To understand the firm’s pain points and define core objectives, Sundaram Business Services conducted a Business Re-Engineering Workshop. We found a lot of time was given to repetitive tasks, like verifying compliance documents and certifications, lowering the firm’s productivity. The accountants were missing deadlines while they prepared financial statements for critical stakeholders and fulfilled legal compliance requirements. Finally, hiring and retaining skilled accounting staff was a considerable challenge in a competitive environment - putting further pressure on administrative staff.
Outsourcing its transactional work would give the top-tier accounting firm more time to focus on the core activities, like client outreach and business development. Our extended office would also allow scale-up.
In the workshop, we employed current state mapping, gap analysis and future map processing, and identified the following focus areas:
The workshop also revealed opportunities to improve the firm’s privacy and security practices, such as data storage, identity and password protection, and share access.
The top-tier accounting firm’s engagement with Sundaram Business Services directly contributed to a 44% increase in its customer base. An improved capacity plan, including a scalable outsourcing arrangement, created significant efficiencies that freed up time to build relationships and focus on value-add services.
By leveraging Sundaram’s extensive knowledge and expertise, missed deadlines became a thing of the past and compliance timelines are consistently met. Lower hiring costs meant their continual search for full-time staff could come to an end. The firm shifted from a BPO to a KPO mindset, and over time we were engaged to support the business with end-to-end activities and strategic value-add financial information.
Add your email to receive our monthly newsletter.
