Practice Management Software is software that will basically help you to run your practice with more ease. It can help you organise things such as reporting, managing workload and payments. The shift recently of more businesses working from home has seen a rise in using such software, because of the ease of accessibility. Basic admin tasks that take you away from your important workload will be a thing of the past after choosing to invest in Practice Management Software. Let’s take a look at the other reasons why practice management software might be the best investment for your accounting firm.
Flexible working
As previously mentioned, the use of this kind of software soared during the pandemic because it was easier for people to use when we started to work remotely. You can access the management software from any device with the correct credentials, making it easier for the whole team to use. Regardless of if your team works from home or remotely, you will have the security to ensure that work will run smoothly. It’ll help with communication and make sure that every team member knows what work is to be done. Whether you’re remote working, working from the office or hybrid, this approach allows you the opportunity to do both or seamlessly, with all the information you need keeping in one place.
Saves time
Admin tasks are often the downfall of owning a business, with research showing business owners are spending an average of 1 hour per week on admin duties. That may not seem like a lot, but this could be equal to losing a week of working days each year, not to mention the financial impact this has. Using software can automate many of your tasks, giving you more time to focus on running your business. Keep your work all in one place, without the worry of trying to find client details amongst many piles of paperwork and make onboarding clients easier than ever using practice management software. If you find that you’re using multiple systems such as paperwork, calendars, phones and reminders to keep track of your workload and keep things organised, this system might benefit you.
More environmentally friendly
If you’re trying to make your practice more environmentally friendly, this is one way to do so. Reduce your paper usage by using software to keep your notes online and save yourself from riffling through all your documents. Notes will be kept neat, and safely on your software. Not to mention if something happened to the location where your notes were kept, there would be no need to worry about notes being damaged.
Smoother communication
Many different software types will allow you to communicate with your team and clients- meaning all information is in one place. There is no need to worry about searching through emails or text messages, all information will be easily accessible through your software. Update information with ease, and let your clients see up-to-date changes so that they can stay in the loop with everything.
Build better relationships
Smoother communicate will overall result in better relationships. Keep on track of tasks, and communication with your clients through this software which will gain trust with your clients, enable quicker information to be relayed, and overall build better relationships. Not to mention some features which make processes easier for clients (and yourself) such as e-signing files, and auto reminders. Life can get busy for everyone, so it’s common for accountants will have to chase up clients. You can take away this stress by using practice management software automation. Much different software will also help you to keep tabs on payment- making sure that your clients have paid the correct amount on time.
Work more efficiently
If you often feel like there aren’t enough hours in the day or you constantly playing catch-up, putting software in place can help you get more structured and organised, keeping those small tasks at bay so that they don’t mount up. Keep track of tasks, what needs to be done, and what you’ve already completed so you’re not constantly having to think . You can also check who’s working on what in your team, ensuring no work gets forgotten about and is always completed on time. It’s usually an easy process to input your client information, making for an easy transition from paper to software. A lot of systems will enable you to create reports- keeping an eye on your work process, ensuring procedures are running smoothly and identifying any changes that could be implemented to make your practice run more effectively.
Do I need practice management software?
Although there are many benefits, it’s important to assess if your practice will actually benefit from investing in this software. The only way to assess this is to look at the benefits and weigh up if your practice is in a position to use all the features to its full potential. For example, if you’re a small firm with only a handful of clients, it might not be the best time to spend money on this software. Assess if you have the resources to make the move to an online system. If you’re just about managing your current workload, it might cost you more time than it’s worth working on inputting all the information necessary online. Maybe wait until you hire more staff and have the resources to do so, or check out our blog on how you can eliminate those time-consuming tasks Accountants face daily.
What software should I get?
There is a variety of different practice management software that you can look at getting depending on your needs, size of the practice and work structure. There will also be a range of prices you can choose from so that you can find something that works best for your practice. It might be useful for you to look at software reviews to figure out which kind of software will be best for you to invest in.
