Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/83146
SOFTWARE were waiting for something with greater value and ease of use. I believe the opportunity for a solution using new technology is here and things have changed for the profes- sion. We are seeing improved efficien- cies when using these new breeds of soſtware that are specifically designed to overcome the obstacles to evolution. One obstacle that's been overcome is the ideas that practice management is only for large firms. Firms of all sizes are beginning to place their focus on practice management soſtware. It has become the one area providing opportunities for improved efficiencies, even more than tax and accounting programs and evolved design is leading the way. If by now, you are not completely paperless, you are probably making efforts to finally get there. Most of us wouldn't even consider working in an office that hasn't embraced a paperless culture. Today this is true for practice management soſtware. Team members want effective organization and the latest tools where they work. So, naturally, our current systems and soſtware must evolve and support new standards. Tus, the evolution and improvement of our applications and the hardware must also support these new approaches. Naturally, the introduction and evolution of new practice management soſtware was necessary to meet the needs of today's firms. What was once reserved for firms with large resources like national and regional firms has worked its way to firms of all sizes. Tus the evolution has begun. This "new breed" has arrived. Greater Insight Equals Better Management In years past practice management soſtware was considered a glorified time and billing system providing basic metrics about revenues, profitability and productivity. Now owners and partners want to know more than just billing metrics. Firms today want all management and administration functions combined into one system. Tey want systems to be simplified, provide beter tracking and they want it to take less of their time. Tey also need complete analysis on staffing, workflow and budgeting that can be used in management decisions. Ultimately firm owners and partners want to easily track informa- tion, accurately know what's going on in the firm and have a system that can create improved management deci- sions. Tis is what I call the "three must haves" in practice management: track, know and manage. I see todays practice management software doing many things that weren't considered in the past. Today's soſtware helps firms increase their abilities to track, know and manage. To accomplish this goal, soſtware must combine the tracking of client services information with workflow management and with staffing functions. These systems can no longer be separate. Soſtware needs to do all of these in a simpler, more effective way than in the past. As you review applications in our industry, be sure they move us beyond the applications of the last decade. Look for soſtware that provides beter tracking, more knowledge and leverages the way you manage. to do this. Another reason is the combining our contact management and our customer relationship manage- ment into our practice management soſtware. Previously CRM was always considered another separate program and database. Tis is no longer the case if we utilize our practice manage- ment soſtware's CRM abilities. One of the best ways to provide TO BRING LASTING, REAL CHANGE AND VALUE TO YOUR FIRM, IT'S MORE IMPORTANT NOW THAN EVER TO IMPLEMENT PRACTICE MANAGEMENT SOFTWARE. beter client services is to engage your practice management systems to track client workflow details. Not just tax and accounting info but all related information. This is what Customer Relationship Management soſtware can do for firms. I define "workflow" in this context as tracking all client related events whether it is an appointment, phone call, email or the actual docu- ments and processes while performing client services. When all members of the firm can quickly know who is working on what client and where the related information is, we empower the firm to perform higher quality client service. It helps us work as a team. When the client calls or emails we know exactly what is going on and what to tell the client or at least Practice Management Now Includes CRM In years past, CRM was always con- sidered a "sales tool". We in the accounting industry shunned them as unusable. Now for a variety of reasons we are beginning to embrace them. One reason is what I call "client service". It's no secret we are, as accountants, in a service industry, so it makes sense that we need put a concerted effort into improving the way we provide service. Practice Management soſtware now offers ways who to go to if we need help. Te same is true when we can track the last time we called the client and know what was said. This too, is empowering. Instead of struggling to remember the details of the last call or information discussed with a client, any team member can simply look it up. New systems must go a step further when quickly logging and retrieving client information. We need our client emails, from all firm members in one place. We also need documents available when meeting with or talking to our clients. Systems today can embed documents in our appoint- ments, call tracking and automatically store our emails from Outlook in an organized fashion in our document management section of our practice management systems. Te alternative is to go to each staffs computer and review their emails. Tis is ineffective as well as unlikely that we would take the time to do this. Te "new breed" of practice management soſtware must incorporate these things. CRM systems are now being con- sidered for firms wanting to grow. Firms are looking to hire a marketing person, even an intern to bring in new business. Using CRM systems is imperative for any firms marketing initiative. We need the ability to sort, organize and communicate with prospects through a CRM system. CRM systems should have the ability to create unlimited groupings and be able to track when we last communi- cated, when and how we next com- municate with prospects. It doesn't make sense to implement another program and database when marketing duties can now be accomplished in the new Practice Management offerings. Compliance Tracking and Due Diligence It is important from compliance and due diligence perspective, that we track details about client transactions. Practice Management systems must support the logging of what was said on the phone call with our clients and in support of performing services like IRS correspondence and audits sup- port. It is also really helpful to know what discussions are going on about the processing of tax returns and monthly accounting services. This article continues online. Please go to www.CPAPracticeAdvisor. com/ 10772482 to continue reading about how practice management systems can help professional firms. October 2012 t www.CPAPracticeAdvisor.com 29