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Case Studies

International Accounting Firm Shortens Client Audit Cycle Time Through Automated Data Extraction of Sales Tax from Client Invoices

Business Challenge

An international accounting firm wanted to utilize an automated data extraction solution to extract sales tax data from their client’s invoices and consequently shorten audit cycle time. Originally, tax professionals within the firm had to manually key in information. This process of manually entering data was time-consuming and error prone, as tax professionals had to look through invoices and enter data manually as opposed to focusing on their core competency, tax analysis. The firm elected to utilize an automated invoice processing solution that would leverage intelligent data extraction to extract the tax data they required and essentially streamline their entire audit process.

Solution

To shorten the time it took to complete their audit cycle, the firm utilized SoftWorks AI’s Trapeze for Invoice Processing software to perform intelligent data extraction of sales tax on millions of client invoices. Trapeze provides advanced recognition that can identify and extract information from invoices, thus providing the firm a viable solution to streamline their audit process and shorten their audit cycle.

Results

SoftWorks AI’s Trapeze for Invoice Processing was ideal for the firm, as the automated data extraction of sales tax from invoices enabled the firm to shorten their audit cycle time. Trapeze utilizes intelligent recognition technology to extract relevant information from their client’s invoices accurately and effectively. Prior to using Trapeze, highly paid tax professionals used their valuable time performing manual data entry.

After using Trapeze, the firm reduced their need to enter data manually and was consequently able to shorten their audit cycle time. Trapeze reduced the time their tax professionals spent handling invoices. This enabled the firm’s tax professionals and staff to perform more targeted and analytical tasks associated with shortening their audit cycle time. SoftWorks AI’s automated data extraction of sales tax from invoices overall enabled the firm to shorten the engagement lifecycle for client sales tax audits.

Benefits

Objective Benefits Achieved
Shorten the audit cycle for their clients With faster processing and professionals spending time on more vital tasks, the firm was able to shorten the engagement lifecycle for client sales tax audits.
Accelerate invoice processing Automated data extraction allows for the quick processing of invoices.
Reduce manual data entry costs Automated data extraction of sales tax requires less staff to handle invoices, thereby reducing data entry costs.
Enable tax professionals and other staff to perform more vital tasks Automated data extractions allows professionals to perform more targeted and analytical tasks, including tasks that would potentially shorten their client’s audit cycle time.
Extract all sales tax related data The software was able to extract all sales tax related data, including state tax, county tax, city tax, and other relevant data.
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