DataSnipper version 3.0 is finally here with a variety of features that help to increase efficiency and quality in your audit procedures. In this blog, we are going to deep dive into what features are released within version 3.0 and how you can benefit from it.
In case you are new here and don't know what DataSnipper is:
DataSnipper is an intelligent audit platform within Excel that accelerates the speed and quality of your audit. Specialized in automating and easily documenting tests of details, tests of controls, walkthroughs, and financial statement procedures.
Use Form Extraction for extracting data from multiple documents with a similar structure. By eliminating manual work, you will have more time to focus on what matters while increasing the efficiency and quality of your audit procedures. Take a look at this video to see how you can turn Form Extraction to your advantage during your audit procedures.
Say goodbye to repetitive tasks once more! Checking the mathematical accuracy of your tables requires too much manual work and endless hours of calculations. Luckily, the Find all Sums feature automatically finds the sums of your documents for you, saving you an incredible amount of time. This will give you a chance to focus on high-risk areas, increasing the quality of your audit procedures.
What's even better with version 3.0 is that Find all Sums now includes horizontal and totals in different columns. Simply import the documents and click Find all Sums, DataSnipper finds all the sums from different columns.
Document Matching is the fastest way to match your excel data with the data from invoices, bank statements and other audit evidence. Version 3.0 includes an update on Document Matching which will make your document matching procedure even more precise, giving you the opportunity and time to focus on important missing data. When performing Document Matching, you can now adjust your columns based on your requirements by adding different options in your document matching. Start by selecting the documents, the input columns, and the output columns. Matching options can be found by clicking the "..." button on your DataSnipper platform. After clicking, you can assign options to the desired columns. You can set a column as required. If a field in that column is not found, the corresponding row will be left empty. You can also allow a difference up to a specified amount when matching a value. Take a look at this video to see how you can turn Document Matching to your advantage during your audit procedures.
Table Snip saves a significant amount of time by snipping all the tabular data from the tables to the excel workbook. With version 3.0 of DataSnipper, you are now able to implement your first Table Snip to multiple pages. By clicking the "...", you can choose on which pages it should create addition table snips for the same positions. This is especially useful for tabular data on PDFs and it can process up to 10.000 pages.
If you would like to see all the platform features, you can find an overview here.
Version 3.0 includes an automatic pop-up of Document Overview when you want to export and remove documents or create groups of documents.
You might have some important Snips and comments that you would like to share with your clients. Version 3.0 eliminates all the potential miscommunication about your audit procedures with your clients. Simply click the export button in the ribbon panel, and choose the option "Export with snips and comments”. This way of exchanging information with your client will leverage the overall quality of communication while ensuring transparency.
Since we want to give superpowers to every auditor across the globe, Text Recognition within version 3.0 now supports 73 languages! If you have a printed text of one of the 73 languages, DataSnipper will recognize it and keep empowering your audit procedures. Take a look at the language list here.
The DataSnipper worksheet always shows a complete list of all embedded documents. This allows Regulators and clients without DataSnipper to reperform all work.
You can now import various types of files to DataSnipper Platform with version 3.0, allowing you to make use of the DataSnipper platform for your audit procedures to the maximum. When importing files in DataSnipper, you can now select MSG files with attachments, ZIP, and any text-based format like HTML, XML, CAMT, RTF, and TXT. When choosing these files, they will be automatically converted to PDF and opened in your Document Viewer.
DataSnipper Dashboard will allow you to register and log in online to a usage dashboard. The dashboard will provide key aggregated insights over: how many of each kind of snip your team are preparing, the number of documents where text recognition was performed, workbooks prepared/reviewed, and document matching tests completed. You can view the trending of these metrics over time and display them on a monthly, quarterly or yearly basis. The dashboard will be available mainly for administrators or implementation managers within your organisation. By using DataSnipper Dashboard, you will always have access to an overview of the audit procedures of your team.
Curious how DataSnipper helped increase quality and efficiency in audit procedures? Check out Visser & Visser's success story on performing audits 10x faster with DataSnipper!
Would you like to see DataSnipper in action? Book a demo today and our sales team will gladly walk you through DataSnipper Platform!
Finally, we highly recommend visiting the knowledge base for how-to articles and videos to learn more about DataSnipper! Make sure to check out the Financial Statement Suite blog post, the newest add-on module to accelerate the speed and quality of your financial statement procedures.