PC & Associate

Introduction

PC & Associate, a Quebec-based accounting services firm, faced significant challenges in client responsiveness and operational efficiency. This case study highlights how the firm transformed its processes and improved its operations by implementing Stamped, a solution designed to streamline year-end procedures and enhance client satisfaction.

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About PC & Associate

PC & Associate specializes in exceptional bookkeeping and year-end services for small and medium-sized enterprises. Their approach emphasizes human connections and utilizes advanced technology and innovative solutions. The firm's commitment to excellence ensures clients receive top-quality service, fostering long-term relationships through active listening and collaboration.

Background & Challenges

From August to October 2023, a technician from PC & Associate made biweekly follow-up calls to clients to obtain responses. During this period, the firm encountered several challenges:

• Delayed Client Responses: Clients with taxes owing would often respond late to follow-up calls, while those with no tax balance frequently ignored requests until intervention by Revenue Québec or a financial institution.

• Increased Operational Costs: Frequent reminders increased operational costs, as these follow-ups were included in the flat fee charged to clients. This strained resources and reduced production capacity.

• Delayed Financial Statements: The delay in client responses led to delays in financial statements, causing frustration and dissatisfaction among clients.

Solution

PC & Associate decided to adopt Stamped after evaluating various options. The decision was driven by the following key features of Stamped:

• Standardized Client Requests: The user-friendly interface and built-in templates within Stamped helped standardize various requests to clients based on different situations. This standardization ensured consistency and clarity in communication, leading to improved client responses.

• Mandate Tracking: A feature that identifies mandates with no activity for more than 10 days helped avoid forgotten files and facilitated timely communication with clients. This proactive approach allowed the firm to prioritize clients each week and address pending tasks efficiently.

• Improved Communication: Automated reminders reduced manual follow-ups, cutting down on operational costs and improving productivity.  

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Implementation

The structured implementation of Stamped began in November 2023, with initial training sessions for staff to familiarize them with the new system. The speed of completing files was impressive, with some files started and finished in less than two weeks due to separate communications facilitating documentation. This led PC & Associate to pursue a full onboarding in advance of the personal (T1) tax season. From March 1st to 10th, 2024, they integrated all clients for the personal tax season (T1/TP1), creating a basic discussion for each client to ensure alignment and efficient processing of tax returns.

Results

The adoption of Stamped brought significant improvements in operational efficiency and productivity at PC & Associate:

• Increased Efficiency: Approximately 20 additional T1s were completed, mainly for self-employed individuals. The streamlined process allowed the firm to handle more tax returns without increasing staff workload.

• Reduced Time Per File: The time spent per file decreased by about 15% compared to previous years. This reduction in time allowed the firm to focus on more complex cases and improve overall service quality.

• Improved Client Response Rate: Stamped’s collaborative features led to faster client responses, streamlining tax return processing and reducing the backlog of pending files.

• Reduced Overtime and Staff Impact: Despite the increased workload, the need for overtime was minimized, with only one week of overtime required towards the end of the tax season. Corporate tasks were largely unaffected, allowing the firm to maintain a balanced workflow.

• Time Allocation: The proportion of time spent on T1s dropped from 80% to 45%, allowing for better management of other business activities and enhancing the firm's capacity to handle more complex tasks.

• Profitability and Performance: The transition from preparer to reviewer significantly improved the profitability and performance of the firm. This efficiency allowed PC & Associate to expand their team and client base without compromising the quality of services offered.

Using Stamped has also allowed Philippe to significantly shift his day-to-day responsibilities, enabling him to focus more on strategic oversight and client relationship management.

Conclusion

By implementing Stamped, PC & Associate transformed their tax preparation process, resulting in increased operational efficiency, reduced overtime, and enhanced client satisfaction. The firm is now better positioned to handle complex tax cases and focus on strategic growth activities, ensuring long-term success and stronger client relationships.