Why you need to embrace digital technology in your workplace

Private Connect has evolved from a need to disrupt our own business model and streamline the way we deliver our accounting services. With the continued pace of change arising from disruptive technologies, like electronic signatures, we knew the professional services industry was ripe for change.

Looking for ways to streamline our back office processes by removing friction for clients and practitioners became a priority. A unique aspect of the platform is that it provides tax and compliance services 365 days a year for a fixed fee subscription. Others in the professional services space traditionally operate on a time and materials basis.

Integrating an eSignature solution into the Private Connect platform

We had removed several points of friction in the delivery of our services but one significant issue remained: client engagement letters were still handled manually and required physical signatures.

This process was costly, inefficient, and cumbersome for both clients and staff. It involved a lot of printing and faxing for clients and time spent chasing signatures for staff. We wanted to make the process easier for everyone and reduce the average turnaround time on letters which, at that point, was seven and a half days.

What does the client engagement process look like today?

Practitioners can now quickly create and send engagement letters using DocuSign. They can also set automated reminders, eliminating the hassle of chasing signatures.

From a service perspective, the new process is much more in tune with clients’ needs. They no longer need to find time to print or scan. They can sign and execute engagement letters from anywhere. As a result, 40% of our engagement letters are now turned around within one hour.

Enabling our clients to complete engagement letters digitally has instantly improved the ease and convenience of onboarding. It’s also improved document security, which was a key objective in partnering with DocuSign.

The most significant results, however, stem from the efficiency gains. The use of DocuSign has resulted in related cost savings across the end-to-end signing process in excess of $1 million. It has also given us more time to be proactive with our clients and fostered a culture of continuous improvement.

With the use of eSignatures, we’re able to structure our workforce around more automated processes and prepare for a world where many will be working with new channels beyond the balance sheet – even collaborating with robots and learning machines.

To read the full case study behind our digital transformation click here.

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