Customer:
ARGI
Industry:
CPA Accounting Services -Wealth Management
Website:
https://www.argifinancialgroup.com
Product Used:
CPA Client Engagement Automation Solution
Using the CPA Engagement Product, I was able to click one button and generate the reports and deliver them to the client executive leadership, and they were super impressed.
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About
Autymate partnered with ARGI to develop and deploy a custom workflow automation app that provides their clients’ real-time daily access to key financial KPIs via a customized reporting solution specifically tailored for their client’s niche verticals (e.g. dentistry and optometry).
Background
The goal of the Autymate/ARGI partnership was to create a comprehensive client onboarding process and workflow automation tool that would auto-import client data directly from a client’s accounting system (QB Online, Sage, etc.) into ARGI’s proprietary reporting format, including the ability to perform trial balance consolidation for companies with multiple entities.
The genesis of the Client Engagement Automation Solution was the firm’s dissatisfaction with the data extraction and reporting capabilities of the client’s accounting systems. It was the general consensus among ARGI’s accounting staff that (in many cases), the design of their client’s Chart of Accounts (COA) did not always conform with best accounting practices for the client’s specific industry. Therefore, ARGI staff was often forced to create an industry-specific COA for each client. This process required their accounting staff to review QuickBooks transactions and entries and reclassify and recategorize transactions into ARGI’s proprietary, industry-specific accounting format. This process can take between 16-32 hours per Client – only to produce a retrospective report on quarterly financial activity, which is inevitably tendered days/weeks after monthly/quarterly close. To make matters worse ARGI has over 100 clients that may need this type of reporting solution.
ARGI also acknowledged that they were challenged to provide meaningful advice to clients using generally sub-standard reports available from the Client’s accounting system. The general lack of industry-specific COA prevented ARGI CPAs from providing clients with benchmark comparison with industry competitors and an ability to offer accurate, prospective, consultative advice. Minimally, ARGI wanted to report client financials in 5 simple reports:
The Challenge
ARGI tasked Autymate with designing and developing a client engagement automation solution to extract and export client financials from Quick Books Online and Quick Books Desktop into an industry-specific chart of accounts (COA). Solving this problem would allow ARGI to deliver a high-margin, value-priced real-time financial reporting solution with a compelling ROI.
Historically, ARGI accounting staff would manually create and populate an industry-specific COA for each client. Creating a new COA required manual input, including:
- Reorganization of existing COA
- Reclassification of accounting entries
- Recategorization of accounting transactions
- Re-allocation of the client's previous COA and accounting transactions
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AFTER
Autymate created the perfect Client Engagement Automation tool which included:
• Automated, No Touch Daily Report Builder
• With Autymate’s no-touch solution, ARGI can now electronically extract and import financial data from new and existing clients in less than an hour
• Auto mapping and reorganization of existing client COA to ARGI’s proprietary industry-specific COA
• Auto mapping and reclassification of mischaracterized accounting entries
• Auto mapping and recategorization of accounting transactions
• Real-time reporting 24/7.
• Dashboard notifications and alarms on essential events, including overdrafts/low cash balance, unreconciled account alarms, outstanding AR, etc.
Our Solution
Autymate designed and developed a client engagement automation solution to extract and export client financials from Quick Books Online and Quick Books Desktop into an industry-specific chart of accounts (COA). Solving this problem allowed ARGI to deliver a high-margin, value-priced real-time financial reporting solution with a compelling ROI.
Specifically, the Autymate created the perfect Client Engagement Automation tool, which included:
- Automated, No Touch Daily Report Builder
- With Autymate's no-touch solution, ARGI can now electronically extract and import financial data from new and existing clients in less than an hour.
- Auto mapping and reorganization of existing client COA to ARGI's proprietary industry-specific COA
- Auto mapping and reclassification of mischaracterized accounting entries
- Auto mapping and recategorization of accounting transactions
- Real-time reporting 24/7.
- Dashboard notifications and alarms on essential events, including overdrafts/low cash balance, unreconciled account alarms, outstanding AR, etc
With Autymate’s no-touch solution, ARGI can now electronically extract and import financial data from new and existing Clients in less than an hour.
• Successfully integrating new and legacy client systems
• Creating a Single Source of Truth (SSOT) for client financials.
• Creating a single application
In the end, we decreased ARGI's COGS by over 90% and increase their ARGI’s ROI by offering an app to their clients that gave them daily reporting instead of Monthly/Quarterly and the ability to customize their solution for each of their client’s nitch verticals like dentistry and optometry.
Bottomline
This project had a considerable impact - reducing COGS and increasing gross margins, ultimately allowing ARGI to achieve value pricing and a tremendous ROI. With Autymate's no-touch solution, ARGI can now electronically extract and import financial data from new and existing Clients in less than an hour as well as combining new and legacy client systems to create create a Single Source of Truth (SSOT). Creating a single application we learned the undeniable value of being laser-focused on Intuit integrations for CPA firms and the ROI associated with enabling CPA firms to leverage “value pricing” to reduce COGS and improve margins.
