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 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. Their main concern was increasing their Clientele, reducing their Operational cost, and reducing the burden on their senior managers, thereby helping 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 following up with the clients to get the additional required information, and also check 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 in 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 ensuring the quality is intact.
How Audentia helped
We structured a plan by taking into account the critical roles of the managers in maintaining the documents, their style of referencing because, and the software used by the firm. After careful consideration, the client outsourced their complete accounting process to Audentia Financial Services Accounting Services. Following this, their Managers got the opportunity to focus on engaging with their clients and enhancing their business, and more than that, they were now looking to move up the ladder in their careers. They were now focused 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 their Managers conducted detailed training to provide our support teams understood their procedures, referencing details, and documentation.
We ensured the process gets streamlined to ensure there was 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 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 smoothen their service delivery with enhanced quality with on-time delivery and helped their Managers focus on other opportunities where the firm could earn additional revenue from their existing clients. Our committed team provided them with consistency and well-maintained quality, helping their Managers focus on other opportunities with reduced efforts in 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 track of the files and 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 was 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.
