Meyers Norris Penny Develops Strategic Client Relationships, Generates Additional Consulting Revenue With CCH Profit Driver
Software Enables Accountancy to Become Trusted Financial Advisor to Clients
Toronto, Ontario – April 4, 2007 – After using CCH Profit Driver since October 2005, Meyers Norris Penny (MNP), the only top 10 national chartered accountancy and advisory firm based in Western Canada, has seen significant growth in its business consulting service. CCH Profit Driver, a financial analysis and diagnostic tool, provides MNP with a series of digital dashboards and new-scenario tools that illustrate their clients’ financial results and allow the exploration of how to improve those results. These visually effective dashboards act as a springboard to move toward more consulting engagements with their clients.
MNP prides itself on providing clients with a holistic approach to accounting. For them, merely meeting with clients and reviewing financial numbers and information was not sufficient; MNP wanted to visually illustrate to clients the status of their operational performance and ongoing financial results, and demonstrate how a few adjustments could provide even better results in the long-term. CCH Profit Driver enables MNP to be more than just their client’s accountant – it enables MNP to become the trusted financial advisor to MNP’s clients.
CCH Profit Driver, part of the CCH Accountants’ Suite, allows MNP to turn their clients’ financial data into tactical plans and brings the information to life. Dubbed a “Health Check,” this analysis and planning capability is achieved by using CCH Profit Driver to take financial data to the next level. MNP can produce various slides and charts that clearly illustrate to, for example, an oil patch services customer how minor changes, such as reducing the number of days to complete a receivable, or accepting payment by credit card for work completed, can provide the organization with more working capital to re-invest in the organization. MNP can then work with the client to plan a course of action that will turn these scenarios into a reality.
“CCH Profit Driver has made a huge difference in the way MNP services our customers now and into the future,” said Mark Brown, Director of Business Consulting Services at MNP. “CCH Profit Driver allows MNP to display clients’ financial information and determine their goals and objectives moving forward. Internally, it allows us to develop Key Performance indicators and benchmarking tools – everything that we need to deliver quality services that help our clients.”
MNP has found that training employees on the software has been quite easy and straightforward. Even employees who are not particularly technology savvy can use CCH Profit Driver with ease.
Users of CCH Profit Driver can utilize Statistics Canada’s industry benchmarking data. MNP uses CCH Profit Driver to gauge how a particular client might be faring compared to its competitors in the marketplace. For example, a car dealer might know how his operation is performing, but might be interested in understanding how his results stand up against competitive dealerships. CCH Profit Driver can compare that dealer’s financial performance against the Statistics Canada’s industry benchmarking data, and then MNP can work with the client to devise a starting point and plan for where and how the dealer’s business operations can be improved.
Brown says that not only is CCH Profit Driver able to grow with MNP as it develops and unveils additional client service offerings, this financial diagnostic tool also allows MNP to showcase to their clients the benefits of engaging the accounting firm as a financial advisor.
“CCH Profit Driver provides us with a great opportunity to show prospective clients how truly different we are from our competition,” said Brown. “It allows us to immediately demonstrate our depth of experience, understanding and skill we possess in the small business sector.”
“MNP is a perfect example of how CCH technology provides client-focused firms with the right workflow tools to do their jobs efficiently and accurately,” said Ian Rhind, President and CEO of CCH in Canada. “With CCH Profit Driver, MNP can identify quickly and accurately areas of development and opportunity for their clients’ businesses and then provide business consulting services to help clients achieve their short and long-term business goals.”
To read an in-depth case study on how MNP is using this solution, or for more information on CCH Profit Driver, visit www.cch.ca/profitdriver.
About MNP
Meyers Norris Penny lives in the West and believes in its potential. We provide our mid-market clients clear, straightforward business advice with a local perspective. For more information, visit www.mnp.ca.
About CCH
CCH is Canada’s premier provider of authoritative compliance tools, research and practice materials for accounting, legal and business professionals. Having celebrated its 60th anniversary in 2006, CCH produces software and information products that help customers take command of complex regulatory issues in tax, accounting, law, financial planning and human resources. CCH (www.cch.ca) is a Wolters Kluwer business.
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Iman Nashed