High quality data management is one of the biggest opportunities available to financial professionals who are offering both bookkeeping and advisory services. When it comes to data, the adage “garbage in, garbage out” has never resonated so deeply with advisors and business owners. The takeaway? Quality matters. That’s why processes like quality assurance reviews are essential to data presentation and reporting.

Bookkeeping systems contain an immense and always-growing volume of data, translating to a wealth of information and potential. Data is collected, sorted, reconciled, analyzed, and optimized to uncover vital insights and produce valuable financial reports. These reports help business owners stay out of trouble and spot potential roadblocks before they arise. They also allow business owners to identify areas of opportunity and to make smarter decisions about their business.

To ensure high-quality data is present in their reports, many of our Partners (financial professionals who use our system) perform bi-weekly or monthly quality assurance reviews for their clients. This process involves reviewing the overall accuracy and quality of the bookkeeping work that has been done. In doing so, the accountants can catch anomalies or discrepancies in the data. Anomalies may indicate an error in the bookkeeping work or an issue where incorrect or inaccurate data has been pushed into the system by another application.  They can also reveal other problems in the business that need to be addressed.

Though time-consuming and labor-intensive, the importance of completing these regular QA reviews shouldn’t be understated.

One of our longtime Partners, Vancouver-based financial consulting firm Entreflow, began using CHATA.AI for a segmented group of their monthly quality assurance reviews (approximately 25 client files) early this year. Prior to employing CHATA.AI to complete their QA review process, each review could take 1-3 hours per client file each reporting period. And that was if the books were in good shape.

On the optimistic end of that spectrum, Entreflow’s QA reviews took a minimum of 25 hours each month. The reality was often considerably higher: anywhere from 60-75 hours every month. The process itself was undoubtedly tedious. Teams like Entreflow typically track their progress through self-built systems like checklists, filling out standardized Google Forms or Excel spreadsheets. To complete the work, they often need to keep multiple tabs or windows open. They also need to navigate through their accounting platform and other applications to find data and analyze it. Finally, when they have the information they’re looking for, the team participates in a “fun” game of email tag or Slack volleyball to dissect any discrepancies or notable data points.

Though time-consuming and labor-intensive, the importance of completing these regular QA reviews shouldn’t be understated. The reviews are a critical step in ensuring the accuracy of outgoing reports, which in turn, affects the quality of the decisions clients are able to make. These reviews also ensure that each accountant’s work gets a second set of eyes: an extra layer of data quality control. Ultimately, how useful, accurate, and meaningful these reports are have a major impact on Entreflow’s client satisfaction.

This entire process now takes under fifteen minutes per client file.

With CHATA.AIEntreflow began to streamline their processes to save the firm major time completing their regular quality assurance reviews. The app pulls the required data automatically at the same time each month and it’s saved into a report; an entirely hands-off process.

The reports have been built and customized so that data is presented in the same window as the accompanying review comments, allowing another accountant to swiftly analyze the state of the books and identify anything that warrants further discussion. They can then share their notes digitally, in-app, with their peers for a final sign off.

This entire process now takes under fifteen minutes per client file. This has made it easier for the team’s advisors to leverage their expertise to offer deep analysis and insight derivation. They are able to save time while delivering significantly greater value to each client.

As firms strive to remain competitive in today’s environment, automating tasks that no longer necessitate direct human involvement––particularly when it comes to repetitive tasks where humans are more prone to make errors––is a must.

The nature of true advisory requires both a high level of human empathy and a critical business mind, but both must be applied strategically. Moreover, to attract and retain talent in a firm, it’s important to automate tedious tasks so that employees remain engaged and committed to their clients’ success and don’t feel overwhelmed or bogged down in mundane tasks.

CHATA.AI makes it possible to transform otherwise tedious processes into efficient workflows with powerful results. It serves as a platform for seamless collaboration with teammates and clients alike. CHATA.AI also provides a full suite of tools (customizable dashboards, totally hands-off cash flow forecasting, and customized reporting) aimed at empowering Partners to create, sustain, and scale a holistic data-driven advisory experience.

Check out more ways you can use CHATA.AI’s features to help you turn business data into the powerful insights that put you on the road to success.

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