How we increased margins and maximized profitability for Canadian CPA firm
Overview
The client is a well known medium-sized accounting firm based out of Vancouver. Their clients are mainly from small and medium-sized businesses and contractors in IT, banking, healthcare, pharma, and finance-related industries. They also offer tax planning and wealth management services by partnering with various industry-leading groups. Most of their practice management and tax filing work is automated and they use various software solutions for different accounting activities.
Business challenge
Our client operates from an office in Vancouver and their main concern was on increasing their clientele and reducing their Operational cost and reduce the burden on their Senior Managers and thereby help them meet the work completion deadline on time. One of the biggest challenges they were facing was their senior staff was engaged in doing the least important work such as training, reviewing the documentation received from the clients and follow up with the clients to get the additional required information and also reviewing the work of the junior Accountants whereby these managers could have been used to engage the client and cross-sell services like Assurance and Advisory or get some referrals from the client and thereby increase clientele. They needed to identify a solution that would help their Operations cost and deploy their Managers on a role that would increase their Clientele and also increase the revenue by selling additional services and thereby minimizing expenditure and at the same time ensure the quality is intact.
How Audentia helped
We structured out a plan by taking into account the key roles of the managers in maintaining the documents, their style of referencing because and also the software used by the firm. After careful consideration, the client outsourced their complete accounting process Audentia Financial Services Accounting Services. Following which their Managers got the opportunity to focus on engaging with their clients and enhance their business and more than that they were now looking to move up the ladder in their career. They were now focussed on applying their intellect purely for the firm’s growth and retention activities. More than anything the Operational cost was now reduced by over 50 percent. The transition focused on some areas which included:
We ensured detailed training was conducted by their Managers to ensure our support teams understand their procedures, referencing details, documentation.
We ensured the process gets streamlined to ensure there is a smooth transition.
We ensured to create a Center of Excellence for the CPA firm with a dedicated staff, analyst, and a Senior Manager deployed for the firm with zero additional cost.
We ensured to schedule weekly follow up calls with the Managers to ensure the quality is intact.
We deployed our best of staff with a minimum of 5 years of experience in Canadian Accounting and Taxation services.
We supported them with Bookkeeping, Notice to the reader, and Corporate taxation preparation services.
Services delivered
Audentia Financial Services ensured we helped the client to smoothen their service delivery with enhanced quality with on-time delivery and also helped their Managers in focussing on other opportunities where the firm could earn additional revenue from their existing clients. Our committed team was able to provide them with consistency and well-maintained quality helping their Managers to focus on other opportunities with reduced efforts on reviewing the work.
We reduced their Operational cost by approximately 50 percent.
We maintained a well maintain a tracking system for the Managers and Partners to keep a track of the files along with the status of the files on the tip of their fingers.
We ensured the weekly calls were attended by the entire support team of the CPA firm here at Audentia to ensure everyone is at par in terms of the knowledge and requirement of the CPA firm ensuring everyone helped each other achieve the desired goal with par excellence.
