Many auditing and assessment firms use their own home-grown system to manage client engagements. Usually, the system is built on Excel. Some companies have invested substantial time and money into their internal processes for running engagements—as much as several tens of thousands of dollars! Unfortunately, most internal solutions distract from your core business, costing you time, money and growth opportunities.
I had a conversation with an assessment firm a couple years ago. They were committed to their Excel spreadsheets because they had invested all kinds of time and money into making their system work. But they were blowing time on every single engagement, and it was stifling their business growth.
People get married to things they feel invested in. They’ve poured all kinds of time and money into it and they don’t want to switch their process, for fear of lighting a match to the investment they’ve already made. But if that investment forces you into a labor-intensive process, then you’re losing money anyway—and it’s holding back your business.
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Auditing firms that use TCT Portal see a positive return on their investment. How much of an ROI is possible? You’d be surprised. Let’s look at the numbers.
ROI of TCT Portal vs. Spreadsheets
Let’s say that your existing assessment process with a client takes a total of 200 hours at $30,000 per engagement, and that you’re paying auditors $55 per hour. As an auditor, leveraging the TCT Portal costs $50 per month for each engagement. When you do the math, TCT Portal pays for itself if it reduces each engagement by just 11 hours—that’s a 3.7 percent time savings. If TCT Portal can cut your inefficiencies by even four percent, you’re increasing your profitability.
So what kind of ROI can you reasonably expect from TCT Portal? Let’s break it down.
|Activity||% of Overall Engagement||Engagement Time Without TCT Portal||Engagement Time with TCT Portal||% Savings|
|Report writing/ generation||10%||20||16||20%|
On average, TCT Portal’s ROI is more than five times greater than the four percent you need for a positive return! Let’s flesh that out so you can see what kind of business opportunities that could mean.
Growing Your Business with TCT Portal
If an engagement with TCT Portal takes you 150 hours to complete, then you’re saving 50 hours per engagement. That’s a 25 percent savings. By the time you’ve done four engagements, you’ve saved enough time to do a fifth engagement. If the average auditor can tackle eight engagements in a year using your current system, TCT Portal would enable 10 engagements. If each of those two additional engagements is worth $30,000, the new system is generating an additional $60,000 per year. And that’s just for one auditor. If you have ten auditors in your firm, TCT Portal has given you over half a million dollars in just one year!
That kind of ROI gives you the freedom to either pocket the savings as net profit, go after more clients or add auditors to your team. Why on earth wouldn’t you switch systems?
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Switch to TCT Portal
Everything we do at TCT is to make people more efficient, happier and more effective. We aren’t trying to go to the Bahamas on the back of a single customer. That’s why we priced TCT Portal so that the decision should be an absolute no-brainer. The net result is that you’re saving time, generating greater profits and growing your business more easily.
See what TCT Portal can do for your auditing firm. Schedule a demo today.