CPA Practice Advisor

APR 2015

Today's Technology for Tomorrow's Firm.

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PRACTICE MANAGEMENT Reviews Practice Management — The Difference Between a Successful Accounting Firm and a Thriving One By Mary Girsch-Bock G ood practice man- agement software can ofen mean the diference between a loosely-organized frm and a practice t h a t i s t h r i v i n g , growing and more proftable. While a frm can have the best and the brightest employees on staf, if they're not given the tools to be successf ul, their likelihood of success decreases. Even the best and the brightest need some help and successful frms know that and supply their employees with the tools they need to succeed. It's difficult to be product ive and organi zed w hen you're busy scribbling your time on scraps of paper. Tat's where Practice Management sofware comes in. Designed to pro- v ide accounting firms (and other businesses) with the tools they need to e a s i l y t r a c k a n d a c c o u n t f o r employee time, as well as help frms plan and schedule employee time more efciently, practice management sofware also ofers integrated billing and invoicing capability as well. Most of these products contain easy time tracking functionality, with built in timers, for employees to utilize. Tey also ofer management a good snap- shot at employee productivity, while helping schedule employees effi- ciently for upcoming jobs. In this issue, when reviewing these products, we reviewed programs based on fve diferent areas. Tey include: BASIC SYSTEM FUNCTIONS – Tis area includes a review of the user interface as well as a review of other applications and modules that inte- g r a t e w i t h t h e c o r e product. We also note if the product is available on a w e b o r C l o u d - b a s e d platform, or only as an installed product on a local server. Tis is an important area, particularly for frms that need the flex ibility that an Internet accessible product ofers. TIME MANAGEMENT – This is the core of the p r a c t i c e m a n a g e m e n t system. Here we take a look at the various means used to capture time, and how that information is conveyed. Does the product utilize a timesheet entr y system or are there system timers available? Can users utilize more than one timer simultaneously? Does the product also ofer employee time tracking for vacation, sick and comp time? Invoicing Functions – Here we looked at how easy it was for users to process invoices. Can the invoices be created directly from the time entry screen? Could invoices be emailed directly to clients? Are the invoices customizable? MANAGEMENT FEATURES – Here we took a look at some of the features that would likely be used by firm managers. Tis included things like the availability of dashboards. We also looked at scheduling capabili- t i e s , w h e r e b o t h m a n a g e r s a n d employees can track their time and projects more efciently. Does the system have good reporting options and analytics capability? W hat about productivity tools such as document management capability? INTEGRATION AND DATA MAN- AGEMENT – Here we looked at the ability of the system to integrate not only with related modules but with third party sofware applications as well. We also looked at the availability of custom integration options, and how wel l data is managed in the system. We also looked at mobile entr y and integration w ith both Android and iPhone technology. HELP/SUPPORT/TRAINING – Here we l o oked at var i o u s h el p f unct ional it y, the avai lab i l it y of training v ideos, var ious training opt ions of fered by the sof t ware ven d o r, i f t h ere w a s acces s to a knowledgebase, and support options that the sofware vendor ofers. W hatever the needs of your firm; whether you're looking to implement practice management sofware for the frst time, or are interested in upgrading your current application, the products included in this review deser ve some consideration. ● REVIEW SECTIONS BASIC SYSTEM FUNCTION • Installation Ease • General Navigation & Ease of Use • Industry-Specifc Templates • Industry-Specifc Features • Platform Support CORE ACCOUNTING CAPABILITIES • GL/AP/AR Functionality • Sales Tax Functionality • Payroll Functionality • Audit Trail • Multi-Currency • Multiple Language Support • Multi-Location Support • Multiple Users DAY-TO-DAY OPERATIONS • Sales/Point of Sale/Shipping • Customer/Vendor Employee Management • Inventory/Purchasing • e-Features • Remote Access MANAGEMENT FEATURES • Dashboard Overviews • Reporting • Security Features • Integration/Import/Export • Data Transfer • External Integration • Online Accountant Transfer Tool HELP/SUPPORT • Built-in Support Features • System Updates • Support Website/Documentation • U.S.-Based Support 16 April 2015 • www.CPAPracticeAdvisor.com Mary Girsch-Bock Mary Girsch-Bock began her career as an accountant in the property management and healthcare industries. She is now a feelance writer specializing in busi- ness and technology issues and is the author of her frst book, several HR handbooks, training manuals, and other in-house publications. She can be reached at mary.girschbock@ cpapracticeadvisor.com .

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