AntWorks

Big 4 Auditing Firm
Generates Faster Tax Reports

Industry

Accounting and Financial Services

Product

CMR

Process Automated

Account Reconciliation of Financial Statements

Client Profile

The customer is one of the world’s leading professional services providing audit, tax and advisory services and considered the fastest growing Big Four accounting firm in the United States. With over 207,000 employees, the global organisation is a major presence in 153 countries and territories.

Challenges

As part of the firm’s service offerings, accountants manually categorised account charts across different financial documents such as profit and loss statements, balance sheets, general ledgers, invoices, cash flow statements, etc. This firm has clients in multiple industries that uses a variety of naming conventions across different financial statements (5,000+ classifications). This often leads to incorrect identification and missing data points. Taken together with the cyclical nature of the accounting business, during peak seasons accountants’ time is being spent on manual reconciliation work when it would be better spent interacting with clients.

Solution

This firm uses CMR, with its combination of AI, cognitive technology, Machine Learning and pattern recognition to deliver cutting edge Intelligent Document Processing. CMR accelerated the process of document verification by extracting relevant data from various documents. Its business rules engine classifies and reconciles financial statements automatically, including uncovering any discrepancies.

Results

CMR delivered a cost-effective, end-to-end reconciliation of financial statements. This streamlined automation choice helped the organisation to achieve a 100% increase in employee productivity while significantly reducing errors in the reconciliation process. Our client gained a 360-degree view of data points across documents and ensured a 100% regulatory compliance. CMR provided a faster turn-around time from 2 hours down to 30 minutes, saving thousands of staff hours which allowed for redeployment of resources to more productive workstreams – a direct bottom line saving.