Improve Your Work Flow: Automate

By Ronald D. Kranzler, CPA, and Stephen Barrett, CPA, CITP
April 20, 2006
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Because the inserted content retains a link to the library, if FASB changes or amends a required note, the specified changes need only to be made to the note in the library and all appearances of that note within all clients’ files can be changed automatically with one click of a button. If your firm uses a traditional Word/Excel hybrid, then you know any changes typically require someone to manually change the note in every location for every client by repeating this tedious process of drafting, typing, editing, redrafting and approval.

A client datasheet (which holds all client information such as name, entity type, number of owners, basis of accounting, etc.) is the central location for entering all client-related information. As changes in company information are made to the data sheet, the financial statement will be automatically adjusted accordingly.

Information included in the centralized content library and the client datasheet automatically populates fields within the financial statement template, leaving a report that is 90 percent edited upon creation. Both components are significant time savers and have become the best insurance for maintaining stylistic consistency and preventing grammatical and typographical errors.

Together, the content library and the client datasheet, along with an imported trial balance, create a report that will limit the amount of time reviewers spend on editing style and grammar, thereby allowing them to focus more on the content.

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