Streamlining AR/AP Confirmations and Boosting Efficiency with Circit:
BMF Case Study
Established in 1959, BMF is a renowned accounting firm serving public companies, closely held organizations, and private equity firms in Akron, Cleveland, and surrounding areas. Specializing in accounting, audit, tax, business advisory and valuation services, BMF upholds high standards as an independent member of the BDO Alliance, consistently ranking as a Top 200 Firm by INSIDE Public Accounting and earning the "Best of the Best Firm" distinction in 2021.
Manual & Time-Consuming Processes
Increased Riskof Error
Low Response Rates
Inefficient Workflow
Poor Experience for all parties
The Challenge – Accounts Receivable Confirmations
BMF faced significant challenges in managing accounts receivable confirmations:
- Manual tracking and management of confirmations consumed valuable time for both clients and audit teams, diverting attention from critical audit processes.
- Manual steps in the process increased the risk of human error, leading to inaccuracies and potentially impacting audit quality.
- Client responsiveness issues led to delays in obtaining necessary audit evidence.
- Inefficient processes of compiling debtors lists, generating confirmation letters, printing or emailing them, and tracking the status of responses added complexity and bottlenecks to the audit workflow.
- Follow-up efforts and reconciliation of confirmation responses added further time and effort to the process.
Improved Efficiency
Visibility and Tracking
Reduced Risk of Errors
Enhanced Client Experience
Increased Audit Quality
THE Solution WITH Circit
Collaborating closely with BMF, Circit provided a seamless transition to its digital platform, offering:
- Standardized templates and automated workflows, minimizing the risk of errors and enhancing the reliability and integrity of the confirmation process.
- Automated letter creation and streamlined authorization processes, improving turnaround times and reducing client workload, enhancing the overall experience.
- Automated and streamlined processes eliminating manual handling and paper-based confirmations, saving hours of valuable time for audit teams and reducing administrative burden.
- Real-time visibility into confirmation request statuses, enabling prompt follow-up and preventing delays.
Circit has significantly streamlined our process, resulting in a reduction of nearly 70% in the time we spend on audit confirmations.”
