Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/36891
Reviews For Your Firm PRACTICE MANAGEMENT REVIEW SECTIONS BASIC SYSTEM FUNCTIONS • General navigation/ease-of-use • Designed for accounting professionals • Scalability TIME MANAGEMENT CAPABILITIES • Timesheets, timers, multi-staff views • Project management • Contact management & marketing • Approvals/sign-off process • HR tracking (PTO, sick, benefi ts) INVOICING FUNCTIONS • Expense tracking options • WIPs, budget-from-estimate • AR management • PO management • Customization MANAGEMENT FEATURES • Dashboard overviews (AKA Snapshots) • Managerial reporting analysis • Security features/user roles INTEGRATION & DATA MANAGEMENT • Data output options • Integration w/payroll & professional accounting systems • e-Functions: invoicing, payment, remote access HELP/SUPPORT • Built-in support features • System updates • Support website/documentation • Live support SUMMARY & PRICING P Practice Management Products Play Part in Promising Future ractice management soſt - ware has evolved over the years from programs that did lit le more than time and billing to completely integrated technologies providing firm partners and managers with real- time data related to productivity and fi nancial performance. As comprehen- sive systems, they give fi rm owners tools to perform a detailed analysis in their practices in terms of project, client and staff management. The majority of leading practice management software vendors now off er advanced features that include the following: • Interactive dashboards, providing key information for eff ective practice management in a graphical, summa- rized and easy-to-understand manner. • Workfl ow and project management, so that not only billable hours and expenses for an engagement are tracked, but due dates, project progres- sion, and the staff responsible also become an integral part of the soſt - ware’s functions. • Contact management, which elimi- nates repetitive data entry and incon- sistencies through integration with Microsoſt Outlook and tax soſt ware. • Client interaction, including sched- uling and calendar sharing, tracking the details of phone calls, and genera- tion of personalized client let ers and e-mails. • Complete invoice customization, with the ability to create templates, easily switch between diff erent levels of detail that appear on invoices, and alter text with built-in word processors. • Electronic invoice distribution, either by automatically creating a PDF August 2011 • www.CPAPracticeAdvisor.com 9 file and attaching it to an e-mail or saving it to a client’s portal. Advanced practice management soſt ware doesn’t just provide a means to enter data; it automates and inte- grates it. For example, the tedious task of timekeeping is greatly alleviated with the use of timers integrated with the client and project data. What if, during the middle of working on a tax return, another client calls? No problem. T e timer for the client whose tax return ADVANCED PRACTICE MANAGEMENT SOFTWARE DOESN’T JUST PROVIDE A MEANS TO ENTER DATA; IT AUTOMATES AND INTEGRATES IT. was being working on can be paused and another started for the client on the phone. At the end of the day, the information from the timers is aggre- gated into a spreadsheet-like view for the user to review and submit. With some fi rms billing on a value- based system, some charging strictly by the hour, and others doing both depending on the client and engage- Dustin Wheeler Dustin Wheeler is a Las Vegas-based accountant and QuickBooks ProAdvisor who provides tax, audit, accounting, and technology consulting services. He blogs about technology and accounting at www.dustinwheelercpa.com, and can be reached at dustin.wheeler@cpapracticeadvisor.com. ment, many practice management systems off er the fl exibility of handling a variety of billing methods. No mat er a firm’s revenue strategy, measuring client, engagement and overall firm profitability is important. And this information can be placed front and center for fi rms’ management in dash- boards for the easiest and quickest communication of this data. As many accounting practices have become paperless, more mobile and are moving to the cloud, companies providing practice management soſt ware have kept up, adopting the latest technologies and introducing SaaS models of their soſt ware. With the ability to print to PDF and with either built-in or integrated document management capabilities, practice manage- ment can now be more digitalized than ever before. Mobile apps or web pages designed to fi t mobile web browsers have made it possible to enter time and access practice management data when users don’t have access to a computer with an Internet connection. With exciting new technologies coming into play, the future of the accounting profession is bright ... and easier, more eff ective practice manage- ment is part of that promising future. ●