“The goal is to turn data into information, and information into insight.” – Carla Fiona, former CEO of Hewlett Packard
Isn’t this what advisory services are all about? It’s all about helping our clients with insight, and Xennet Autoreview is a great tool to assist with this. In the part 2 of the deep dive into how you can use tools such as Autoreview to better your practice and service to your clients, we dig into other data issues that Autoreview can help you find.
Some custom searches you can set up could be to find any of the following:
- Foreign currency to ensure that the correct currency has been selected, or correct taxes has been selected.
- Shareholders loan accounts to ensure that there is no tax claimed on these.
- Tax code reviews for those of us in Canada filing GST and PST returns.
- Items without attachments.
- New assets added.
Some of the newer features recently launched include any account that should have a specific balance, or even a threshold that they should not go over. This can be used for clearing accounts, employee expense accounts, and bank, credit card, and line of credit accounts, just to name a few.
Something else that you can use Autoreview for is team training. If you set all the searches up correctly, and let your team use Autoreview for a monthly review on their files, they will easily see items that they may have missed or processed incorrectly. This will teach them what to look for without micromanaging, while also helping increase their confidence. It’s worked great with my team.
I now offer deep dive diagnostics that I can hammer off with confidence using Autoreview, and it can catch items that I likely would have missed reviewing manually. I have also used their reports to screen print, as well as create a nice executive summary for my clients. Once you’ve created a template for this, it’s now a premium service you can offer.
Using Autoreview monthly on our client files keeps the time significantly down when we get to the year-ends. And who doesn’t like to wow the accountant and the clients with a clean year-end? I think we all do, but sometimes, it can be really time-consuming, especially if you have a ton of year-ends come up at the same time like I do.
I hope you enjoyed the 2-part deep dive into how a tool like Autoreview can help streamline your practice and flows, saving you time and enabling you to look at other opportunities, or take some valuable time off.
Editor’s note: This is part 2 of a two-part series on Xennet Autoreview. To check out part 1, click here.
