Young & Co Case Study

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Young & Co

Young & Co, founded in 1984 are Hereford based, Chartered Accountants and Registered Auditors. A four Partner firm, Young & Co is dedicated to offering a highly professional service to both private and commercial clients.

 

Young and Co

In addition to the full range of standard compliance services Young & Co also carry out more complex projects for clients. These are both UK and abroad and include mergers and disposals, trusts and estates. The practice also provides specialist advice for the agricultural sector.

Graham John, one of the Partners, commented; “We are a modern accountancy practice and wanted to build on the processes we had already put in place.”

 

The Challenge

Like all accountants in practice Young & Co produces high volumes of paper documents. Archive space was almost exhausted and it was a regular test to rationalise documents by shredding up to six or seven refuse sacks per week. Document retrieval was also an issue.

Accessing files was inconvenient, time consuming and often difficult. Finding a solution became critical for Young & Co to ensure that the practice could sustain its level and quality of service.

Senior Partner Ian Grifiths set the challenge to not only save time, but space and money. Simon Moody, one of the Partners, was asked to lead the project. “I was determined to find a solution that would complement our existing systems and grow with us in the future.”

 

“Invu has helped the practice to further enhance the use of its existing IT infrastructure and will become a central and integral strength of the practice.”

 

The Approach

Research through the Institute of Chartered Accountants in England and Wales (ICAEW), along with personal recommendations from clients led Young & Co to look at Invu. The ICAEW accreditation gave them reassurance and proved to be a significant recommendation. Following a comprehensive demonstration Young & Co felt confident that Invu would deliver all their objectives, and purchased licences for all staff members. Graham went on to say “It was a lot simpler than I expected, and I liked the fact that it was all on one screen. The powerful search facility also impressed me.”

 

Key benefit areas

Business Processes Improved

Young & Co have seen major benefits by using Invu. Daily post is scanned, and where possible, shredded. Documents are then forwarded to an individual’s virtual ‘Intray’. All electronic files and emails are saved into Invu reducing the need to photocopy duplicate copies. Invu has given Young & Co the ability to create a clear and accurate audit trail for each document – this compliance is crucial for all accountants and Invu provides this automatically. Young & Co, need to visit clients off site and they can now access Invu files at the appointments. This convenience saves time and enables the provision of exemplary and consistent service to clients at all times.

 

Save Time

young and co

Young & Co find files and documents much more quickly now. Graham explained “If I have a client on the phone I can instantly retrieve their file from my PC and see the letter they’ve sent me, enabling me to deal with their query. We are giving our clients a much better level of customer service.” Young & Co originally had concerns about the amount of time scanning would take. A special feature of Invu called the barcode separator solves this issue. Post is divided with the separator sheets and all mail for one Partner can be scanned in at once – it takes just seconds rather than minutes. Distribution of documents internally is also now rapid and efficient. Junior staff can simply route files to a Partner’s Intray for authorisation reducing the need to print off paper documents.

 

“It was a lot simpler than I expected, and I liked the fact that it was all on one screen. The powerful search facility also impressed me.”

 

Save Space

All client files, letters, invoices, tax returns, statements, staff files and payroll records are stored in Invu. This includes electronic files and emails making the system up to date, relevant and above all comply with legal admissibility. Within the first three months of use Young & Co added 14,800 documents to Invu – a testament to how quickly the system has become embedded within the company.

 

Future steps

By installing Invu alongside their existing processes Young & Co are now in a position to fully realise all the commercial benefits of operating a streamlined and paperless environment. Invu has become an essential and established tool for the practice. This will undoubtedly result in a further reduction in paper transactions and increased time saving benefits. Ian Grifiths confirmed Invu’s success. “Invu has helped the practice to further enhance the use of its existing IT infrastructure and will become a central and integral strength of the practice.” Paper expenditure has reduced considerably. Simon calculated that the practice would now save 88% per year on paper costs! An incredible amount and a real cost saving for the practice. These savings along with the time saving benefits and improved customer service allows Young & Co to start to see a return on their investment in just three months.

 

“Invu has helped the practice to further enhance the use of its existing IT infrastructure and will become a central and integral strength of the practice.”

 

 

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Young & Co implemented its Invu Software with Invu reseller YourDMS. Please contact Invu for more details