How to perform analytical procedures using DataSnipper

You can use DataSnipper to assist with the performance of analytical procedures using a client's financial statements directly. DataSnipper helps whether you are performing planning analytical procedures or completing an overall analytical review.

Extracting information from financial statements

You can use the manual snipping functionality within DataSnipper to extract financial statement information quickly and efficiently.

  1. Begin by finding the balances which you want to perform an analytical review over in your client's financial statements.
  2. You can then use text snips to extract the individual figures and include them in your workbook.
  3. Once you have snipped the data you can easily calculate variances and start your analysis. (11)

You can click on a specific number within financial statements to see all occurrences of this within your financial statement, this can help you easily navigate the notes or management accounts, and obtain supporting explanations for large movements. 

Table Snip

The table snip is especially helpful for extracting financial statement data and quickly creating comparisons of current year and prior year data. You can use this to either retrieve all of the figures from a specific statement or to obtain breakdowns of supporting balances from the notes.

Learn more about snipping tables across multiple pages right here. (12)

Smart Search to quickly find numbers

DataSnipper's smart search functionality makes it easy to jump to the relevant section of a set of financial statements, simply click on the cell containing the text or figures you wish to search for and the data is automatically added to the search window. Once you click the search icon you will see all occurrences within the financial statements.

Learn more about smart search right here

Find all sums to check accuracy

You can use the find all sums functionality to check the accuracy of client reports but also to check your own analytical review, DataSnipper can use .docx, .pdf, .xlsx and many more file types so regardless of what format your analytical review is, you can continue to use this feature to check your own mathematical accuracy.

Learn more about find all sums right here (13)