HKMP Achieves World-Class Efficiency in a Small Firm Environment with Interwoven
Interwoven in the Accounting Industry: A Case StudyMarch 1, 2008
Challenges:
-Industry pressures made it crucial to maximize efficiency & productivity
- A previous DM system failed to keep pace with evolving requirements & was unable manage the full range of firm content
- Regulatory compliance made effective retention policies essential
Benefits of Using Interwoven:
- Integration with best of breed practice and engagement management applications helps professionals work efficiently within a single environment
- An employee portal provides a single point of access to related information from integrated applications by client, engagement, and professional
- Rich metadata helps the firm track content and retention schedules to effectively adhere to strict compliance
Solution
Interwoven WorkSite powers collaborative document management for HKMP, managing both work in progress for practice areas, and other content firm-wide in areas such as internal marketing, human resource, and accounts payable. Integrations with CaseWare and the firm’s practice management system automate the generation of workspaces as engagements are initiated, and provide a single, efficient environment for professionals to get all their work done. WorkSite Web provides an at-a-glance dashboard of all current time & billing, accounts receivable, CRM, and work in progress information for each client. Automated metadata assignment simplifies retention to aid compliance.
As employee retention and recruitment challenges, new regulatory mandates, and rising competitive pressures make efficiency a top priority for every accounting firm, Held, Kranzler, McCosker & Pulice LLP (HKMP) is setting a new standard for the effective use of technology to get more done with less. HKMP is proving that world-class, integrated technologies can deliver solid benefits for firms of any size, from boutiques to the industry’s largest organizations.
HKMP implemented its first document management (DM) system in 2001 to manage work in progress and support the transition to a paperless office. “Over time, we wanted more than the system could deliver,” says Stephen R. Barrett, the firm’s director of information technology. “To maintain optimal efficiency, we needed to be able to manage other types of firm content beyond engagements, such as AP files and HR records, as well as integrate DM with other systems toprovide our professionals with a single environment for all their day-to-day work.”
To realize its vision for accounting IT best practices, HKMP turned to Interwoven. “Interwoven WorkSite was the most mature solution available, with best-in-class features like Outlook integration and Web access. The number of companies that have invested in developing third-party add-ins for WorkSite was another sign of the solution’s strong following,” says Barrett.
Driving Efficiency through Seamless Integration
HKMP deployed a complete, fully integrated solution to support virtually all of its professionals’ work within a single environment. An engagement-centric implementation of WorkSite was integrated with the firm’s CaseWare Engagement Management software, to provide a complete solution for managing all engagement-related content together in a single workspace. In addition, HKMP integrated WorkSite with its practice management and customer relationship management (CRM) application. Says Barrett, “We were really impressed with the depth of integration functionality in WorkSite.” Portal connectors to WorkSite Web complete the picture, providing convenient access to the entire platform through a single screen.
Unifying Engagement Content
HKMP’s integrated platform speeds processes and improves efficiency at every stage of an engagement. When a new engagement is added to the firm’s practice management system, a workspace is automatically created in WorkSite based on the appropriate engagement type, including both content folders and workflow tasks. A CaseWare file is also created and stored within WorkSite, allowing professionals to manage both CaseWare and WorkSite content within the same environment. “First and foremost, everything is in one place; there’s no need to switch systems to find a given file,” explains Barrett. “Second, you can attach metadata to engagement files to more easily search and manage content for both current and past engagements.” With thousands of pages of text in each client’s permanent file, WorkSite’s full-text search is invaluable for locating specific items. Security is also managed for both systems within WorkSite, providing greater flexibility and ease of management.
Putting Real-Time Information at Professionals’ Fingertips
The firm’s partners now use WorkSite Web as a dashboard for complete information on the business. The main portal screen presents a summary of all time and billing, accounts receivable, work in progress, and current workflow tasks for the partners’ respective clients in real-time. “It puts the whole office at their fingertips so they can tell right away where jobs stand and whether things are getting done in a timely manner,” says Barrett. “When staff members log in, they see a list of all the tasks assigned to them and their status.”
Streamlining Day-to-Day Tasks
The depth of HKMP’s WorkSite implementation can be seen in the many conveniences it provides to users. “We were thinking: what are all the little things that can interrupt people’s work in the course of the day?” explains Barrett. Contacts for each engagement are automatically pulled from the firm’s practice management system into the appropriate workspace. “If you want to email someone at the client, you don’t have to root through Outlook for their address or launch the practice management system and access the CRM capabilities; it’s right there on the landing page for that job,” says Barrett. Staff members can also enter and view CRM events, assign workflow tasks and mark them as completed, and view time and billing information within the same workspace they use to access complete engagement content.
Automating Retention to Aid Compliance
In addition to improving efficiency, WorkSite helps HKMP adhere to regulations such as Sarbanes-Oxley and a new industry requirement for work papers to be locked down 60 days after a statement is issued. Metadata is used to track engagement dates and retention schedules by file types. “We get a much better feel for where everything is and what to do, when,” reports Barrett. The firm is also implementing the Archive Manager module to help manage longer-term retention schedules with even greater ease and efficiency.
Providing Technology Leadership to the Industry
Having completed its own state-of-the-art implementation of WorkSite, HKMP now helps other firms follow in its footsteps as an Interwoven partner. “We knew when we first started working with it that WorkSite was the best solution in its class, and we knew it would be the best option for other firms as well,” says Barrett. “The capabilities WorkSite provides are absolutely essential for firms to achieve the efficiency they need to compete effectively in today’s accounting industry. Organizations of all sizes have the same need for structure around content and processes, professional productivity, and business visibility, and we’re working closely with Interwoven to help them achieve it.”
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About Interwoven
Interwoven is a global leader in content management solutions. Interwoven’s software and services enable organizations to effectively leverage content to drive business growth by improving the customer experience, increasing collaboration, and streamlining business processes in dynamic environments. Our unique approach combines user-friendly simplicity with robust IT performance and scalability to unlock the value of content. Today, more than 4,000 enterprise and professional services organizations worldwide have chosen Interwoven, including: adidas, Airbus, Avaya, Cisco, DLA Piper, the Federal Reserve Bank, FedEx, HSBC, LexisNexis, Microsoft, Samsung, Shell, Samsonite, White & Case, and Yamaha. Over 20,000 developers and over 300 partners enrich and extend Interwoven’s offerings. To learn more aboutInterwoven, please visit www.interwoven.com.