armalytix
Case studies
Online Account Filing
"With Armalytix, we are saving roughly 30-40 hours of work per person per month.”
Online Account Filing (OAF) is a London-based, premium accountancy firm, providing accounting services to small businesses, professionals and freelancers. It offers expertise and advice on VAT, bookkeeping, payroll, RTI, tax returns and more. In a world planning for a post-pandemic bounce back, Online Account Filing make this process seamless for its clients by taking the hard work off their hands.
The problem
To access fast and secure financial data from its clients, Online Account Filing needed a quick, safe and accurate solution to financial data retrieval to save their employees hours of work each month. Mohit Baheti, Director of Operations at Online Account Filing, outlined the frustrations with financial data collection:
“When clients share an excel version of a bank statement, which is typically a csv file, we never know how authentic it is. They may have edited the file and tweaked the information prior to sharing. Sending bank statements via email attachments also comes with security risks, as email encryptions do not typically encrypt the attached files, which can potentially put the clients’ data in danger. In situations like these we often have to re-request the data which prolongs the collection process and can delay other tasks such as data analysis”.
How armalytix solved it
Armalytix immediately delivered quick, safe and simple financial data retrieval. OAF could now request clients’ bank statement information directly from their bank accounts, for specific dates spanning years. This not only saved OAF and their clients large amounts of time but also gave them peace of mind – knowing the data was accurate, up to date and secure.
Reducing the risks, speeding the process
Online Account Filing has been using Armalytix for almost a year and is now the firm’s main method of financial data retrieval. Baheti says:
“Before Armalytix, clients would share insecure data or data that we couldn’t prove was accurate, and the time it was taking to retrieve accurate information was longer than necessary. With Armalytix, all these risks are eliminated and we are saving roughly 30-40 hours of work per person per month.”
Convenience for all
Baheti believes that ensuring clients feel comfortable with methods of data collection is critical for the future success of accountancy firms:
“Clients who are not so tech-savvy often struggle with sending the correct data in secure and efficient ways, especially with the back portals available today, many of which are not customer friendly. Armalytix bridges the gap between fast and convenient data collection with user-friendliness and security.”
'Immense potential'
For professional services firms who want to maximise productivity and efficiency, the current methods of financial data retrieval and management must be brought up to date. Those spending hours collecting and verifying financial information each month can vastly reduce this with Armalytix, freeing them to make better use of their time. For Online Account Filing’s Mohit Baheti, Armalytix has transformed how the company collects financial data:
“Armalytix has immense potential as it hugely streamlines the data collection process so accounts don’t have to rely on other means of accessing financially sensitive information. It solves the problems of receiving insecure data and saves us hours of time each month. Armalytix has the potential to help the industry overall.”