3 Types of Accounting Practice Management Software - A Guide for Firms
January 21, 2021
Staying in full control of finances is essential to any business. Accounting firms can help companies track their income and expenses, ensure statutory compliance, and give them information that can be used to help them make informed business decisions. It’s best to invest in accounting firm management software to ensure you meet your clients’ needs.
Accounting software comes in a wide variety of types to help address your unique accounting needs. Learn more about them so you can determine the right one for your business.
1. Time tracking and billing solutions
Having a time-consuming, error-prone billing process can make your business inefficient. Fortunately, you can use your time more effectively using accounting management software. This way, you can ensure a smooth and fast billing process from beginning to end. You can navigate your collection challenges with onboarding new clients, regardless of whether your firm is on retainer or bills by the hour.
Accounting software can also help you conveniently collect data and get invoices out for timely processing. Look for one with features your business needs, such as employee work monitoring, time tracking, or invoice automation.
2. Communications technologies
Open communication is important in any relationship, including a professional one with your clients. If you can’t hold face-to-face meetings due to the coronavirus pandemic, look for ways to connect with your clients online. For instance, consider holding remote, digital consultations to ensure regular communication. You can use various digital options, such as Skype, Zoom, or Google Meet.
As an accountant, you often deal with documents containing sensitive information. You are responsible for handling clients’ information with the utmost confidentiality they need. The good news is that you can securely send and receive this type of file using reliable digital storage and file sharing solutions, such as Dropbox or Google Drive. Opt for a cloud-based storage system, so you are assured your files are safe if anything goes wrong with your in-house server or computer.
3. Workflow management solutions
Tracking project details when working remotely can be challenging. By using a reliable accounting practice workflow management system, you can smoothly manage your projects and track them much easier. Your software can remind you of upcoming deadlines to stay compliant on filings.
This centralized software can also help your fully remote team collaborate and stay connected with your clients. You can operate your accounting business more effectively by using the platform’s different features, such as project tracking, client relationship management, and assignment work stream. This all-in-one digital platform lets you easily manage and see upcoming project deadlines, track project status, assign tasks, determine the next steps in your workflow, and audit those who completed tasks on projects.
Propelling your accounting business forward can be difficult because of various challenges, especially in the middle of a pandemic. However, you can set your business up for success when you have the right technology.
Investing in the accounting practice management software that works best for you can help you thrive and grow and adapt to the new normal. Make sure to remember the different types of accounting software and choose one that suits your needs and requirements so you can serve your clients even in a remote environment.
If you’re looking for a trusted accounting management software, consider trying ours. At Firm360, we offer professional cloud-based accounting management software for businesses in the US.