Tyrrell & Company is a cloud-based accounting and consultancy firm based just outside of Cambridge.
By combining the flexibility of Xero online accounting with their unique acumen for business consulting, tax preparation, financial services, HMRC requirements, and more, they have helped countless businesses get back in control of their finances.
The challenge: Untangling a confusing knot of onboarding processes
As Tyrrell & Company grew, sending out individual engagement letters and ensuring consistency had become increasingly time-consuming and difficult to manage. Richard Suswain knew there had to be a way to improve their engagement process.
Part of the problem was that each partner at Tyrrell & Company had a unique process for onboarding clients. They would use different Word templates, they would set up different billing policies, and they were inconsistent when it came to adopting fixed fee policies.
And even though Tyrrell & Company had always sought out best-in-class software to help them run their business, none of the applications they used were integrated. Suswain spent hours each month manually reviewing contracts, getting signatures, and chasing payments.
“Some partners would use one billing policy, while others would use a different one. Everyone had different Word templates for their engagement letters. We were trying to adopt fixed fee policies, but we were finding them difficult to manage. Our system for onboarding clients was a mish-mash of different ways of doing things.”
Tyrrell & Company was one of the earliest adopters of Practice Ignition. One of the features they loved from the outset was the ability to create a standardised engagement letter and collect client data on one platform.
They also use the catch-up payments feature. Now, if clients drag their heels before accepting a proposal, the system automatically works out catch-up payments without any heavy lifting on Suswain’s part.
Collect payments through Practice Ignition is another feature they value. The system integrates seamlessly with Xero (by automatically pushing invoices through to Xero and accepting card payments) which makes debt collection a stress-free affair.
Richard and his team are also early adopters of two new features: proposal reminders and continuous billing.
Previously, when his team sent out a proposal and didn’t get a response, he would have to manually chase the client to try and get them signed on. Now, proposal reminders do that work for him. Within one 24-hour period, proposal reminders helped his firm get 11 proposals signed.
Continuous billing is another time-saving feature. When a proposal ends, instead of having to manually renew the contract, reach a new agreement, and get it re-signed, all Richard must do is update the proposal’s service line or price and it’s ready to go.
These are just a few of the tools Tyrrell & Company use on a daily basis, and they continue to adopt and adapt to new features as they’re released.
“Every feature they introduce adds so much value. The catch-up payments and automatic card collection stand out, but we try and use everything Practice Ignition has to offer, and we’ve always been happy.”
Today, Tyrrell & Company manage hundreds of clients through Practice Ignition and they’re migrating more across every month. In fact, they use Practice Ignition to automatically collect 42 percent of their annual turnover with fixed monthly fees.
Plus, their company used to need two full-time credit controllers to help them chase invoice payments and resolve queries. Now, thanks to Practice Ignition’s automated software and other credit control processes they’ve introduced, they only need to bring in one credit controller once every fortnight which saves Tyrrell & Company over £50,000 annually.
But the biggest benefit of adopting Practice Ignition? Peace of mind. Automatic payments mean less time worrying about chasing money month after month, which allows Suswain and his team to focus all of their attention on helping their clients.
Tyrrell & Company first implemented Practice Ignition back in 2014 and Richard has never had a reason to look back.
“The support we receive from Practice Ignition is great. They’re always looking at ways to improve, innovating new features, and listening to the people who use their products. They clearly come from an accountancy background; they understand the industry and the challenges we face.”
To find out more about Practice Ignition, click here.