Introduction
A CPA firm based in Vancouver, Canada, providing comprehensive accounting and financial services to a diverse clientele. The firm faced significant challenges due to employee turnover, high hiring costs, and the time-consuming process of staff training.
The Pain Points
Employee Turnover: Each time an employee left, the firm struggled to find suitable replacements immediately. On average, it took them 45 days to hire and another 30 days to train on client processes. This resulted in workflow disruptions, client dissatisfaction, and added pressure on the existing team members.
Hiring Costs: The firm incurred substantial expenses in hiring and re-hiring new employees, including recruitment fees and onboarding costs. These costs impacted the firm’s profitability and budget allocation.
Training Expenses: Training new staff members consumes valuable time and resources, taking weeks for them to become fully productive. This resulted in potential revenue losses during the training period.
- Date: November 18, 2022
- Client: Accounting
- Location: Vancouver , Canada
- Category: Bookkeeping Assistant
- Website:
The Triple Solution and Results
To address these pain points and optimize efficiency, the firm decided to partner with Triple, a leading provider of innovative accounting solutions. Triple offered a compelling value proposition that proved to be a game-changer for the firm:
53% savings on Labor Cost: By leveraging Triple’s platform, the firm could access a pool of highly skilled, pre-trained accountants at a fraction of the cost of traditional hiring methods. The firm realized an impressive 53% reduction in labor costs, resulting in annual savings of $150,000.
Immediate Replacements: With Triple’s pre-trained accountants readily available, the firm experienced seamless employee replacements. This ensured uninterrupted workflow and reduced the impact of employee turnover on the firm’s productivity.
No Hiring, Benefits, Compliance, or Infrastructure Costs: Triple’s model eliminated the need for paid and costly hiring processes, benefits administration, compliance expenses, and infrastructure costs associated with new hires. This led to significant annual savings for the firm.
Pre-trained Accountants: The accountants provided by Triple were pre-trained and equipped with industry best practices, significantly reducing the time and resources required for staff training. This accelerated the onboarding process and boosted overall productivity.
Flexible Hiring Plans: Triple’s flexible hiring plans allowed the firm to scale its team efficiently based on fluctuating workloads. The firm could easily adjust its workforce during tax seasons or periods of increased demand caused by new clientele.
The Transformation
By integrating Triple’s accounting solutions into its operations, the firm experienced transformative results:
Improved Efficiency: With immediate replacements available, employee turnover no longer hindered the firm’s operations. This resulted in enhanced productivity and allowed staff members to focus on delivering top-notch services to clients.
Substantial Cost Savings: Triple’s cost-effective model led to an annual cost reduction of $150,000, enabling the firm to allocate resources strategically for business growth and expansion.
Reduced Training Time: Triple’s pre-trained accountants were well-versed in industry best practices and knowledge on client accounts, significantly reducing the time and resources required for staff training. This accelerated the onboarding process, leading to increased efficiency and client satisfaction.
Scalability: Thanks to Triple’s flexible hiring plans, the firm could quickly adapt its workforce size to match varying workloads. This ensured the firm had the right resources at the right time, enhancing operational agility.
Conclusion
Triple’s innovative accounting solutions proved to be a strategic partnership for the firm. By addressing their pain points of employee turnover, high hiring costs, and training expenses, Triple enabled the firm to achieve remarkable cost savings and enhanced productivity.
Through this successful collaboration, the firm experienced unparalleled growth, leaving the accounting workforce management to the experts at Triple. With the support of Triple, the firm continues to thrive in the competitive landscape of the accounting industry while delivering exceptional services to its clients.