Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/42507
Reviews For Your Firm TIME & BILLING REVIEW SECTIONS BASIC SYSTEM FUNCTIONS • General navigation/ease-of-use • Designed for accounting professionals • Scalability • Hosted version/SaaS app TIME MANAGEMENT CAPABILITIES • Timesheets, timers, multi-staff views • Multi-staff entry • Time tracking by project/job • Approvals/sign-off process • Support for various hourly rates INVOICING FUNCTIONS • Expense tracking options • WIPs, budget-from-estimate • Accounting interface cash or accrual • AR management • Customization MANAGEMENT FEATURES • Dashboard overviews (aka snapshots) • Managerial reporting analysis • Security features/user roles INTEGRATION & DATA MANAGEMENT • Data output options • Integration w/payroll & profes- sional accounting systems • Report writer or customization tool • Integration w/other apps (tax software, e-marketing, portals) HELP/SUPPORT • Built-in support features • System updates • Support website/documentation • Live support SUMMARY & PRICING Time is Money: 9 Products to Help Improve Your Revenue Stream A mong the many words of wisdom attributed to American statesman Benjamin Franklin is the famous quote, "Remember that time is money." This advice was given in the context of avoiding idleness (and therefore wasting money), but if Franklin were alive today, I'd be willing to wager a bill bearing his image that his recom- mendation to accounting firms would be to invest in a good time and billing software. Effective use and manage- ment of these systems literally turns time into money, provided that clients pay their bills. Benjamin Franklin also said, "Lost time is never found again." T e Excel spreadsheet, handwrit en ledger, and the jog-my-memory (what did I do today?) methods of timekeeping oſt en result in billable time disappearing into the black hole of lost hours, never to be seen or heard of again. With the constant interruptions that multitasking accountants face every working day, precious minutes can be rescued from permanent oblivion with a strong time and billing system, armed with stop- watch-like timers that accurately and automatically convert recorded time into invoices. Many fi rms do not bill by the hour for all tasks, instead using fi xed-fee arrangements, value pricing or a combination of methods. Regardless of a fi rm's billing strategy, tracking time is widely considered to be an important practice for measuring costs and profi tability for specifi c clients and engagements. In recent years, invoicing has evolved in time and billing systems to give fi rms extensive customization options for the layout, text and colors of invoices. By taking advantage of these features with a lit le creativity, invoices can be used as a branding and advertising mechanism instead of just a collection tool. Many of the leading time and billing software packages provide multiple delivery methods, including PDF attachments to e-mails and a medium by which to pay by credit card or PayPal, satisfying many of the growing younger generation of clients who prefer to pay electronically. With web-based programs, accountants can even enter time and produce invoices while at clients' offi ces, increasing the likelihood of being paid in world record-breaking time. Capturing and disseminating accurate and detailed information in time and billing soſt ware is essential for eff ective reporting. Management can make more informed decisions with real-time data showing the profi t- ability of services, clients and staff . T e websites for each of the time and billing systems reviewed here include sections with customer testi- monials. Aſt er reading several of them and speaking to many practitioners, it is evident that successful implementa- tion of a time and billing software improves a fi rm's operations and revenue stream. A few satisfied customers reported that soſt ware signifi cantly decreased the amount of time spent on billing activities. Firm owners and managers can reallocate this recaptured time to something billable instead, resulting in the time and billing system paying for itself. Indeed, Benjamin Franklin was right: Time is money. Not included in this year's review of time and billing systems is Intuit ProLine Practice Management, which is currently in pilot testing. T is web- based integrated application synchro- nizes client data across Lacerte and QuickBooks, enabling fi rms to eff ec- tively manage client contacts, engagements, reporting, time tracking and billing. Additional information about Intuit ProLine Practice Manage- ment is available at ht p://www.proline practicemanagement.com. ● By Dustin Wheeler October 2011 • www.CPAPracticeAdvisor.com 15