Engagements of the future

At Lawrence, we pride ourselves on being at the forefront when it comes to knowledge and implementation of the latest software offerings.

We also believe that an important part of this is to promote and help educate our clients on these latest developments.

Embracing new technologies assists greatly with achieving efficiencies for us as advisers, but also for our clients. It helps to promote transparency in our dealings and further enhances the adviser/client relationship.

One of these tools we use is called Practice Ignition (PI).

What is Practice Ignition?

Practice Ignition is our client engagement system. It is how we generate and manage our client engagement letters. Our engagement letters and fee proposals are sent electronically through the system and the process is more automated and streamlined than the traditional method.

Benefits

Transparency – Our clients will receive greater transparency and clarity with what is contained within the engagement and job quotes will be provided upfront. Our clients have the opportunity to discuss all of this with us at the outset.

Flexibility – The engagement scope and payment terms can be easily adjusted and tailored to individual client requirements.

Streamlined Payments – The system allows for automated payments which can be deducted upon completion of the job. Alternatively, if clients are having any issues with cashflow, the system enables payments to be made monthly over the term of the engagement.

Efficiencies – PI helps to eliminate some of that additional compliance that we all struggle with from time to time. The automated process removes this burden and the client will still receive a copy automatically for their records. Proposals can also be accepted and signed on mobile devices.

Structure

The proposal is structured in an easy to follow and user-friendly way.

• A summary is provided outlining the service to be provided and the applicable fee quote.
• From here, the client enters their bank account details. Payment will only be deployed once the job has been completed or monthly where applicable.
• The next step is the most important. It is to review, sign and accept and it contains the full detail of the engagement including the payment terms. To accept, the client simply types their name in the space provided and clicks on ‘accept proposal’.
• A copy of the signed proposal is automatically delivered to the client’s email inbox.

– Ronan Gibbons, Senior Accountant

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Could electronic engagement letters be beneficial within your business?

If you’d like to know more about the electronic engagement letters and how this could benefit you and your business please contact our diverse  team of specialists.

Contact us today for an obligation-free chat about how this may suit your business.

This article is general information only. It does not give business, accounting, taxation, financial planning or other professional advice or service. It does not consider your specific situation, objectives or needs and if personal advice is required, a detailed analysis of your particular circumstances would need to be sought. Please see our Privacy and Disclaimers page for further information.