Menzies LLP - Enhancing CRM with Detailed Financial Data via API Integration
Company Overview :
Menzies LLP is a leading UK-based firm of accountants and business advisors, offering a comprehensive range of services including audit, accounting, tax, and business consultancy. With multiple offices across the UK, Menzies serves a diverse clientele—from startups to large enterprises—helping them navigate financial complexities and achieve sustainable growth.
Problem :
Menzies faced significant challenges in enriching their Customer Relationship Management (CRM) system with detailed financial data for UK companies:
- Incomplete Digital Financial Records: Companies House, the UK's official company registrar, does not digitize all financial filings. Many companies' financial statements are only available as PDFs, making data extraction labor-intensive.
- Manual Data Entry: Extracting financial information manually from PDFs was time-consuming and prone to errors, affecting productivity and data accuracy.
- Inefficient KYB Onboarding: The Know Your Business (KYB) onboarding process required extensive financial data verification, slowing down client acquisition and compliance procedures.
- Lack of Historical Data: Access to up to 20 years of historical financial data was essential for thorough analysis but was difficult to obtain and integrate manually.
Solution :
Menzies partnered with Global Database to integrate a robust API solution that provided:
- Comprehensive Financial Data Access: Up to 20 years of company financials, including balance sheets, income statements, cash flow statements, KPIs, and financial ratios.
- Automated Data Integration: Seamless API integration with Menzies' CRM system, eliminating the need for manual data entry and ensuring real-time updates.
- Enhanced Data Accuracy: Automated retrieval and integration reduced the risk of human error, improving the reliability of financial data.
- Time and Resource Efficiency: Streamlined processes allowed staff to focus on higher-value tasks, such as client advisory services.
Results :
- 60% Reduction in Data Processing Time: Automation led to a significant decrease in time spent on data extraction and entry.
- 50% Faster KYB Onboarding: The onboarding process was accelerated by half, enabling quicker client acquisition and improved compliance.
Conclusion :
By integrating Global Database's API into their CRM system, Menzies significantly improved operational efficiency and data accuracy. The automation of financial data retrieval not only saved time but also enriched their CRM with valuable insights, enhancing their KYB onboarding process and overall service delivery.
