Increasing Fee Income through Transforming your Value-Add
What was the pain point?
The client always viewed services such as audit as an undesired compliance burden so was focused on minimising the cost. As a result, it was difficult to build up a strong working relationship as their priority was that the work was completed as quickly and cheaply as possible. Year after year inflationary fee increases were rebuffed and the team therefore found it difficult to spend time adding value to the business.
How did Inflo help?
When the team introduced the idea of using Inflo the client was very interested, in particular in the outputs they would receive. Inflo was able to analyse 100% of accounting entries, helping the team to perform the engagement more effectively but also providing a broad range of talking points which the client was very keen to discuss. The fraud risk visualisations and operational KPI benchmarking prompted a lot of debate.
What was the result?
The client not only indicated a willingness to pay an increased fee to receive these outputs in future years, but requested the firm provide the Inflo fraud analysis and benchmarking on a quarterly basis going forward. The team were able to design an additional Agreed-Upon-Procedures engagement to provide this quarterly review, earning additional fee income and smoothing some of the key compliance activities across the year.