If there’s one problem that resonates with giant tax and accounting corporations, it is information visibility. As a result of most firms use disconnected methods, getting a fowl’s-eye view of all information units can appear subsequent to unimaginable. Nonetheless, by incorporating APIs, forward-thinking firms are making information visibility a actuality and utilizing it as a aggressive benefit.
What are APIs and the way do they work?
Software programming interfaces (APIs) are software program codes that permit two unrelated methods to entry and use one another’s features or information. From lowering human error to information analytics, APIs are reworking industries by bringing disparate methods collectively and unleashing limitless methods to extend efficiencies.
In actual fact, 70% of firms that added automation to your accounting processes reported a stronger ROI. However how your corporation applies APIs will depend on your particular workflow and answer set. This speaks to the versatile nature of APIs and the necessity to customise an method that works greatest for your corporation.
Generally, API Automation permits your organization:
- Automate key processes and cut back hours spent on non-billable work
- Keep away from handbook information entry to cut back the chance of errors
- Improve visibility into buyer wants with linked options
- Join third-party methods that may in any other case be offline
- Achieve insights for evaluation and choice making
API in motion at a significant accounting agency
Baker Newman Noyes (BNN) noticed the facility of APIs firsthand. Based in 1995, BNN is without doubt one of the high 100 US tax, assurance and advisory corporations serving purchasers regionally, regionally and globally from workplaces in Maine, Massachusetts and New Hampshire.
As the corporate got down to unite its disparate information methods, it started its journey with an automation consultancy from Thomson Reuters. The Thomson Reuters group held a half-day workshop with BNN’s tax division to undergo their processes, step-by-step, and develop an API roadmap suited to their wants.
The primary advice was to include PowerBI to extract particular dimensions and components from GoFileRoom and FirmFlow to floor information utilizing visualizations. As soon as the information was made seen, the corporate was in a position to establish particular areas that required extra time for general course of enchancment.
However his journey didn’t cease there. Utilizing the identical API method, the Thomson Reuters group helped BNN enhance the interoperability of different methods utilized in its workflow to remove duplicate information entry. The outcome was that information moved seamlessly from one system to a different, permitting for a single supply of reality and a greater understanding of your distribution of labor.
“We do not simply keep inside the confines of GoFileRoom,” says Travis Hersom, chief data officer at Baker Newman Noyes. “We began taking a look at a few of our different methods and by reviewing our workflows and the steps we took, we had been in a position to establish a powerful checklist of alternatives to leverage these APIs to remove much more waste in our processes. We had been doing this firstly of the height season this yr, so these fast wins had been actually welcome.”
The affect of information visibility
Immediately, BNN makes use of steering from its Thomson Reuters automation question to make data-driven selections supported by PowerBI templates to create visible experiences — Time monitoring year-over-year and week-over-week, permitting the enterprise to proactively establish and monitor potential bottlenecks within the engagement workflow.
“Going ahead, Baker Newman Noyes will do plenty of information evaluation and visualization,” Hersom mentioned. “Our partnership with Thomson Reuters has been actually useful in creating our excited about how we wish to show this information. The GoFileRoom initiative allowed us to point out the significance of getting this stage of visibility and it has been extraordinarily efficient for us to shine a lightweight on areas that want somewhat extra consideration.”
Customized PowerBI dashboards created by BNN permit the corporate to match present yr utilization with historic utilization information to forecast whether or not the corporate has sufficient sources to deal with the brand new work. Balancing utilization may also help forestall burnout and enhance the work-life steadiness of worthwhile employees, particularly throughout peak seasons. Managing overhead sources, lowering waste, and lowering duplication of effort are simply a number of the advantages of automation.
Hersom continued: “With that sort of visibility, we are able to forecast and ensure we’ve got the proper sources to deal with no matter load it is going to be. We additionally have a look at the time it takes to finish every step in our course of to establish bottlenecks, which supplies us an indicator of whether or not there are any alternatives to enhance that course of.”
Making a customized API roadmap for your corporation
He Baker Newman Noyes Case Examine It is only one instance of the various methods tax and accounting corporations are leveraging automation to enhance their operations and keep aggressive in an more and more digital world. A Thomson Reuters Automation Session may also help your corporation obtain these transformative advantages by documenting your day by day workflow, figuring out gaps and inefficiencies, and constructing a customized API roadmap.
Usually, your session will consist of 4 two-hour classes with Thomson Reuters Automation and API Consultants who will delve into all facets of your corporation. Classes are designed to know the day by day work of every job operate and consider automation alternatives. After compiling an in depth report of their findings, automation consultants will share alternatives, gaps, and proposals for which automation merchandise and instruments would have the best affect for your corporation. From there, they’ll enable you to prioritize and implement the suggestions.
Probably the most necessary issues when creating your automation roadmap [link to infographic?] is to make sure that your methods can talk with one another. Expertise suppliers that undertake know-how from different firms and create APIs that permit disparate methods to work collectively convey one other stage of worth to accounting corporations. As a result of every firm makes use of tax software program and methods in its personal approach, a customized session and motion plan is of the utmost significance to make sure that the advantages of APIs are maximized to your firm’s particular wants.
Guide your Thomson Reuters automation session
With a customized automation question, Thomson Reuters may also help you unlock information visibility, limitless methods to extend efficiencies, and enable you to higher serve your prospects.
When you’re able to unleash the facility of APIs, reserve your Thomson Reuters Automation Question in the present day.