Blog

AUDIT SERVICES

Outsourcing audit work helps accounting firm stay afloat during COVID-19

THE CLIENT OVERVIEW

KMP is a leading Chartered Accountancy and Business Advisory firm in Croydon, Surrey. They provide a range of bespoke solutions & specialist advice in areas such as Tax Services, Audit, Financial Planning, Accounts, Corporate Finance, Business Start Ups, Payroll Services, VAT and Bookkeeping. Their audit services for over 200 clients as a part of their suite of services. After using QXAS to support peak time limited company accounts production, our client made a decision to expand their use of QX for payroll and auto-enrolment services.

AT A GLANCE

50% cost reductions in hiring & ability to take on more clients for audit work.

Using QXAS, our client were able to:

  • Achieve faster turnaround on audits.
  • Ability to take on more clients during COVID-19.
  • Cut back on the time spent on hiring audit staff members.
  • Focus on high-end activities and practice growth
  • Access skilled and qualified staff at a fraction of the cost.

THE CHALLENGE

As an established accounting practice in the Croydon area, KMP has a portfolio of large clients with 60-70 annual audits.

However, with a large group of new clients coming on board within a short duration of time, the overall workload for auditing increased significantly. With over 6-7 audits to be processed each month, along with a variety of daily and monthly assignments & advisory services, KMP was struggling with hiring an audit resource within the timeframe.

Our client spoke about how the main challenge in managing the peak-season audit workload.

“We were struggling to find a member of staff to add to our audit team. We felt that because of COVID-19 we needed to be able to respond quickly to our client’s needs. People needed their audits done quickly.

And to try and recruit anyone with an audit background in the UK – it’s like finding a needle in a haystack.

HOW WE HELPED

We took on the entire responsibility, of processing 5-6 audits on a monthly basis, right from initial planning and gathering data to liasing with the audit partner.

Some of the key activities we carried out include:

PLANNING STAGE
EXECUTION
COMPLETION

SERVICES DELIVERED

RECOMMENDATION

“Would I recommend you guys to somebody? That would be an emphatic yes. You’ve ticked all the boxes. You responded in a very efficient timescale which nobody else even in the UK has been able to.”

Romit Basu, Audit Partner, Kings Mill Partnership

“If someone told me we can’t find an auditor – I’d say I have someone you can go to.It’s so difficult to get audit staff to join a smaller practice – which is why audit support services is a really good service. It can add a lot of value"

Priyesh Shavdia, Partner, Kings Mill Partnership.

Watch KMP tell their audit success stories and outsourcing experience:

More case studies

Improved tax season profitability by 33%, resulting in a net profit of £70,000

Founded in 2007, our client is a Surrey-based Specialist Accountant for Contractors and Freelancers

Read More  

How we improved productivity of a small UK accountancy practice

The client is an ICAEW member and PCG accredited Chartered Accountancy firm.

Read More  

Payroll outsourcing boosts payroll efficiency for accountancy practice

Our client is the Managing Partner of a successful accountancy practice with several offices around

Read More  

Payroll outsourcing helps accountancy client improve payroll profitability

Our client is a London based accountancy practice, nyc Business Mentors and Chartered Accountants.

Read More  

How we increased margins and maximised profitability for a UK accountancy practice

The client is a medium sized accountancy practice providing bespoke accounting, finance and tax related services to circa 1000 clients.

Read More  

SCHEDULE A NO-OBLIGATION CONSULTATION

Use the form to drop us an e-mail. Old-fashioned phone calls work too +44 845 838 2452

  • Safe & Secure
  • 24/7 Online Support
  • Cancel Anytime