The Danish state-authorized public accounting firm, Martinsen, automated the manual process of sending audit confirmations with Audit Applications. This digitalization project resulted in time savings of 1-2 hours per audit client and ensures a uniform and effective process.
Audit confirmations are the preferred tool for accounting firms to verify their clients’ accounts receivable / accounts payable balances. However, this can be a manual and time consuming process as was the case at Martinsen, a Danish state-authorized public accounting firm.
“We had our own tool and used Microsoft Word for mail merging. This worked ok, but it took time and required a lot of effort. Following up on unanswered confirmations was a manual process and took a disproportionate amount of time. The response rate for confirmations sent by letters isn’t very high and that was the main reason for the follow up work,” tells the state-authorized accountant Michael Marseen from Martinsen.
Digitalization gives a better overview
Martinsen started using Audit Applications to improve their audit confirmation method. Now the entire process is automated so that confirmations are sent via e-mail, answers are registered and displayed in a reporting module and follow up emails are automatically sent as needed.
Accountant Gina Frederiksen says that Martinsen now saves 1-2 hours per client.
“It’s especially the follow up process where we see savings. We no longer have to manually check who has replied and then follow up with them again. Also, we get all our documentation in one single PDF document instead of having it “laying around” as individual letters and files in different folders,” she says. Michael Marseen continues:
“We also see it as an improvement of our audit process. It has made the audit confirmation more attractive as an audit procedure, which ensures that our accountants collect audit confirmations uniformly instead of each using their own manual process. This minimizes the risk of errors,” he says.
Very easy to learn
Martinsen has over 170 accountants in 9 offices and Audit Applications solution is used across the company. This made an intuitive user interface and high user adoption one of their top requirements.
“I find Audit Applications’ system to be extremely easy to learn and use. It’s simple and intuitive. You’ve basically learned the entire system after just using it once. That’s important and allows us to streamline our process by letting our junior accountants take this task while the more senior accountants can focus on other areas,” says Gina Frederiksen.
Martinsen is a Danish state-authorized public accounting firm with over 170 accountants. They are a regional consulting and accounting firm with offices in Copenhagen, Aarhus, Esbjerg, Kolding, Vejle, Grindsted, Skjern, Tørring and Vejen.