Growing a professional services practice firm is a daunting task even in the best of times. You need to keep up with clients, staff, regulators, compliance, technology, and finances. It is a time demanding and costly affair. These increasing complexities have been especially difficult to handle for small and medium audit practitioner firms (SMPs).
A key concern for most auditing SMPs has been the compliance requirement needs in light of the pandemic which has limited the efficacy of manual audits and accelerated technology adopting across the spectrum. There is need to accelerate technology tools adoption but the cost of technology is in most cases prohibitive to SMPs; their budgets are presently not able to handle investment in premium auditing technology using the traditional buy and use model.
What is a Pay as You Grow Model?
A key solution to the cost challenge in accessing premium auditing software is adoption of a pay as you grow model. The pay as you grow model allows SMP practice administrators to procure resources incrementally on a need to basis and synced to the growth expansion of the firm. This is a distinct departure from traditional models where software vendors offer resources bundled into various packages at fixed annual subscription rates. Using a traditional approach; SMP firms would likely end up with overly designed redundant resources that they needed not procure.
A pay as you grow model is attractive for several reasons, we explore a few. First, the SMP does not have to worry about the up-front cost of building own technology in its stead is an alternative that allows for purchase of capacity when it is needed. Secondly, the SMP is relieved of the cashflow burden of purchasing custom designed packages with fixed annual licenses subscriptions in its place, SMPs only subscribe for the basic features and any other resource or feature is bought on a need to basis; this helps conserve cash. Finally, as the firm grows, scaling is made simpler because resources are purchased to match the capacity needs without downtime.
The migration towards using technologies for audit is a challenging factor to many SMPs and mostly driven by cost considerations. There is a need to serve SMPs with tools that are responsive to the unique challenges that they face. Practice administrators double up on many of the fronts necessary to keep the firm afloat; the need to access premium auditing software can be alleviated through a pay as you grow model.
How does Auditproo address SMP cost concerns?
Auditproo is a plug and play, premium auditing software designed with SMPs needs in mind. Auditproo’s design is built with the input of audit practitioners to succinctly address their unique needs. Audit practice administrators can now reap the benefits of digital audits to drive their audit quality compliance needs as well as stay within manageable budgets on technology spend.
Auditproo is a cloud-based auditing software, it is designed to make the auditing process easier and more efficient. SMPs can now manage their workload efficiently while meeting audit quality assurance needs. Auditproo is designed on a pay as you grow model. Practise administrators have a choice to make on what minimum features they need to procure at the onset; once this decision is made, you pay an annual access fee to maintain the minimum features. Any other resource or feature that is required is purchased on a need to basis, as and when required and obviously influenced by the growth in your firm. There are no redundancies, you pay only for what you use.
SMP firms are desirous of adopting technology tools in their audits but a key concern has always been the exorbitant cost on the available tools which are priced using a traditional buy and use mechanism that almost always come with redundancies. With Auditproo’s pay as you grow model, that problem is solved. You can now access a premium auditing tool, meet your audit quality assurance needs and not break the bank.
Manual audit work is slow, subjective to errors and increasingly laden with complexities. Automation of your audit work papers aids in meeting your audit quality assurance needs much faster and in a more cost effective manner. Auditproo is a premium auditing software that helps SMPs increase their productivity and improve on audit quality. As a practice administrator, when you integrate Auditproo in your audit process, you get focused on the more demanding role of growing your firm.
Auditproo is designed on a pay as you grow model. As a practice administrator, you acquire the minimum required features based on your firm’s need at an affordable price. As your firm’s profile changes, you procure additional features and resources on a need to basis; there are no redundancies.
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