The Problem

A medium-sized tech startup needed to find an external auditor at the behest of regulators after revenue of its foreign subsidiary had broken through the threshold. A hard deadline was given and specific criteria were set for the auditors to satisfy.

The Challenge

The Managing Director (MD) reached out to less than half of the 16 possible auditors asking for quotes and had set up calls to go over details. This led to scheduling and technical difficulties in joining the calls as well as many wasted hours since all the calls resulted in the MD being sent a form to fill out in order to proceed. Furthermore, the MD was finding it hard to keep track of which auditors he had rejected and which he had progressed, as well as his reasons for doing so. After 4 weeks of searching with slow progress, the MD turned to Hence.

The Hence-Effect

Within 5 days of engaging with Hence, all of the possible 16 options had been considered and reduced to 2 good candidates, which the MD then chose between. This was done with minimal input from the MD, who simply handed over the work he had done thus far and answered a few questions about his selection criteria, with Hence taking care of the rest. Using the quotes from all the contacted auditors, Hence were able to negotiate down the rate of the chosen auditor by more than a third, thus saving the MD money as well as time.