Posted: 29 / 03 / 2022

The days of spending multiple hours inputting data, leaving just a single hour to advise businesses and individuals have gone.

That’s the feedback from professionals working within industries that until recently have found themselves at the mercy of manual processes when it comes to providing clients with the value of service and advice that is needed.

 

On technology adoption, Trainee Forensic Accountant at Sedulo Forensic Accountants,

Oliver Hannam, said:

 

“In past years we would probably spend around 80% of our time inputting data, leaving just 20% of the time to advise and add value to a client’s case. Today those numbers are flipped, and with tools like Altia we’re seeing just 20% of our time needed for the input stage, which leaves us with four times the amount of capacity to advise our clients.”

 

 

The forensic accounting app stack has seen the adoption of specialist software, Altia, which uses Optical Character Recognition (OCR) to produce digital, meaningful data from paper-based records. The software is now used on a daily basis to convert years’ worth of bank statements, payslips, invoices, schedules and nominal ledgers from a PDF document to an Excel format, significantly reducing the time spent processing information.

 

Hannam added: 

 

“Not only does the software save us hours of manual work on our forensic cases, but we also assist the wider Sedulo Group to process their information, which saves our colleagues hours of manual work too.

“Our software is allowing us to translate numerous file types – such as PDF, TIF, TXT – into meaningful data and analysis tools. What previously may have taken several days to manually process, is now being converted, processed, and analysed within a few hours”.