Harness the Power of Practice Management Software

What 2019 Practice Management Software Should and Could Be For Accountants

22-Mar 2019
Tech for Business

Accounting practice management software is built to help you manage various functions of your practice. Looking back at legacy software there were two main components - tasks and timesheets. Today, though, there's so much more that should and could be leveraged. One component that your practice needs to dedicate time to is cultivating strong client relationships.

The reason your practice exists is to help your clients. Your clients are the backbone of your business, and it's important to have an internal system that will foster long lasting relationships. In a recent survey, 83% of accountants say that their clients expect more from them today in terms of resources and services compared to five years ago. It's time to stop accepting the state of the art software that was popular 20 years ago. Instead, champion your system, and put your clients first with a modern platform. Here are several examples of what it should do:

1) Automation

Rather than spend hours on manual, administrative efforts, choose a platform that will help you free up your time so you can focus on projects and initiatives that are important to you. Instead of getting lost in grunt work - like managing your timesheet or organizing tasks - automatically capture how you utilize your time with automatic time tracking and a flexible project plan.

2) Managing projects not just tasks

Efficiently manage your business processes and workflows by easily configuring milestones. This will ensure different team members are prompted to update fields when needed and it will send out automatic alerts to your team or clients at the appropriate times. Assign tasks based on synced scheduling and automatically assign work to team members' schedules, making for a much more efficient alternative than having to oversee multiple calendars and spreadsheets. Make use of reusable templates, drag-and-drop Gantt Charts, and get real-time updates via a team project overview screen to keep everyone informed and on the same page.

3) Intelligent adaptive scheduling

Take the best of what each of the two most popular project management methods have to offer with Adaptive Project Management. Manage milestones with budgets and expected timelines with financial discipline like waterfall, but when it comes to your team's schedules, make it simple to accommodate changes and pause projects, tasks and milestones accordingly.

4) Better billing and invoicing

Improve the way in which you handle your billing and invoicing. Track all the movements within your business with an automated time tracker. Create and design your own invoice templates and PDF invoices that truly promote and showcase the value your company provides. Control which details you want your clients to view from services, materials, expenses and more.

5) Automation for email

When it comes to legacy practice management software conversations are limited and standardized. Accountants relied on file note PDF attachments, keeping them on the hook for the advice they gave to their clients. That's no longer how it works anymore. Gone are the days of letters and faxes at the forefront of conversation, your practice management system needs to interact with your system and update along with the times. If there's any manual effort required of you to input your communications it's time for an upgrade. Modern systems automatically sync your contacts, calendars, emails and store it all in one place for you and your team to stay updated in real-time.

6) Triggers

Harness the power of triggers. With triggers you can configure rules which trigger business processes automatically, such as an email reminder or updating the status of your work to ensure you don't drop the ball or let anything fall through the cracks. You can even set the frequency, controlling the days and times which you want your trigger to run on.

7) Checklists on tasks

Expertly manage and keep track of your tasks with checklists. Maintain internal organization with key to-do items that your team can view and access. Every time you and your team complete a task, mark it off and it'll show who completed what. Stay updated on what parts were fulfilled and who completed what, making sure each piece of work is accounted for.

Go beyond managing just timesheets and tasks, and try a modern practice management software that'll not only help run your business, but scale to the next level and remain prosperous. Give Accelo a try today!

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