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W Advisory

W Advisory, based in Australia, offers comprehensive accounting and advisory services, including bookkeeping, tax solutions, accounts receivable/payable, and debtors management. They tailor their approach to meet each client's unique needs, providing strategic planning and real-time financial insights to maximise efficiency and profits.
BACKGROUND

As a fast growing company, W advisory wanted to optimise the way they manage the accounts payable (AP) processes for their diverse client base.

As many accountants know, manual invoice processing is labor-intensive, prone to errors, and can sometimes lead to delayed payments, which can affect client satisfaction. The firm's accountants spent a significant amount of time on repetitive data entry tasks, which in turn limited growing their ability to offer higher-value advisory services to clients. 

To overcome these challenges, W Advisory implemented our AI Finance Assistant Archie to automate the end-to-end accounts payable processes for their clients.

Solution

To overcome these challenges, W Advisory implemented our AI Finance Assistant Archie to automate the end-to-end accounts payable processes for their clients. Archie efficiently integrated with Xero, automating invoice data extraction, account coding, GST calculations, and new supplier approval requests.

Implementation

Archie leverages a wide range of supporting models hosted by AWS including their cutting edge Generative AI large language model (LLM) called Amazon Bedrock. As the AWS ML partner of choice for the APAC region, Arcanum has built a proven scalable application stack including a rapid delivery pipeline in close collaboration with AWS according to the latest solution architecture principles.

Implementation

As a result of Amazon's technology, the implementation process was straightforward and completed within four weeks. Our team provided comprehensive support to ensure seamless integration with Xero and Outlook used by W Advisory’s clients. Training sessions were conducted to equip their accountants with the necessary skills to utilise Archie effectively. Minor issues encountered during the implementation were quickly resolved, ensuring a smooth transition.

Outcome
"As an accounting firm, we highly value efficiency and accuracy in our work. Integrating Archie AI with our existing tools has transformed our business operations by automating repetitive tasks like data entry and reconciliation, we've reduced the time spent on these by over 50%. Archie AI's accuracy in detecting anomalies minimizes the need for manual checks, saving us even more time while helping us maintain our high standards in financial reporting. Overall, Archie AI has significantly boosted our productivity, allowing my team and me to focus on strategic tasks and provide better service to our clients."

William Wong, Director - W Advisory

Archie AI has taken care of the accounts payable processes for W Advisory. By automating repetitive and manual error-prone tasks, the firm has achieved significant time and cost savings, improved accuracy, and enhanced overall productivity, to support growth and provide an enhanced client experience.

As a leading edge company, W Advisory plans to continue leveraging AI technology to further streamline financial operations and offer even greater value to their clients.

key Results

The impact of Archie was immediate and substantial

Time Savings
Accountants reduced time spent on repetitive manual tasks like data entry and reconciliation by 50%, saving an average of 20 hours per week across the firm.
Cost Reduction
The automation led to a 50% reduction in operational costs related to AP processing for clients.
Error Reduction
Invoice processing errors decreased by 85%, enhancing the accuracy of financial records and improving client satisfaction.
Productivity Improvement
‍Accountants could now focus more time on providing strategic financial advice, increasing the value of services offered to clients.