Flow into the technology “inflo”
If there is one thing that all businesses are looking at when it comes to being ready for the future, it’s technology. At BHP, we pride ourselves on not only being able to give our clients that personal touch, but also being able to make greater and greater inroads by offering our clients the very latest in tech.
In fact, we are one of the first mid-tier accountancy firms who have decided to put the spotlight in data analytics in 2019, using modern technology advances to rethink the way we audit and how we add value to our client base.
To that end, we’ve spent the first few months of the new year rolling out a new specialist auditing tool – Inflo – to all of our audit clients. This innovative software allows us to dig deeper into the data than ever before, as 100% of clients accounting data is uploaded into this cloud-based software package. This offers us an incredible amount of insight. The data is tested for completeness, patterns in the processing of transactions are established and routine tests are run against the data and displayed to the audit team. We no longer spend time performing ‘needle in a haystack’ testing but are able to zone straight in on the riskiest transactions and offer our clients much greater insight into their accounting function.
At a glance, we’re able to examine any unusual accounting activity, trends or risky proceedings. Inflo allows us to quickly run a set of tests across the whole data set, it looks for key words in descriptions, out of working hours postings and therefore allows for a significantly improved audit and a greater chance of finding any potential fraud.
The response from our clients has been overwhelmingly positive. Everything is much more transparent for them now; the online portal allows for a clever sharing of files with the audit progress being monitored and responsibilities assigned at each stage.
Other industries have long used technology to improve their service offering so it is great that BHP is offering this added value and improved audit process to our clients.
“Audit quality has improved, giving us statistics that would’ve been very difficult otherwise to obtain, and audit value has improved because it has the ability to identify any slackness in our systems – adding reassurance that everything is being tested rather than just samples.
“The process of using Inflo has been extremely easy and we’ve been well supported by the team at BHP, with our BHP contact, guiding us through. The fact that BHP can offer this level of audit quality and value means they really stand-out in their market.”