Case Study: PKF
Services PKF offer: Audit & Assurance, Business Advisory, Taxation, Forensic Accounting, Business Recovery & Insolvency, Corporate Finance, Wealth Creation, Superannuation (SMSF Administration), and Industry Sector Expertise.
Tech Stack: myprosperity, GreatSoft, Xero Practice Manager, FYI Docs, NowInfinity, Class Super, XPlan, Power BI, Tableau, NetSuite
Top focus areas in the business: Increase efficiencies and improved client engagement
Steve Meyn (Chairman of PKF)
Steve Meyn started with PKF’s Sydney/Newcastle practice in the late 1980s, so he’s seen many changes in the industry. That longevity with the business has given him an edge in spotting key trends and opportunities in the advice industry. In particular, succession planning across the mid-tier SME market is seen to have enormous growth opportunities.
“The next 10 years will see huge numbers of business owners seeking to transfer or exit the businesses they have spent their working lives building. At PKF we want to be the succession planning firm to help our clients with all aspects of that critical transaction and there is a multitude of services that are associated with this cycle.”
PKF knows the value of being across all aspects of a client’s financial world, both business and personal. “In getting to know the client better it was important for us to establish a central source of truth with the financial affairs of that client, in a central place where everyone in the team could have access in real-time.” Steve Meyn explains.
PKF implemented myprosperity in 2015 to capture their clients’ financial data and keep it updated through live data feeds powered by the platform’s growing list of integrations. The ability to collaborate on the same set of client data has opened up many revenue sources for the firm, with Steve pointing to how it has helped establish a framework of collaboration with other firms such as legal, financiers, and even other accounting firms. Now a more holistic approach to servicing clients has been made possible.
For Steve and his leadership team, the value of myprosperity extends to improving practice efficiencies also.
“We want to streamline everything that we do across the business. A big part of that is using technology to facilitate the capture and storage of current client data, with systems doing the heavy lifting and eliminating double-handling of that data.”
Automation of processes and how data is managed and maintained is now of paramount importance and so, myprosperity has been mandated for use with every client across their wealth division.
Leaving the collection and flow of data to myprosperity means staff are spending more time analysing and understanding what the data says about a client rather than spending their time collecting or re-entering data.
As PKF looks to the future, Steve sees going digital as an important branding exercise that demonstrates they are an innovative organisation. Recently, ‘PKF Digital’ has been adopted as a key element of their branding strategy. This has also influenced their approach to recruitment, whereby they have supported their highly experienced advice team with new hires with a technology background to accelerate their digital competency.
“For clients, it means giving them tools like myprosperity to simplify how they interact with us, including the mobile app and digital documents signing.
When they see how we use technology they often ask us how they can use similar solutions for their business and that opens up a whole new conversation that goes well beyond the numbers.”
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