Have look over these case studies to find out some of the things we've done for our members.
Ascendis Finance Ltd - A Case Study
We look at how this member utilised the tools available from The Accountants Circle and the difference it has made to the business.
SKS Consultancy Services Ltd - A Case Study
As one of the early members of The Accountants Circle, this member has used the outsourced services to expand what is offered to clients.
Ascendis Finance Ltd was formed in 2004 to provide accountancy services using modern and online technology. Based in Manchester, Ascendis provides services to a wide range of SMEs across the United Kingdom.
As a new practice, Ascendis started with detailed business and marketing plans, backed by knowledge and experience, placing them in a strong position for growth.
Unfortunately for many accountancy practices there are is a shortage of qualified and experienced accountants in the UK. Providing the complete accounting function for many clients, Ascendis had found its own resources stretched, inhibiting the further growth of the business.
Experiencing difficulties finding suitable staff as quickly as was needed, Ascendis needed to look at ways to work more efficiently whilst maintaining the high level of service that was being provided to clients. This was not easy since the Ascendis team was already fully utilised and found themselves unable to invest the time needed into creating their own solution.
Ascendis looked at several options such as restructuring workloads, however, needed at very least to maintain the service to clients. Looking at online tools for accountants, Ascendis came across The Accountants Circle and the tools on offer.
A significant amount of time was being spent by the management accountants at Ascendis on preparing client management accounts. Templates were in place but these needed time spent being adjusted for each change in the report, the nominal ledger accounts used, and each update. The Accountants Circle had an existing tool that appeared to remove the majority of those mundane tasks of updating and adjusting the existing template.
"We quickly and easily implemented The Accountants Circle Financial Management Reporting System across our client base, and not only has this immediately saved us time now and in the future, but our clients were also impressed by our prompt delivery of informative and easy to read management accounts"
The Financial Management Reporting System first implemented was v1.3 and through use of this system for all client management accounts, Ascendis has played an active roll in providing The Accountants Circle with feedback on this tool. Now several versions on, Ascendis continues to use a more powerful and flexible reporting system that meets growing needs, as well as many of the other tools available.
SKS Consultancy Services Ltd was formed in 2002 with highly qualified staff holding at least FCA status to provide high level accountancy services to large organisations. Based in London, SKS had the opportunity to provide a wider range of services to its growing number of business contacts in the city.
SKS sought to offer its existing contact base an extended range of services to that which SKS had been providing.
Without wanting to commit to additional staff, or pass the details of valuable contacts to other contractors or firms it appeared difficult for SKS to start provide these additional services at a profit.
SKS didn’t want to become distracted from their speciality. The Accountants Circle had already provided SKS with a variety of tools, before moving to online membership and SKS knew the skills of the team at The Accountants Circle were sufficient to allow them to offer additional services to their contacts.
SKS and The Accountants Circle discussed the possibility of outsourcing and managing all of the additional services (payroll, bookkeeping and management accounts). The Accountants Circle added to the existing team, gaining a broader experience within the team not only for providing outsourced services, but to build on the tool and resource development. At the same time, SKS was able to make these services immediately available to their contacts whilst only committing to the costs as the income increased.
"The Accountants Circle has easily given us the opportunity to provide a larger variety of services whilst maintaining focus on our specialities. We are doing more business and our clients are happier continuing to deal with us for services."
SKS was not only providing more services and only at a profit, but the clients were pleased with being able to deal with a firm they trusted, and strengthening relationships even further.