LKC is a medium-sized accounting firm with offices in Grünwald and Munich. They offer their clients a range of services, including auditing, tax consulting, and legal advice.
LKC Grünwald is also part of the HLB network, which comprises of various independent firms in Germany, which work separately, but exchange information on certain topics and issues within the framework of specialist groups and working groups.
average time savings
Improved client experience
Audit staff satisfaction
Improvement
WHAT CHALLENGES PRE-CIRCIT NECESSITATED A CHANGE?
Before implementing Circit, LKC's process for confirmations was as follows: the firm provided their clients with sample letters to fill out, print and sign by hand. Once completed, the clients sent the letters to LKC via post, and LKC forwarded them to the relevant third parties.
Previously, this process was time-consuming and required significant manual effort from both LKC's clients and the firm. The preparation of cover letters by the clients and their forwarding to LKC added to the delay, resulting in a significant amount of time lost before the letters could be sent to the addressee.
Furthermore, there were instances where clients created incorrect template letters or inadvertently deleted important content during the preparation process. As a result, LKC was unable to forward these cover letters and had to return them to the client for adjustments, causing additional delays and extra work for both parties.
Banks
Debtors
Creditors
Lawyers
Tax Consultants
What industry trends drove the need for Circit?
Several factors have demonstrated the need for an alternative to LKC's current process.
1. The increase in remote work has led to longer preparation times for cover letters, as multiple individuals may be involved in the process.
2. The digitization of auditing requires questioning of manual processes and the search for digital alternatives.
3. The environmental impact of manual mailings by post should also be considered.
4. Client expectations have changed, as they increasingly expect quick results, and efficiency is crucial in the fast-paced industry of auditing.
What was the initial reaction to our product?
Circit provides a fast and user-friendly solution for confirmation letters, benefiting both the client and the engagement team. The platform is easy to navigate, and the visual representation allows users to quickly view the status of each cover letter and the necessary actions to be taken. Overall, the handling of confirmation letters is simplified and streamlined, providing a clear and efficient process.
How has our solution helped since its implementation?
Since implementing Circit, the confirmations process has become faster and more efficient. Automatic creation of letters has reduced errors and saved time. Additionally, returns are collected in a central location, eliminating the need for members of the testing teams to search for them.
In total we estimate the time savings to be around 8.3 hours per engagement, which is no small amount for a mid-sized audit. Total turn-around-times have improved by around 3 days per request which again is huge when multiplied by an average of 15-20 requests per engagement.
Has Circit increased productivity?
Circit has resulted in both cost savings and increased productivity. The platform's processing saves hours compared to traditional mailing processes. Additionally, the ability for all team members to view the status and results of confirmation letters makes the evaluation process more efficient and streamlined.