‘Why Cost Reduction Isn’t Just for Crises’ headlined influential magazine CFO earlier this month.
‘Cost reduction and financial controls were among the top finance priorities identified by the Association of Chartered Certified Accountants’ and the Institute of Management Accountants’ Finance Leaders.’ Their recent survey revealed that ensuring cost reduction and financial controls are well managed, CFOs and other senior executives will be freer to focus resources on other critical matters.
However as Chris Allison, Managing Director of Auditel, the UK’s leading Cost Management Consultancy, points out: “This freedom also comes at a price. In-house cost management can waste a considerable amount of time and money. Diverting staff from their strategic roles to carry out time-consuming cost-cutting exercises may achieve little more than short-term savings.
“Outsourcing this mission-critical task to specialist consultants has considerable benefits. Many accountancy and legal practices have chosen to engage Auditel to manage their essential running costs – and made more time and money for themselves.”
Kerseys Solicitors are based in Ipswich with around sixty staff, eleven of whom are partners. They have just celebrated their 125th anniversary providing their clients with legal assistance on a range of personal and business issues. Savings to date produced by Auditel include over 40% on both fixed line and broadband costs. Their Managing Partner reported: “We are delighted, not just with the savings but also the management of all our utility-related issues. This releases my time and allows me to concentrate on what I do best.”
Whiting & Partners is a long-established firm of chartered accountants with nineteen partners and eight offices across East Anglia. Savings to date by Auditel exceed £70,000. Their Managing Partner revealed: “When we saw the excellent results that the Auditel team achieved for us, we quickly realised that they could be a very valuable service for our clients too. We’re delighted to be working with them and are proud to have added another innovative service to our portfolio.”
Allison adds: “When you appoint Auditel you gain access to a network of over 200 specialist consultants. Their wide-ranging industry knowledge and insight ensures that you receive expert advice across all areas of expenditure at all times. Our Total Cost of Purchase® model facilitates the analysis of expenditures from every angle and is now regarded as the most effective approach to cost management.
“As Kerseys and Whiting found, working with Auditel is like having an additional dedicated team working for you, quietly taking care of all your complex cost and purchase management issues, whilst leaving you to focus on your core business. So even if you think you’ve got all your essential costs under control, it wouldn’t hurt to make sure!”