Introduction
This case study examines how effiEase, a provider of remote financial and data services, leveraged a strategic partnership with a rising FinTech firm to significantly enhance their tax-filing services.
Client Overview
The client is a well-established FinTech firm with over 12 years of experience. Headquartered in Germany, the firm has its presence in Switzerland, France, Netherlands, and the UK. They have been serving over 20,000 Swiss residents for over 12 years, offering tax filing, insurance, and pension scheme services.
Situation
The client partnered with effiEase to enhance its tax-filing services. effiEase supported the internal team in processing clients from major cantons including Zürich (ZH), Bern / Berne (BE), Luzern (LU), Zug (ZG), Basel (Basel Stadt (BS)/ Basel Land (BL)), Sankt Gallen (SG), Aargau (AG), Thurgau (TG).
Challenge
The client faced several challenges:
- High personnel costs: Maintaining a dedicated in-house team for tax filing proved expensive.
- Increased administrative burdens: Managing day-to-day operations added significant overhead.
- Peak season limitations: The team couldn’t handle the surge in demand during peak tax filing periods, leading to delays.
- Lower revenue per employee: The in-house structure limited the client’s ability to optimize revenue generation per employee.
Approach
effiEase leveraged its expertise in Financial Services and Data Services to address these challenges. Here’s how:
- Streamlined document collection:effiEase implemented a secure and efficient process for collecting documents from clients. This reduced processing time and minimized errors.
- Expertise and scalability: effiEase’s team of experienced tax professionals ensured accurate and efficient tax filing. The ability to scale the team up or down readily addressed seasonal fluctuations in demand.
- Technology and training:effiEase leveraged technology to enhance workflows and provided ongoing training for the team, guaranteeing consistently high-quality service.
Impact
effiEase’s solution delivered significant benefits to the FinTech firm:
- Reduced Total Cost of Ownership (TCO) by 40%: By leveraging remote talent and streamlined processes, effiEase achieved a substantial cost reduction.
- Increased Accuracy (90-95%): The new system and rigorous quality control program minimized errors, ensuring accurate tax filing for clients.
- Faster Turnaround Time (1.83 Days): Improved document collection and process efficiency led to a faster average turnaround time for tax filings.
- Team Growth: The partnership started with 4 Full-Time Equivalents (FTEs) and expanded to a 20-member team within 1.5 years, demonstrating the scalability and positive impact on the client’s business.
Conclusion:
effiEase’s expertise in remote talent management and tax filing processes helped the FinTech firm achieve significant improvements in efficiency and cost savings. The partnership enabled the FinTech firm to focus on core business activities while ensuring accurate and timely tax filing services for its clients. Additionally, the scalable solution allowed the firm to adapt to changing demands and grow its client base.
This case study showcases the benefits of outsourcing tax filing operations to a specialized provider like effiEase. By leveraging remote talent, streamlined processes, and rigorous quality control, effiEase can help FinTech and financial service firms achieve greater efficiency, cost savings, and improved client satisfaction.
For more information about our financial services click here.
