How we improved productivity of a small UK accountancy practice
The client is an ICAEW member and PCG accredited Chartered Accountancy firm. They specialise in IT contractor and freelance accounting and deal with all aspects of accounting for these clients including business and personal tax planning, bookkeeping, annual accounts, payroll, VAT, self-assessment returns and company secretarial. They have a client base of over 400.
At a glance
50% cheaper than in-house.
Using QXAS, our client were able to:
Introduced efficient planning and work flow management.
Improve turnaround time
Get better control and clarity on financial processes
High staff turnover and training cost were key issues; as a fairly remotely located practice they faced a consistent problem of training staff that then left for higher salaries elsewhere once they qualified.
Their practice management and automation of tasks was poor and at the time they outsourced the services to us they had 90 outstanding client accounts to complete. Their main reasons for outsourcing their work to QX Accounting Services were cost, improving efficiency and to improve practice management.
How we helped
After successful completion of the trial job, QX produced a detailed plan for the next 12 months involving special tasks and stages with agreed milestones and review points. We completed the plan via email, video conferencing and Skype calls and was based on both QX and client experience. Over the first 4-5 months we:
Introduced efficient planning and work flow management to improve processes
Implemented automation to enable them to reduce headcount
Provided new templates for working papers and management accounts to add client value
Created new tools for accurate reporting and payment process management
Designed and implemented reporting mechanism to improve turnaround time
Assigned tasks to individuals for better control and clarity on financial processes
- Completed outstanding client accounts within the agreed time frame
- We managed their entire contractor base including CMS updates, management accounts, filing and HMRC communication
- Filed VAT returns and self-assessment documents with HMRC on behalf of clients
- Provided extensive IT support by setting up direct dial telephones (UK number and calls cost) and terminal server access was enabled for data back-up