

AutoRec facilitates and automates the process of performing bank reconciliations from paper bank statements into a spread sheet eliminating the manual data entry method. Despite the existence of many OCR products and many reconciliation products on the market, AutoRec combines these technologies specifically for the purpose of completing bank reconciliations from paper statements.

AutoRec has a broad range of accounting functions including identifying and reconciling outstanding cheques, importing cheque journals, calculating net and VAT for all transactions and providing detailed reports which ultimately allow our accountants to complete bank reconciliations in minutes rather than hours. AutoRec allowed us to streamline bank reconciliation processes and increase the efficiency of our accountants.

Key Benefits

AutoRec has saved us a massive amount of time and hassle. At busy periods the stress of dealing with these paper based clients has also been greatly reduced. Due to this extra efficiency we have been able to allocate extra time to growing our practice in other areas. We no longer dread taking on new paper based clients, as both the reconciliations and analysis is much easier and faster to process. We particularly like that you can do a full payments and receipts analysis within the bank reconciliation software itself.

AutoRec has made the analysing of bank statements so much easier. Our Shoebox clients have now become a viable and profitable part of our practice. We would have no hesitation in recommending AutoRec. It is so simple and straightforward to use. This software has provided our practice with a huge time saving tool to effectively process this frequently performed, labour-intensive and error-prone task. AutoRec provides immediate and substantial cost savings to accountancy firms and companies. Deciding to use AutoRec immediately increased efficiencies and streamlined a time-consuming process within the business.

JSWilliamson J.S.Williamson and Co was established in 1983 and today, we continue to build on our enviable reputation for providing excellent advice and first class service to our business and personal clients alike. We have many clients in the local community and service businesses, small and large, across many sectors including; the service sector; construction industry; manufacturers and retailers.

As well as general Accountancy, Audit and Tax skills, we also have individual specialist skills, which enable us to provide clients with a first class service. With our wealth of experience we pride ourselves on delivering an unparalleled service to all clients, whatever their size or sector.

We purchased our AutoRec Gold licence in June, 2012.

Challenge

One of our main challenges included trying to make a profit from our Shoebox clients. Our accountants were entering transactions from the bank statements line by line, into a spreadsheet in order to do a reconciliation and analysis for these clients. We wanted to put in place a system that supported our accountants processing these types of clients. In addition, we were aware of the time and resources being expended on these manual and time consuming tasks.

Our structure could not meet the needs for our accountants and the system was not very flexible. While this method eventually got the work done, like all manual systems it proved cumbersome, error prone and frequently led to gaps in performance. We took the opportunity to identify a possible accounting software solution which would reduce costs and resources while maintaining a strong level of best practice.

Solution

AutoRec helped us formulate a more efficient and accurate method of processing these clients which led to a more proficient management of our bank reconciliation analysis. There is less re- keying of data entry and human error mistakes. This allows our accountants to take on more work in those demanding, busy times of the year. It helps us to save time and costs which has led to a higher turnover and profit rate from these customers.

The software facilitates a better integration for our practice where fresh bank statements can be quickly entered into a clients AutoRec file and updated. Using AutoRec has allowed us to save time compared to processing these bank statements manually. Manual data entry ultimately leads to human error mistakes which in turn results in increased stress and overtime.

Within AutoRec there is an easy to use editing and formatting tool which enables you to subtotal your information by date, category, Vat rate or posting/nominal code. These customised reports can be formatted by our users which can then be saved into a spreadsheet and posted into our account’s production software. Installing the bank reconciliation software was simple and uncomplicated and there was also no need to use external IT consultants in the setup of the platform. Some of the key areas where AutoRec is able to minimise costs are by saving time, effort, energy and reducing human error.

Key Benefits

For Accountants working in Practice, who deal with these paper based clients, AutoRec is software designed to meet the needs of the bank reconciliation process. It ensures you can allocate more time to expand your client portfolio and increase your revenue potential in this and other areas. It has without doubt saved our accountants valuable time and effort. It is very straightforward to use and operate. With the cost and time savings we can also build better relationships with all of our customers.

For our practice there is no going back to the manual data entry system. What was once a laborious and complicated task is now so simple and effective. It has helped us stay on top of a large portion of our client base making our bank reconciliation process manageable and up-to-date. We feel AutoRec is intuitive and the solution is very comprehensive.

The speed and simplicity of AutoRec allows us to produce complete payment and receipt analysis reports within minutes. Our practice has six licences which means more than one accountant can work on different client’s accounts at any one time resulting in more effective processing. J.S.Williamson can now demonstrate a time based management approach to these customers. We achieve this through utilising AutoRec’s key benefits and features, ensuring our operations are as efficient as possible. We have found it to be a tremendous tool and would fully recommend it to a busy Practice. The ease and time savings are fantastic and the investment was very worthwhile.

Tax_Assist TaxAssist Accountants are the largest network of accountants who specialise in the Accountancy and Tax needs of small businesses and taxpayers in the UK and Ireland. We specialise in providing accountancy services, tax returns, payroll, bookkeeping, tax savings and tax. Business advice to small businesses. We have as a network over 40,000 customers including; Sole Traders, Partnerships, Limited Companies and Personal Tax Payers.

We purchased the AutoRec Platinum licence in July 2012 with 4 accountants using it in the practice.

Business Challenge

With potentially hundreds of Shoebox clients, we needed a better system to maximise the profitability of these clients and a structure that could be easily implemented by everyone in our accounting practice. Our system included manually entering the transactional data, inevitable human error inaccuracies and a huge amount of time spent processing these clients for little or no return.

At busy periods we were struggling to keep up with the day to day business and our team was often frustrated with the process of dealing with these types of clients. As the number of Shoebox clients increased and became a larger part of our practice we were looking for ways to help meet the specific needs of these customers in a more profitable way. We were keen to find a product that could eliminate the manual labour involved and provide accurate results.

Solution

We wanted a solution that was straightforward enough for our accountants to manage, but sophisticated and wide-ranging enough to cover the varied demands of this client-base. AutoRec bank reconciliation software helps us to manage these clients and we can now tightly control the time spent processing these bank statements.

It’s simple to use and good value for money. It just does the job! Our licences were easy to install and set up. AutoRec is straightforward and saves our accountants time every day. We use AutoRec to produce accurate spreadsheets from bank statements and provide summary reports from the analysis of the payments and receipts.

Key Benefits

As well as the obvious time and cost savings, the improved, integrated system has helped us to spend more time winning new business. It offered an extra level of reporting – allowing our accountants to keep records, including calculating net and VAT for each transaction. AutoRec makes a complex process very simple and highly efficient. AutoRec delivers tailor made niche solutions for highly accurate data extraction from scanned images of paper bank statement documents into a spreadsheet.

This software solution removed data entry dependencies while providing significant efficiencies in terms of time, costs and accuracy. AutoRec is fast becoming a key part of our practice, thanks to the time and resources we save by using this bank reconciliation software.

For our practice, this means our accountants can now spend their time processing and completing more jobs in the time available, and thus increasing the overall productivity of our practice. Since using AutoRec we have found the staff to be very supportive. Their backup for processing questions, from ourselves or our staff have been dealt with in a speedy and professional manner. We would not hesitate to recommend this product to any accounting practice that is still manual entering in transactions from bank statements.

frank_mcmahon Frank McMahon and Co, Certified Public Accountants and Registered Auditors are located in Kildare Town. Our aim is to provide clients with comprehensive and professional services addressing all aspects of their business. Our practice has a depth of experience developing its own business and assisting a wide range of clients. This experience and knowledge gives us the capabilities to work with clients and ensure that commercially and financially they are positioned to achieve success.

Providing value added advice, we treat each client as an individual and tailor our recommendations accordingly. We are protective of our record, and proud that our clients stick with us and we are delighted by the number of recommendations we received from them.

We purchased an AutoRec Gold Package in February, 2013.

Business Challenge

We recognise that our clients have different needs and can be profitable if managed correctly. However our format for managing this type of accounting work proved time consuming, labour intensive and inefficient. We believe that our practice needs to be responsive, reactive and flexible in order to best meet market needs of these paper based customers.

Until recently, our accountants were drudgingly processing these bank statements by manually entering in each transaction into a spreadsheet. Our accountants found this method typically awkward, uncoordinated and cumbersome. There was little room for profit or income from these clients. The competitive climate in which accounting practices operate changes constantly and therefore we believe in frequently evaluating our operational processes. Frank McMahon & Co endeavours to be a customer driven, high performance accounting practice that ultimately provides efficient value to our clients.

Solution

We have invested heavily in the latest computer hardware and accountancy software to ensure that our professional services are provided on a timely basis and in the most cost effective way. We decided to put into practice a scalable solution to achieve a more productive, cost effective and profitable solution for our clients.

The transition in adopting a new system into the practice was quick and easy. Our team were initially trained in how to use AutoRec and also any support issues were a phone call away. Our accountants were keen to move beyond the traditional and dated method of processing bank recs. AutoRec makes it possible for our accountants to reconcile bank statements quickly, allowing accounts preparation to be completed more rapidly and accurately.

Key Benefits

Our practice success is the bridge between inputs and corresponding outputs. This software solution is full of additional features that save time completing tasks. Previously substantial effort and time was spent searching for specific transactions, for example if we wanted to check whether an invoice was paid or not. Within AutoRec there is a search function which allows us to quickly search for any transaction by month, value, description, etc. AutoRec ultimately provides a very convenient and practical way for our accountants to process these paper based clients. Growth can now be achieved in a number of ways through increased productivity and investing more time in gaining new business or increasing the volume of clients we take on.

We have also increased the turnaround time for these clients. We would not hesitate to recommend AutoRec to any accounting practice that is still manually entering in transactions from bank statements. We now have the opportunity to expand our potential market and services to other segments in the accounting industry. We appreciate that significant benefits are gained by using AutoRec, making our core accounting applications more cost effective and proficient.

AutoRec has enabled our accountants to streamline bank reconciliations and analysis processing, considerably improving efficiencies. The software extracts transactional data into a spreadsheet, auto detects cheques, calculates net and VAT values and facilitates a full payment and receipt analysis. AutoRec has fundamentally changed the way our practice handles our paper based clients, bringing time management proficiencies to the fore of our company operations.

Con_Dolan Con Dolan Accountants was established in 1989 and are based in Cavan Town. We specialise in the preparation of financial accounts for companies, partnerships and sole traders. The practice is registered to carry on audit work and authorised to carry on investment business by the Institute of Chartered Accountants in Ireland (ICAI). We are a platinum approved training practice with the Association of Chartered Certified Accountants (ACCA). We pride ourselves in our continuous investment in professional education and development for our accounting team.

We purchased a Gold package in February, 2013.

Business Challenge

The provision of accounting and bookkeeping services is a highly competitive market. For Con Dolan operating efficiently involves managing costs in certain areas of the practice. We wanted to look at key areas where we could improve value for money for our clients by maximising the return on time, effort and energy. The objective was to find an approach that aimed to reduce the non-productive time in business operations.

A key priority for us was to increase efficiencies when processing our bookkeeping assignments. Our team of accountants looked for improvements in processing transactional information and entering the data into a spreadsheet. Accounting practices benefit from data entry work because the entry allows them to sort, analyse, interpret and reconcile data. Yet there are disadvantages when it comes to manual data entry, such as human error, time and costs.

Solution

Efficiency is usually not something that is achieved overnight. However, with AutoRec we achieved just that! We purchased our licence and we were ready to go the very next day. The software is extremely user friendly and logical.

With training and support included in our licence our accountants had no problems utilising the software to its maximum effectiveness straight away. AutoRec has allowed us to adopt a time-based management approach to ensure that productivity is kept to a maximum.

Key Benefits

Our practice now has a competitive advantage through increased efficiency and organisation. The aim of purchasing AutoRec was to improve the return on resources providing accounting and data processing services for bookkeeping clients. At the same time, it was about making the practice more efficient and proficient.

These improved processes have contributed to cost savings which help Con Dolan to operate more efficiently as an organisation. AutoRec focuses on meeting the needs of accountants working in practice and providing innovative solutions.

CACM CACM Accountants are a quality oriented Certified Public Accounting firm based in Cork city. We offer accounting, taxation, audit and small to medium size business consulting services with a personal touch. Our objective is to provide high quality accounting, audit and tax services at affordable fees to small and medium size business. At CACM Accountants we provide a wide range of Accountancy Services including year end accounts preparation, monthly and quarterly management accounts and financial projections.

We purchased an AutoRec Silver package in November, 2012.

Business Challenge

The accounting industry is a highly competitive market. For CACM Accountants operating efficiently involves reducing costs in certain areas of the practice. We wanted to look at key areas where we could minimise costs are by saving time, effort and energy. The objective was to find an approach that aims to reduce the time wasted in business operations.

A key priority was to increase efficiencies when processing our Shoebox clients. Our team of accountants were fed up with ticking transactional information and entering the data into a spreadsheet.

Solution

We purchased our licence and we were ready to go the very next day. The software is extremely user friendly. With training and support included in our licence we had no problems utilising the software its maximum effectiveness straight away. This software has allowed us to adopt a time-based management approach to ensure that productivity is kept to a maximum.

Key Benefits

Our practice now has a competitive advantage through increased efficiency and organisation. The aim of purchasing this software was to reduce the quantity of resources used in providing these accounting services to these Shoebox clients. At the same time, it was about making the practice more efficient.

AutoRec helped us reduce the number of hours spent on manual data entry and therefore reducing labour, corrections and time. This in turn has reduced costs. These efficient processes have contributed to cost savings which help CACM Accountants to operate more efficiently as an organisation. AutoRec focuses on meeting the needs of accountants working in practice and providing innovative solutions.