Running a successful accounting firm can leave you feeling like you're drowning in details with limited time to focus on the big picture.
Even if you can juggle multiple clients and projects without missing a beat, overwhelm can set in if you're missing the proper tools to manage your client work. One of the most important tools in today's digital business climate is software that's made for your type of business.
But how do you know your practice is ready, and what kind of software will work best for your firm? Here, we're diving into your options for one of the most transformative types of platforms for your industry: accounting project management software.
First, let's talk about why now is the right time to consider adopting a new software solution.
Spreadsheets Won't Cut It for a Modern Accounting Practice
In the past, spreadsheets were the gold standard for tracking client work in the accounting world. They were the default method of managing client information, to-do lists and even client requests. However, their limitations have come to far outweigh the pros of using them, especially as more advanced software has arrived on the scene.
While spreadsheets can store vast amounts of data, they aren't particularly intuitive when you're managing multiple projects at once. Milestones can get lost among rows and columns, and without built-in notifications, important due dates can be missed. As your team grows, collaboration on a single spreadsheet can become chaotic, resulting in errors, duplication and loss of key data.
Today's accounting clients expect quick response time and transparency about what's going on with their money, which is much harder to provide when your team is stuck in spreadsheets and struggling to achieve operational efficiency.
Why Do Accounting and Bookkeeping Businesses Need Project Management Software?
You may already be leveraging platforms such as a CRM or specialized tax return software, but you may be missing a core technology function for your industry: project management.
Regardless of the size of your business or range of your services, you need organized processes. From the initial stages of client acquisition and onboarding to the intricate details of financial auditing or tax preparation and, finally, the delivery of services, each step is a project in itself. This journey through interactions with your firm, if mismanaged, could lead to inefficiencies, errors and communication gaps.
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While many software tools are excellent for isolated functions, they don't often bridge gaps in the way that a great project management tool can.
Here are three accounting use cases in which project management software is a game-changer:
- Navigating complex projects: Accounting projects can be multifaceted. For instance, a client might need both audit assistance and tax prep. A project management tool can ensure your team handles both simultaneously, without overlap or omission.
- Streamlining year-end processes: Year-end is a hectic time for accountants. If you have a smart project management platform, it won't feel as overwhelming to prioritize and track every detail.
- Overseeing mergers, acquisitions and other business changes: If your firm provides specialized support for business owners during a major transition, you can use a project management tool to assign tasks and keep your clients updated.
Now that you understand the unique applications of project management software to a modern accounting firm, let's discuss:
- The ways your firm may benefit from project management software
- The pros and cons of seven project management tools that work for your industry
- What your business needs in terms of task management functionality
- Reasons to consider a platform with time tracking
- How the right software solution impacts your clients
Benefits of Project Management Software for Accountants
Client work is the crux of your accounting business, and you've been successfully managing client projects since day one. But as your business grows and your client list expands, that work can become too daunting and inefficient to do manually.
In the accounting world, the smallest details are crucial, and you can't afford to commit unintentional errors that negatively impact those relationships you've worked so hard to build.
Tech solutions that assist with project management can streamline your existing business processes, therefore boosting efficiency, reducing human error and supporting your business's growth.
Whether you're seeking a better way to manage mounting tasks, improve collaboration across dispersed teams or gain insight into the work your team is doing, project management software can help.
With the right tool in place, you'll be more likely to achieve the following four benefits.
Improve productivity
Project management software acts as a centralized hub for all project-related activities, helping your team easily identify their responsibilities. With everything from task assignment to document management in a single platform, you can focus on amping up your client service and responding to ad-hoc requests. Boosting individual productivity is one way to improve your overall profitability.
Mitigate risks
As you're aware, accounting mistakes can have serious legal and financial repercussions. A well-implemented project management tool will equip you with checklists and audit trails to track changes and develop a systematic, accurate approach to service delivery. Plus, if you go for a platform with advanced access permissions and security features, you can rest assured that your clients' sensitive data is safe - something you can't guarantee if you're merely switching from spreadsheet to spreadsheet.
Enhance visibility
Transparency is essential for effective project management. When you have real-time insights into the progress of tasks, allocation of resources and potential bottlenecks, you can make informed decisions and predict how you'll need to assign work in the upcoming weeks and months.
Keep stakeholders informed
Clients and other stakeholders need to know about deadlines, changes to financial statements, specific transactions and more. Consistent communication should be a priority without taking away from your team's ability to do efficient work.
Top Accounting Project Management Tools
If you're ready to transform your accounting firm, here are some of the best project management platforms to consider adding to your tech stack. We're covering everything you need to know, from stand-out features to pros, cons and pricing tiers.
- Accelo
- Asana
- ClickUp
- monday.com
- Sage Intacct
- Trello
- Wrike
1. Accelo
Accelo is a cloud-based client work management platform designed to help professional services firms, including accounting firms, manage client relationships from prospect to payment. The platform provides customizable solutions to expand visibility, improve collaboration and increase profits.
Features
- Custom workflows to automate business processes
- A centralized client database with custom fields
- Intuitive project management tools, including time tracking, project templates and resource management
- Retainer tools, including contract management and recurring work automation
Pros
- An end-to-end platform built to streamline work across the entire client journey
- Users share overwhelmingly positive feedback about Accelo's customer support
Cons
- The robust platform may not be ideal for businesses looking solely for a project management solution
- Accelo works best for teams of five or more, so it won't be the best fit for smaller teams or solopreneurs
Notable Integrations for Accounting
- QuickBooks
- Gusto
Pricing
Accelo offers five pricing plans that scale with your business, from a self-serve plan for managing client information, tasks and communication all the way to the Elite tier, which includes all quote-to-cash features, premium support and more.
➡ Read more about what accounting firms are saying about Accelo.
2. Asana
Asana is a work management platform built to help teams organize, assign and track projects. With its templates, automation and reporting tools, team members can use the platform to manage their individual tasks, collaborate across projects and improve visibility into project progress.
Features
- Multiple project views, including list, calendar, timelines and Kanban board
- Project and task templates to simplify recurring work
- Customizable dashboards and goal tracking at the company, team and individual levels
- Rule-based automations to save time and organize tasks
Pros
- The platform is adaptable to meet the needs of multiple industries and project types
- Asana offers a free version with limited capabilities
Cons
- No invoicing or accounting options or integrations
- The platform is solely for project management, so businesses looking to manage client work would need to find additional tools to round out their tech stack
Notable Integrations for Accounting
- FreshBooks
- Google Sheets
Pricing
Asana offers three pricing tiers:
- Basic: Free, with a 15-user limit for security essentials
- Premium: $10.99 per user per month
- Business: $24.00 per user per month
➡ Learn about the core differences between Accelo and Asana.
3. ClickUp
ClickUp is an all-in-one productivity platform where teams can plan, organize and collaborate on work using tasks, Docs, Chat, Goals, Whiteboards and more. The customizable platform can fit the needs of teams of all types and sizes.
Features
- Multiple views, including list, box, Gantt, board and calendar
- Dashboards to track tasks, time tracking, sprints, status and team members
- Time tracking using a global timer that works from desktop, mobile and Chrome
- Goal tracking to measure project goals by tasks, monetary values and more
Pros
- Intuitive and easy-to-navigate user interface
- ClickUp offers a free version with limited capabilities
Cons
- ClickUp does not have a built-in CRM, so connecting projects to their respective clients can be challenging
- Users share that the platform can be "buggy" and support can be slow
Notable Integrations for Accounting
- Microsoft Teams
- Tableau
Pricing
ClickUp has four pricing tiers:
- Free (for personal use)
- Unlimited: $7 per user per month
- Business: $12 per user per month
- Enterprise: Custom quotes are available.
➡ Compare the features and benefits of Accelo vs. ClickUp.
4. monday.com
monday.com is a versatile work management system that helps teams with workflow management and team collaboration. It's designed to suit a variety of business needs, from project planning to document editing.
Features
- Dynamic project boards with customizable columns and visual project tracking
- Automations that can be set up to trigger actions based on specific conditions
- Time tracking at the task level
- More than 40 integrations, including marketing software
Pros
- Highly customizable
- User-friendly interface with drag-and-drop functionality
Cons
- Can feel overwhelming for small businesses
- Premium features only available on higher-tier plans
Notable integrations for accounting
- Excel
- QuickBooks Online
Pricing
monday.com's pricing plans are as follows:
- Basic: $8 per user per month
- Standard: $10 per user per month
- Pro: $16 per user per month
- Enterprise: Custom pricing quotes available
➡ Which is right for your firm: Accelo or monday.com?
5. Sage Intacct
Sage Intacct is a cloud-based accounting software with planning and automation tools to streamline your business processes. The platform helps businesses manage projects, resources and budgets and increase visibility. It can function as an ERP software connecting multiple entities.
Features
- Custom project accounting to understand costs, revenue and billing for projects
- Resource management with insight into team utilization and efficiency
- Financial reports and dashboards act as one centralized, accurate data source
- Automated revenue and expense reallocation to simplify revenue management
Pros
- The Project Accounting module works with other modules in the platform to reduce the need to integrate with other tools
- Sage Intacct's Web Services API offers users the ability to customize their tech stack
Cons
- No built-in CRM to connect client records to projects
- Some users share that the cost of the platform is too high for smaller businesses
Notable Integrations for Accounting
- Invoiced
- Stripe
Pricing
Sage Intacct's pricing is quote-based.
➡ Read why one young accounting firm invested in Accelo.
6. Trello
Trello is a visual collaboration tool built on the Kanban framework that offers teams a shared platform to manage work, build projects and track progress. Because of its flexibility, the platform can meet the needs of multiple industries and work styles, and it offers more than 200 integrations to connect to other tools.
Features
- Multiple project views, including board, timeline, table, calendar, dashboard and map
- Custom fields to help define tasks
- Automation to simplify repetitive tasks
- Library of customizable project templates to choose from
Pros
- A free version is available with limited capabilities
- Users share that the platform is simple and easy to learn
Cons
- No reporting options to track project progress
- Users share that more complex projects can be hard to manage with Trello
Notable Integrations for Accounting
- DropBox
- Timely
Pricing
Trello has four pricing tiers:
- Free: Up to 10 boards per workspace
- Standard: $5 per user per month
- Premium: $10 per user per month
- Enterprise: $17.50 per user per month
➡ Discover why Accelo's reports were key for one tax consultancy.
7. Wrike
Wrike is a collaborative work management platform tailored for teams to streamline projects, automate workflows and achieve operational excellence. Accounting teams use Wrike to maximize productivity and minimize administrative work.
Features
- Interactive Gantt charts to visualize project timelines and dependencies
- Built-in time tracking
- Dashboards that offer a snapshot of project progress, workload and more
- Workflow automation
Pros
- Advanced task management with subtasks and dependencies
- Real-time collaboration features, including threaded comments
Cons
- Some users report a steep learning curve
- Doesn't offer complete practice management for accountants
Notable integrations for accounting
- Excel
- QuickBooks
Pricing
Wrike's pricing is tiered as follows:
- Free: Limited features
- Professional: $9.80 per user per month
- Business: $24.80 per user per month
- Enterprise: Custom pricing for larger businesses
➡ See even more Wrike alternatives for project management.
Do You Need Task Management Software With Dependencies?
One big question that arises for many business owners when selecting a project management software is what kind of task management functions it should have. The answer will depend on how your business has managed tasks in the past and whether you need to clean up those processes.
While assigning tasks appears to be a simple enough job in the early days of running a business, it can become overwhelming when you have a long list of clients and a full menu of services. Over time, your task list multiplies. Independent tasks can become a maze of responsibilities and spiral into an overwhelmed team and unsatisfied clients.
In accounting, your tasks are never isolated, so having a platform that can handle task dependencies is essential. Your accountants and project managers shouldn't be consumed by having to keep track of all the dependencies along your workflows. They could spend their valuable time and apply their skillsets to strategizing and optimizing for profitable projects instead. It's time to free them up with software that will consolidate, manage and properly assign tasks with as little effort as possible.
Project management software that doubles as task management software with built-in dependency functionality enables your team to map out an entire project to see the sequential flow of tasks. This ensures that one task doesn't begin until the preceding one is complete.
➡ Worried about the change? Prep your team for new software.
Why Your Accounting Project Management Software Should Track Time
Another key function of the right project management software for accounting is time tracking. To track your individual contributors' workloads and properly assign tasks, you'll want to accurately collect data about what they're working on - and for how long. When done properly, tracking time can make even resource management achievable. And for the employees whose time is billable, time tracking is key to gaining accurate insights into your business's profitability.
Only a couple of the platforms mentioned above offer this feature, which we consider to be an essential of a good project management platform.
A great time-tracking software should:
- Simplify the process of creating and submitting timesheets
- Differentiate between employees' billable and non-billable hours
- Break down reports by estimated vs. actual time to complete tasks and projects
- Generate reports that compare billable time to project budgets
- Link time to billable rates to help you project revenue
When time tracking is integrated with your project management platform, your employees won't have to waste time logging in to a separate tool to complete time logs. Choosing a solution with automated time tracking - such as Accelo's convenient timers - make this process far more effective than going the manual route.
From a leadership perspective, the data that comes from accurately tracking time is priceless. You can use insights about your team's time to make key decisions about hiring, training, bringing on new clients or expanding your services without guessing.
➡ See how one accounting software consultancy became data-driven.
The Impact of the Right Software on Clients and Accounting Teams
The benefits of project management software on your internal communications and operations are likely apparent, but the positive effects of new tech adoption can also trickle down to your clients.
When you get organized about project management and tighten up workflows using project accounting software, your team will have:
- More time to focus on building and maintaining client relationships
- Less of a risk of making simple errors or overlooking a project task
- A clear understanding of project progress and task assignments at all times
In turn, your clients experience:
- Greater trust in your firm and the quality of your work
- A higher likelihood of committing to ongoing contracts
- More visibility into the dedication of your team
Furthermore, if you choose a platform with a client portal, you can make communicating with clients and uploading documents much simpler. As you know, the value of this simplification cannot be overstated when you're bogged down during tax season.
➡ See how one accounting firm simplified tax season with Accelo.
Which Platform Is Best for Managing Your Accounting Firm?
Finding the best project management software for your firm will depend on your goals, budget and the unique needs of your team. The above list is just a getting-started guide.
Take time now to decide what problems you need to solve in terms of project management, task management and resource management and dig a little deeper into how each platform can help.
Determine if your accounting firm needs a tool to do more than simple project management - if you're ready to consolidate your tech stack and fully streamline your client journey from prospect to payment, Accelo's client work management software could be a great choice.
See what Accelo can do for you by requesting a demo.
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