A Case Study In Workflow Improvement
- Name: Blyth Partners
- Region: Australia
- Operation: Financial Services
- Products: Business Advisors and Accountants
- Employees: 10
- Website: http://www.blythpartners.com.au
Challenges
- The practice wanted to increase its efficiencies and deliver the highest quality technical results via the cloud
- On the go mobility to source data for country and regionally-based clients
Solution
- CCH iFirm Practice Manager
- CCH iFirm Client Accounting
- CCH iFirm Paper Buster
- CCH iFirm Web Manager
- CCH iFirm Intranet
- CGT Reporter
- CCH iKnow
Business Advisors and Accountants, Blyth Partners operates a 10-person practice in Perth that has developed a niche providing virtual Chief Financial Officer services through cloud-based, real- time accounting solutions to businesses across Australia.
This new generation practice was looking for technology driven improvements across the board – from internal efficiencies to delivering the highest quality technical results and customer service, and tools to support the expansion of their market share.
With its MYOB practice management software coming to end of life – and not being cloud-based, Blyth Partners took an initial step into cloud-based operations with a move to Xero. But they quickly realised the need for greater sophistication and flexibility as delivered by the fully integrated CCH iFirm cloud platform.
With its clients overwhelmingly moving to cloud – half having already done so within the last two years – Blyth Partners knew that an investment in a fully integrated cloud platform would put it in synch with the mindset of those they were advising.
Long term tax specialisation creates strategic insights and differentiates CCH iFirm
Partner Allister Blyth says the partnership felt very comfortable selecting CCH iFirm as: “We would be relying on a professional accounting practice management platform that came from the same company that produces the Master Tax Guide – Wolters Kluwer CCH – and these guys know their stuff.” Their deep understanding of the Australian tax code and compliance requirements was a key differentiator.
Blyth Partners implemented the Practice Manager, Paper Buster, Web Manager, Client Accounting, Client Portal, CGT Reporter and Intranet modules from the CCH iFirm suite. The firm also licensed CCH iKnow to keep on top of the latest taxation legislation changes and to leverage its interactive calculation tools and access to industry experts.
Impressive system is a breath of fresh air
The partners, accountants and administration staff are impressed with the first year’s results from CCH iFirm: “We’ve measured a 15 percent overall workflow improvement and we expect that to reach the 25 percent mark in our second year,” Blyth says.
“The new system fits us rather than us fitting into the software. iFirm is a breath of fresh air,” he said. Data quality has improved by at least 30 percent and that in turn has reduced data-related queries with clients by a further 10 percent. This not only frees up the accountants to spend more time focusing on client servicing but they also have greater confidence in data at hand.
From a practice management perspective, flags are set up and reports run when required. Dashboards have been specifically configured for partners providing visibility into the business that is described by Blyth as being “10 times better than before, there’s no more guessing”.
Blyth Partners has a greater capacity to hit budgets with prompts from automated emails helping accountants to better manage deadlines and streamlined workflows leading to faster turn arounds. The firm also now has capacity planning to schedule client work 12 months out. “We’re simply more profitable – we’ve removed the time wasting and unproductive tasks,” Blyth said.
The mobility benefits of CCH iFirm and CCH iKnow are evident as the firm’s partners and accountants meet with country and regional clients. They log in via tablet, smartphone or laptop to respond to queries on the spot. And this capability is ideal for Blyth staff working from home.
CCH iFirm modules pushing professional efficiencies
Paper Buster, the CCH iFirm module designed specifically for accounting practices, has positioned the firm well ahead of impending changes from the Australian Taxation Office. Its management of Notice of Assessments and client communications provides a paperless record and audit trail.
The knowledge base provided by the CCH iFirm Intranet module has standardised how the firm works. According to Blyth, the processes and procedures now in place have given the firm a consistent structure that supports streamlined handovers of client accounts and onboarding of new recruits.
Blyth Partners is positioning itself for dynamic growth over the next 18 months into a full service firm that includes succession planning, acquisitions and business improvement consulting. The firm is looking to the impressive CCH iFirm Web Manager facility to underpin its growth and client self-service. “We now have the ability to ramp up the online promotion of our offerings without distracting us from the day-to-day client servicing tasks,” he says.
Wolters Kluwer CCH exhibited a thorough understanding of the profession and Blyth Partners’ specific requirements during the iFirm implementation. And Blyth was delighted by how quickly everyone was able to move to the efficiencies of the new platform and at how they are now free of the overheads of software upgrades and constant interaction with external Information Technology resources.
CCH iFirm is the next-generation cloud-based suite of software allowing accountants to run more efficient and profitable firms. The CCH iFirm suite includes Practice Manager, Tax, Client Accounting, Web Manager and Document Manager.
Email ifirm@cch.com.au or Ph 1300 836 869 for further information
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