Ledgent, Inc., a business process outsourcer and market innovator in building and managing world-class back offices for mid-sized firms, recently unveiled its new Financial Partner Program. Through this program, member CPA firms, as well as individual auditors, external accountants, and financial advisors can partner with Ledgent to provide their clients with a comprehensive back office solution. It is expected that member firms will continue to deliver their traditional financial services while relying on Ledgent's Shared Services Center to process all of their clients' back office transactions including accounting, finance, and HR-related tasks.
Ledgent's Financial Partner Program also helps CPAs and financial advisors to generate additional revenues and increase their profitability, reduce their client service costs, and free up time for servicing new clients as well as for delivering valuable financial advisory services. CPA firms that provide attest services for their clients can also reduce their operating risks through this program because Ledgent adheres to best practices and manages its customers' back offices on a tier one ERP software platform. Similarly, firms that provide compilation services can work with Ledgent's trial balances and other financial reports to generate fast, accurate financial statements for their clients.
Ledgent's secure web portal, which is co-branded for each member firm, also gives CPAs and their clients real-time, customized 24/7 access to key metrics, financial statements and operational information on their clients' businesses.
Says Robert Baral, President of R.C. Baral and Company, Inc., a Los Angeles-based CPA firm, "We joined Ledgent's Financial Partner Program because we recognized the tremendous synergies it could create for us and our clients. We think this program makes excellent sense across the board because it helps us to do a better job of advising our clients, provides both us and them with ongoing information about their back office operations, and helps us stay focused on our corporate objectives as a CPA firm. By partnering with Ledgent, we also expect to expand our practice and its profitability."
Ledgent's Financial Partner Program moves each client's back office functions to the company's Shared Services Center in Torrance, California from which all of their bills are paid, invoices issued, payroll processed, and other back office tasks such as time and expense management are addressed. This process is completely transparent to the customers of these clients.
"Ledgent recognizes the need among CPA firms and the financial community to generate ongoing revenue streams through the provision of value-added services," said David Schnitt, CEO of Ledgent. "The combination of our financial partners' existing services, together with our management of world-class back offices, offers tremendous value to clients. It also helps member firms to more rapidly grow their practices."
"The current climate is ripe for companies to leverage a Shared Services model," adds Marc Pramuk, Senior Industry Analyst for eHR at IDC. "Shared Services centralize high-volume, transaction-based activities to provide a lower cost structure at a higher quality of service. Cost savings and other efficiencies gained can then be invested to allow CPAs and financial advisors to better focus on providing value-added advisory services."
In addition to addressing the time-consuming, transactional aspects of member firms' clients' businesses, Ledgent's Financial Partner Program offers generous referral fees to CPA firms and financial advisors in states where this is permissible. Member firms also have the option to sell their existing services bundled together with Ledgent's transactional services to their clients.
Ledgent Expects to Complete SAS70 Certification in 2001.
Ledgent also recently selected Deloitte & Touche as its own audit firm. In this role, Deloitte & Touche will be tasked with ensuring that all processes within Ledgent's systems and Shared Service Center operations comply with the internal control objectives that are outlined by the American Institute of Certified Public Accountants' (AICPA) "Statement of Auditing Standards No. 70", better known as "SAS70".
Ledgent is a business process outsourcer, building and managing innovative world-class back offices for mid-sized firms. Ledgent's mission is to provide its customers with sophisticated accounting, finance, and human resources capabilities, as well as 24/7 access to their management information and performance metrics over its highly secure, password protected web portal and Executive DashboardSM. Ledgent customers are able to eliminate the burden of handling onerous back office tasks in-house. They also gain annual cost savings of 25% to 40%, Fortune 500 back office capabilities and expertise, and a competitive advantage from their enhanced ability to focus on their core business.
Contact Ledgent toll-free at 1-877-LEDGENT or visit us on the Web at www.ledgent.com.