US CPA Firm Case Study
The client is a US CPA firm providing bookkeeping, accounting, tax returns preparation, and tax advice to SMEs. Their client base includes; Entrepreneurs, Partnerships, Corporations, and Not-for-Profit Organizations. The CPA firm's clients are divided into real-time clients who have a regular flow of work on a weekly or monthly basis and After-the-Fact market.
Challenges
- The client's focus was to service the need of a unique market segment: Small and Midsized Businesses, which had desperate need of professional, personalized, and customized services by the Accounting Firms.
- The growth targets and long term strategy required a robust and scalable back-office support.
- Unscheduled spikes in the volume of work from the nature of the clientele.
- High attrition in their local team and difficulty in getting the right fit employees.
- Internal Accountants overburdened hence leaving very little time to focus on high-end consultation.
- Need for cost-cutting due to the current world business scenario.
Cogneesol handles much of our accounting back-office, letting us focus on client satisfaction and retention.
Solution
- An experienced project manager was entrusted to understand the current working structure of the CPA firm.
- The QuickBooks Enterprise version was hosted on an ASP (www.rightnetworks.com) for real-time access to all stakeholders.
- Worked with the Customer on creating procedures and manuals and standardize them.
- The back office team was split into focusing on Real-Time clients and After-the-Fact clients.
- We shared our established processes with the client and customized particularly to their firm's needs. This helped us to gain our client's confidence in the initial stage.
- Set up a team with a mix of bookkeepers, Junior Accountants, and Indian CPA level supervisors.
- Establishment of direct channels of communication between the US office and Indian Operations.
Benefits
- Over 50% cost savings.
- With seamless communication with the CPA firm, we developed guidelines for all different tasks and client types.
- Client approved processes helped in time management and faster turnaround to end clients.
- Our internal process focused on Quality, further divided into two levels; first being looked over by our fellow Team Leaders and the final look over by our operations Mentor.
- The CPA firm's US team could focus more on customer service, consultation, and business advice to its clients.
- Today 60% of the back-office processing work is handled by the Indian Operations at Cogneesol.
Other Client Stories
Client Testimonials
It is always a pleasure to learn that the work we do has positively impacted our clients and that they are happy to share their experiences.
We have been engaging Cogneesol for our accounting requirements for the past 2 years, and we are completely satisfied with their services. They are amazing and professional as an accounting service provider. The results were delivered in the promised time frame. Will recommend you guys to all my friends!
As my business expanded, I was faced with a question, whether to hire an in-house accounting team or to engage an outsourced accounting service provider for the job. I decided to go for the outsourcing accounting firm, and my search ended at Cogneesol. They quickly understood my needs and delivered outstanding results. Really pleased to work with Cogneesol.
Working with Cogneesol has been an enriching experience. When the need to outsource my overall business accounting and payroll functions arose, Cogneesol was recommended by my friend. I was very impressed by the professionalism of the Cogneesol Team. These guys are experts in their field.
