In the landscape of digital transformation within the accounting sector, PKF Smith Cooper (PKF SC) stands out with its strategic implementation of the latest technology.
Summa Tech, a robust onboarding tool developed for accountants by accountants, is the latest acquisition in its drive for efficiency and automation.
Let’s explore its decision to implement Summa Tech, the challenges it aims to address, and the profound benefits PKF SC will achieve with this new integration.
Discovery and decision
Jason Marden, Digital Transformation Project Manager at PKF SC, discovered Summa Tech at The Alternative Accountancy Tech Summit.
Jason recounts the moment: “We have a digital transformation strategy and part of that was to resolve our problem with onboarding.
“During the event, Summa Tech clearly demonstrated the power of its cloud-based onboarding tool. It was the right place, right time, and I thought ‘this is fantastic’.
“I had done some market research, but I quickly realised that this is exactly what we needed as a practice.”
Challenges addressed
Like many accountancy practices, PKF SC was encountering onboarding challenges that hindered its operational efficiency.
Jason explains: “Every firm experiences issues with onboarding, and it stymies what you are capable of as a practice.
“We weren’t always gathering the right information, and we weren’t doing it at the right time either – it was all very manual and disjointed.”
“Our Microsoft systems, CRM, practice management tools, companies house and AML search didn’t work effectively together, we needed something that brought all these disparate tools into one process and Summa Tech seemed to be the solution that could do this.”
Selection process
The decision to implement Summa Tech followed a comprehensive vendor selection process.
This saw an initial discussion, turned into a competitive tender, where Summa Tech faced off against a number of other platforms.
One thing that stood out to PKF SC was Summa Tech’s experience in the accounting industry and its expertise.
“During our tender process, we have a scorecard to evenly judge the platform in a consistent way. One question asked is about industry experience,” said Jason .
“It’s one thing to be an IT company that sells to accountants, it’s another to be an accountancy company that has developed an IT solution borne out of their own experiences,” Jason noted, highlighting the value of Summa Tech being developed within an accountancy firm.
Calm and consistent
“The team were calm and focused and got the job done,” Jason explains. “From start to finish it has been consistent, I have always been able to speak with the same people to get answers or solutions – whether that is something highly technical or just arranging a catch-up on progress, demos or workshops.
“The whole implementation process has been very good and really painless – Summa Tech are very easy to work with.”
What were the key benefits for PKF SC:
- Data Accuracy and Consistency: “Number one, data accuracy and consistency. We need to get it right the first time and this tool allows us to do it,”
- Efficiency and Resource Allocation: The tool converted what was a 3–4-day job into a 3–4 hour job, significantly freeing up resources. Jason elaborates, “There is a shortage of skills coming in at the bottom of the profession. If we are going to grow, we need to become more efficient.”
- Centralized Data Management: “All the information is now in one place and moved through the entire onboarding process…one of the things that compliance really like is that there is a single record throughout.”
- Enhanced Client Experience: Jason highlighted the improved client interaction, “It makes us look more competent and reduces frustration… Our clients can see everything that is going on, giving them greater confidence in our firm.”
Integration and system compatibility:
Jason discussed the integration capabilities of Summa Tech, “Very quickly it was easy to integrate our tools, even those that historically have been more challenging.”
Reflecting on the strategic impact of Summa Tech, Jason is optimistic about the ongoing benefits and the tool’s role in PKF SC’s future growth.
PKF SC’s experience serves as a valuable blueprint for similar firms considering digital innovation.