In the 2024 tax season, our firm’s defining moment revolved around having two potential clients decline to do business with us due to delays in client onboarding. As a growing practice that deals with over 200 clients, we were aware that we required some contract management tool for accountants to help streamline our processes. But we highly underestimated how life-transforming this particular change would become.
The Challenge
Our manual onboarding processes usually took between 8 and 12 days from the formal first contact to the signed engagement letter. These delays would prove to be frustrating for clients, as well as strain our administrative resources during peak times.
The Solution
After reviewing options, we opted for Figsflow’s engagement letter software for accountants thanks to its user-friendly design and practical automation. The implementation plan focused on three areas: standardising templates, automating the workflows, and improving client experience.
Changes Made:
Our new system made automatic generation of engagement letters using services chosen by the clients, thus stopping all manual customisation time. Digital signatures and automatic reminders reduced follow-up chores. The client portal allows real-time status updates for transparency.
Immediate Outcome
Within the first month, we saw all improvements taking shape. Onboarding days now were 2-3 days: some clients even managed to finish within hours. Time spent on engagement letters is now reduced by 75%, diverting resources towards the higher-value tasks.
After about six months, the efficiency advantages became far-reaching. Client satisfaction ratings increased by 40%, referred clients increased, and job satisfaction among our people rose. The standard process improved our capability to track compliance and audit readiness.
Unanticipated Benefits
It became apparent to us through the digital system that our client has behaviour because the majority of the engagement letters are reviewed and signed outside business hours. This made it possible for us to optimise our timing and mode for follow-up communications with clients.
